July 2022 Individual Due Dates
July 1 – Time for a Mid-Year Tax Check-Up
Time to review your 2022 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 2022 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 2021. 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.
If you have any questions, please contact our office at (503) 224-5321. Isler Northwest LLC is a firm of business advisors and CPAs in Portland, Oregon. Our service goal at Isler Northwest is to earn our clients’ trust as their primary business and financial advisor.
Isler Northwest
1300 SW 5th Avenue
Suite 2900
Portland, Oregon 97201
