July 2016 Individual Due Dates

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July 2016 Individual Due Dates

July 1 – Time for a Mid-Year Tax Check Up

Time to review your 2016 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.

July 11 – 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 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 insufficient to 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.

July 2016 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 calendar year 2015. Even though the forms do not need to be filed until August 1, 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.

By | 2016-11-23T22:45:40+00:00 July 12th, 2016|Categories: Uncategorized|0 Comments