Critical July 2025 Tax Deadlines and Best Practices for Individuals

July is a pivotal month for individual taxpayers, marked by important deadlines that can impact your financial health and compliance with tax regulations. Staying informed about these due dates can help you avoid potential penalties and ensure your finances are in order. Below we highlight key dates and actions to take this July. Image 3

July 1 - Mid-Year Tax Check-Up

Start the second half of the year on the right foot by conducting a mid-year tax check-up. Review your income and expenses from the first half of 2025 to make sure your estimated tax payments and withholdings align with your earnings. Underpayment penalties can add up, so it's crucial to adjust your withholdings or estimated payments if necessary.

July 10 - Reporting Tips to Employers

If you are employed in a tipping position and earned more than $20 in tips during June, it's imperative to report this income to your employer by July 10 using IRS Form 4070. Employers must withhold applicable FICA and income taxes from your regular wages. Should your wages fall short of covering these withholdings, the uncollected amounts will be noted in box 8 of your W-2 for the year, requiring that you settle these taxes with your annual return.

Adapting for Weekends & Holidays:

Deadlines can shift due to weekends or legal holidays. If a due date falls on such a day, it automatically extends to the next business day. This rule ensures you have every opportunity to meet your obligations without undue penalties.

Disaster Area Extensions:

If your area has been designated a disaster zone, you may be eligible for an extension on tax deadlines. Always refer to official sources for the most accurate and up-to-date information. Check status and details through FEMA's disaster declarations and the IRS disaster relief page. Image 2

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