Staying on top of tax deadlines is crucial for self-employed individuals and business owners. Missing a due date can lead to penalties and other complications. This article will guide you through the key tax filing and payment deadlines for July 2023, ensuring you meet your obligations on time.
Planning for Self-Employed Pension Plans
Deadlines: July 1st and July 31st
If you have a pension or profit-sharing plan as a self-employed individual, these deadlines are essential for you:
- July 1st: This is an advisory date. It’s recommended to contact your tax advisor by this date to determine if you need to file Form 5500 or 5500-EZ for the previous calendar year (2023 in this case). Early planning allows sufficient time to prepare the return.
- July 31st: This is the final filing deadline to submit Form 5500 or 5500-EZ for your pension or profit-sharing plan covering calendar year 2023.
Understanding Withholding Taxes
Deadlines: July 17th and July 31st
Depending on your tax situation, these deadlines may apply to you:
- July 17th: If you follow the monthly deposit rule, you need to deposit withheld income taxes and Social Security and Medicare taxes for payments made in June by this date.
Social Security, Medicare, and Withheld Income Tax
Deadlines: July 17th and July 31st
These deadlines are relevant if you withhold income taxes from employees or make estimated tax payments:
- July 17th (if applicable): This applies if you follow the monthly deposit rule. Deposit withheld income taxes and Social Security and Medicare taxes for payments made in June by this date.
- July 31st: File Form 941 for the second quarter of 2023 (April, May, June). This form reports withheld income, Social Security, and Medicare taxes from employee paychecks. Additionally:
- Deposit or pay any remaining tax liability that wasn’t deposited throughout the quarter under the accuracy of deposit rules.
- If your total tax liability for the quarter is less than $2,500, you can pay it in full when filing Form 941.
- If you already deposited the tax for the quarter on time and in full, you have an extension to file Form 941 until August 10th.
Federal Unemployment Tax (FUTA)
Deadline: July 31st
This deadline applies if your business owes federal unemployment tax. You need to deposit any unpaid FUTA tax for the first half of the year (January to June) by July 31st, if the total amount owed exceeds $500.
Important Note for Small Employers
Deadline: July 31st
If you’re a small employer with a tax liability between $2,500 for the entire year (2023) and less than $2,500 for the second quarter (April-June), this deadline applies to you. You need to deposit any unpaid taxes by July 31st.
Weekend and Holiday Considerations
Thankfully, if a tax deadline falls on a weekend or legal holiday, it’s automatically extended to the next business day. This ensures you have ample time to meet your filing or payment obligations without any penalties.
Disaster Relief and Extended Deadlines
The IRS understands that unforeseen circumstances can impact your ability to meet tax deadlines. If your area has been declared a disaster zone by the Federal Emergency Management Agency (FEMA), tax filing and payment deadlines may be extended. You can find information on disaster relief and extended deadlines on the FEMA website and the IRS website.
Staying Informed and Compliant
By familiarizing yourself with these July tax deadlines, you can avoid any potential tax-related issues. Remember, this article provides a general overview, and it’s always best to consult with a tax professional for personalized advice on your specific tax situation. They can help you determine your filing requirements, ensure accurate calculations, and navigate any complexities that may arise.
