Important due dates for businesses and individuals coming up in July 2021.
Article Highlights
July 2021 Individual Due Dates
July 1 - Time for a Mid-Year Tax Check-Up
Time to review your 2021 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
July 12 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS Form 4070 no later than July 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. Suppose your regular wages are insufficient to cover the FICA and tax withholding. In that case, the employer will report the amount of uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return is filed for the year.
July 2021 Business Due Dates
July 1 - Self-Employed Individuals with Pension Plans
If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for the calendar year 2020. Even though the forms do not need to be filed until August 2, you should contact this office now to see if you have a filing requirement, and if you do, allow time to prepare the return
July 15 - Non-Payroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in June.
July 15 - Social Security, Medicare, and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in June.
July 31 - Social Security, Medicare, and Withheld Income Tax
File Form 941 for the second quarter of 2021. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.