Essential July 2025 Tax Deadlines: Mid-Year Insights for Financial Success

Ensure your financial success by staying informed about the critical tax deadlines in July 2025. These include a crucial mid-year tax review and the deadline for reporting tips received in June. Avoid unnecessary penalties by staying proactive.

Image 1July 1 - Mid-Year Tax Review

As we reach the midpoint of 2025, it's pivotal to review your income and expenses for the year. Conducting a mid-year tax review ensures that your estimated tax payments and withholding align correctly, helping you sidestep underpayment penalties.

Image 2July 10 - Deadline for Reporting Tips

If your income includes tips and you accrued more than $20 in tips during June, remember to report these to your employer by July 10 using IRS Form 4070. Employers must withhold FICA and income taxes on these tips. Should your regular wages be insufficient to cover these withholdings, the uncollected amount will appear in box 8 of your W-2, and you'll need to settle it upon filing your annual tax return.

Image 3Considerations for Weekends & Holidays:

Should a tax due date fall on a weekend or legal holiday, it automatically extends to the next business day that is not a holiday.

Extensions for Disaster Areas:

If your area is designated as a disaster zone, the IRS may extend certain due dates. Stay informed on such extensions by consulting these resources:

FEMA: https://www.fema.gov/disaster/declarations

IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

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