Featured Articles for July 2023

Verifying Your Identity When Calling the IRS
If you need to contact the IRS, you will be asked to verify your identity. Here’s what you need to know before you call.

Is Your College Student’s Scholarship Taxable?
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you’re wondering if your child’s scholarships are taxable, keep reading.

What To Know About Reverse Mortgages
Home equity represents a significant portion of the average retiree’s wealth. If you’re house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home.

Small Business Financing: Securing a Loan
Most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank is looking for can mean the difference between getting a loan or scrambling to find cash from other sources.

Tax Tips

Tips for Taxpayers With Hobby Income
Filing a Final Tax Return for a Deceased Person
Kids’ Day Camp Expenses May Qualify for a Tax Credit
What to Know About the Adoption Tax Credit

QuickBooks Tips

5 Things To Do Every Time You Open QuickBooks

Tax Due Dates

July 10

Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.

July 17

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

July 31

Employers – Federal unemployment tax. Deposit the tax owed through June if more than $500.

Employers – If 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 2022. 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.

Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2023 but less than $2,500 for the second quarter.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2023. Deposit any undeposited tax. (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 10 to file the return.

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Please call us at (727) 785-5228 if you have any questions.

Sean Davis CPA PA
29605 U.S. Hwy 19 N., Suite 260
Clearwater, FL 33761

(727) 785-5228