August is right around the corner and although there isn’t much heat in the way of upcoming tax deadlines, there are a few target dates that may apply to your business.
- August 10 - This is the “drop dead” cutoff for filing the 2017 second quarter Employer’s Quarterly Federal Tax Return (form 941). The deadline was July 31st, but if you’ve paid each of your deposits on time during the quarter, you’re entitled to a 10-day grace period, which expires on this date.
- August 10 – Employees who received $20 or more in tips during July must report them to their employer by this date.
- August 15 – If you pay your payroll taxes monthly, your July payment must be made by this date.
- August 31 – If you are in a business that accepts wagers, you must file IRS form 730 and pay the tax on wagers accepted during July by this date.
With few accounting deadlines to worry about in August, the third quarter is a great time to review your business and evaluate which areas are successful or need improvement. A little operational or financial shoring up may be in order before the end of the year.
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