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July 2025 Reminders
July kicks off the second half of the year—a great time to reflect, reset, and realign your financial strategy. With Q2 officially over, your focus this month should include quarterly filings, performance evaluations, and tax planning. Here are your top accounting and bookkeeping reminders for July 2025:
Accounting and Tax Deadlines
July 15: Quarterly Estimated Tax Payment Due
- Q2 estimated tax payments for 2025 are due by July 15. This applies to:
- Sole proprietors
- Partnerships
- S-corporation shareholders
- Corporations making estimated payments
- Sole proprietors
- Use your YTD income to calculate an accurate payment and avoid underpayment penalties.
July 31: Payroll Filing Deadline
- File Form 941 (Employer’s Quarterly Federal Tax Return) for Q2.
- Submit federal unemployment tax deposits (FUTA) if liability exceeds $500.
- Make sure all state payroll forms and payments are submitted according to your local requirements.
Sales Tax Filings
- Monthly and quarterly sales tax returns may be due in your state. Check your local deadlines and file accordingly.
Bookkeeping Recommendations
Close June’s Books & Reconcile Accounts
- Reconcile all bank, credit card, and loan accounts.
- Verify that all income, expenses, and payroll entries are accurately posted.
- Review and resolve any uncategorized transactions.
Prepare Q2 Financial Reports
- Generate and review your:
- Profit & Loss Statement
- Balance Sheet
- Cash Flow Statement
- Profit & Loss Statement
- Use these reports to evaluate business health and compare performance to your Q2 goals.
Catch Up on Invoicing & Collections
- Send out any outstanding invoices.
- Follow up on overdue payments and set up automated reminders if possible.
- Consider implementing new policies for late payments if collections are becoming an issue.
Mid-Year Payroll Review
- Double-check that all employee classifications, deductions, and benefits are correct.
- Ensure payroll systems are compliant with any new federal or state laws.
- Plan ahead for any upcoming employee raises, bonuses, or staffing changes.
Financial Planning & Strategy
Mid-Year Financial Strategy Session
- Use your Q2 data to hold a strategy session with your team, bookkeeper, or accountant.
- Assess whether you’re on track to meet your annual goals.
- Update your budget and forecast for the remainder of the year.
Evaluate Profit Margins
- Analyze product or service profitability.
- Consider pricing adjustments, bundling, or cost reductions to improve margins.
Tax Planning for Year-End
- It’s never too early to begin year-end tax planning:
- Maximize deductions and credits.
- Consider business purchases or investments.
- Explore retirement plan contributions.
- Maximize deductions and credits.
Reassess Subscriptions & Vendor Contracts
- Audit your recurring expenses for redundancies or unused tools.
- Negotiate better rates or eliminate non-essential services.
Prepare for Seasonal Changes
- If your business experiences summer or fall seasonal fluctuations, adjust:
- Staffing levels
- Inventory orders
- Marketing efforts
- Staffing levels
Final Thoughts
July is your financial halftime. Take this opportunity to pause and evaluate what’s working—and what needs to shift. Staying proactive with your bookkeeping and financial planning now can make a big difference by year-end.
Need help closing the quarter or planning for the rest of 2025? Reach out to VirtuCount Bookkeeping, Accounting, & Tax—we’re here to help your business thrive.
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