Are you ready for your mid-year tax check up? No, we are not talking about at your doctor’s office. We are talking about at your tax preparer’s office. You would think July would give you some vacation time from tax deadlines. These tax due dates are fast approaching for July.
July 2016 Tax Deadlines for Individuals
July 1 – Time for a Mid-Year Tax Check Up
It is time to review your 2016 year-to-date income and expenses. We recommend this to ensure estimated tax payments and withholding are in line. This is so you can avoid underpayment penalties.
July 11 – Report Tips to Employer
Are you an employee who works for tips? Did you received more than $20 in tips during June? Did you know you are required to report them to your employer? Use the IRS Form 4070 no later than July 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are do not cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed. Don’t get caught short.
July 2016 Tax Deadlines for Businesses
July 1 – Self-Employed Individuals with Pension Plans
Do you have a pension or profit-sharing plan? You may need to file a Form 5500 or 5500-EZ for calendar year 2015. This is even though the forms do not need to be filed until August 1 . You should contact Alex Franch, BS EA at 781.849.7200 now to see if you have a filing requirement. And if you do, allow him enough 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 to your business, deposit the tax for payments in June.
Do You Need Help Meeting the July Tax Deadlines?
While July is a relatively slow month with fewer than usual tax deadlines, you still have to keep up with the due dates. And, your mid-year tax checkup is no exception. Maybe you don’t know how to approach a mid-year tax check up? Call Alex Franch, BS EA at 781.849.7200 right away. He can schedule an appointment and help you get on track.