Learning Center for Tax and Financial Insights

Here are the July 2025 business tax due dates, including payroll deposits, Form 941, and pension plan deadlines. Review now to ensure compliance and avoid penalties.July 1 - Self-Employed Individuals with Pension PlansIf you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for the calendar year 2024. Even though the forms do not need to be filed until July 31, 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 - Social Security, Medicare and Withheld Income TaxIf you are an employer and the monthly deposit rules apply, July 15 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for June 2025. This is also the due date for the nonpayroll withholding deposit for June 2025 if the monthly deposit rule applies.July 31 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2024.July 31 - Social Security, Medicare and Withheld Income TaxFile Form 941 for the second quarter of 2025. 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 11 to file the return.July 31 - Certain Small EmployersDeposit any undeposited tax if your tax liability is $2,500 or more for 2025 but less than $2,500 for the second quarter.July 31 - Federal Unemployment TaxDeposit the tax owed through June if more than $500.July 31 - All EmployersIf you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2024. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.Weekends & Holidays:

If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee projects. And in 2025, Tags are more powerful (and user-friendly) than ever.What Are Tags in QuickBooks® Online?Tags are customizable labels that you can apply to transactions, like invoices, expenses, bills, or bank transfers, to help you track the information that’s most important to your business. Unlike Classes or Locations, Tags don’t affect how your books are categorized for tax purposes. Instead, they provide a custom reporting layer that’s entirely your own.Think of them as digital sticky notes you can sort, filter, and analyze. Want to know how much you spent on your summer marketing campaign? Tag every related transaction with "Summer 2025" and pull a report in seconds.Why Use Tags?QuickBooks® Online's Tags are particularly helpful for small business owners, consultants, creatives, and firms that don’t want to overcomplicate their general ledger but still need meaningful insights. Here are just a few benefits:Custom tracking without cluttering your chart of accountsYou don’t need to create dozens of new accounts to track temporary campaigns or event-based expenses.No limits on creativityYou can tag by project, client, department, job title, marketing funnel—whatever’s relevant to your business.Detailed insights with Tag Group reportsGroup similar tags together and run summary reports to see how much you're spending or earning across those categories.Greater visibility into business driversIdentify trends, compare performance across tags, and use that data to make smarter decisions.

Here are the July 2025 individual due dates, including a mid-year tax checkup reminder and the deadline to report June tips. Stay current and avoid costly penalties.July 1 - Time for a Mid-Year Tax Check UpTime to review your 2025 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to EmployerIf 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 10. 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 8 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.Weekends & Holidays:

A tax credit is available to some taxpayers for the expenses they incur for the care of a child, spouse, or other dependent while the taxpayer is gainfully employed (or is job seeking). In addition, employer dependent care assistance programs allow employees to exclude from income certain payments expended for child and dependent care. Tax return reporting is done on Form 2441, Child and Dependent Care Expenses.