Vacation Season, or July Key Dates
Backpacking through Europe, taking a cruise in the Caribbean, having a long 4th of July weekend, going hiking, or planning your skiing trip in Latin America… Whether you have your summer mapped out or you continue working as usual, July is not only a perfect time to take a break but also to take an inventory of your business and personal affairs.
Key dates and points for July 2024:
- Deadline for calendar-year 2023 employee benefit plan reports (Form 5500 series)
- Quarterly federal excise tax return due (Form 720) for the months of April, May, and June
- Quarterly payroll withholding report due (Form 941) for the months of April, May, and June
Private company business considerations:
First, prepare your budget vs. actual results for the first 6 months of 2024. Check your key performance indicators (KPIs).
Next, review and analyze your revenue and cost trends in 2024. What opportunities for improvement might be available?
Additionally, if you extended your tax return filing for 2023, check in with your tax preparer on the preparation process and estimated timeline for receiving a draft of the tax return.
Furthermore, review your bank accounts for FDIC/SIPC insurance coverage to minimize your risks.
Finally, review your cash flow and opportunities to invest, if any.
Personal considerations:
Mid-year is a perfect time to reflect on already accomplished and forward-looking goals and ideas. Take time to evaluate your personal affairs and goals, and determine where you are and where you would like to be.
Estate planning: Do you have your will and durable power of attorney? Would trusts be an appropriate structure for you at this time? Therefore, take a good look at your current estate planning status.
Moreover, review your most recent will and trust documents to determine whether they reflect your current needs and desires. This includes reviewing beneficiary designations on assets outside of a will, such as IRAs and life insurance. Confirm that the documents have been updated for recent events like birth, death, or divorce.
Similarly, review your financial goals. Whether you are saving for a vacation, buying a home, planning for education, or retirement costs, you are in the driver’s seat!
In addition, review your tax situation. This includes planning for childcare costs, saving for future education, considering life and disability insurance, pension planning, and more.
Lastly, keep up with your household budget. With rising costs these days, it is crucial to review your year-to-date spending and compare it with your budgets. Stay on track within your budget or note where you got sidetracked—does a course correction need to be made?
Whether you are offline and enjoying your summertime or in the office with a lot going on, we are here to help you in all your endeavors.
