What Q2 Means & Deadlines
- Quarter 2 covers April 1 – June 30.
- Key deadlines:
- Sales & Use Tax (if quarterly): due July 20, 2025
- Withholding & Unemployment Tax Returns: due July 31, 2025
- Estimated Payment: for federal and MN, due June 15, 2025 for federal; MN estimated due June 16, 2025
✅ Three Pillars’ Q2 Filing Checklist
1. Bookkeeping & Financial Docs
• P&L and balance sheet up to June 30.
• Bank & credit card statements processed and reconciled.
• Accounts receivable/payable aging reviews.
• Expenses/invoices categorized accurately in QuickBooks.
2. Payroll Withholding & Unemployment
• Gather payroll data for April–June.
• Federal Form 941 (Q2) due July 31.
• State withholding, UI filings also due July 31
• Double-check employee wages, withholdings, and UI taxable wages.
3. Sales & Use Tax
• Collect reporting from April–June.
• File return and remit payment by July 20
• This applies even if sales are zero—file a “zero return”
4. Estimated Income Tax Payments
• Calculate June 15 federal, and June 16 Minnesota estimated taxes
• Needed for incomes above thresholds; file electronically or via mail.
5. Payroll Tax Deposits
• Confirm all required payroll tax deposits (SS, Medicare, federal withholding) made timely.
• If not, ensure catch-up before Q2 return submission.
6. Supplemental Forms
• Nonresident withholding? File Form M 8/M 3 by June 30 (alongside quarterly)
• Pass-throughs, corporate filings follow separate federal/state deadlines.
🛠 How Three Pillars Helps
Located in Forest Lake at 838 S Lake St, Three Pillars offers a full suite of services: bookkeeping, payroll, sales-use tax filings, and CFO consulting. Here’s how they support Q2 filing:
• Complete Books – Clean, accurate G/L in QuickBooks.
• Payroll & Q2 Tax Prep – Accurate filings for federal/state withholding and unemployment.
• Sales Tax Filings – They compile data, file timely quarterly returns.
• Estimated Taxes – Calculate and pay 2nd quarter federal & MN estimates on time.
• Consulting – Identify potential savings, compliance issues, and tax planning.
📝 Q2 Filing Timeline
By When What to Submit
June 15 Federal estimated tax (2nd quarter)
June 16 Minnesota estimated tax (if required)
July 20 Sales & use tax return and payment (April–June)
July 31 Form 941, MN withholding & unemployment filings/payments
Setup automatic reminders in QuickBooks or your calendar to manage these.
Why it Matters
• Avoid penalties/interest from late or missed filings.
• Stay audit ready with well organized books and reconciliations.
• Uncover tax strategies via accurate financial data.
• Free up your time to focus on growing your business while Three Pillars handles compliance.
🧭 Final Take
Filing Q2 returns can feel overwhelming—but with a clear checklist and a local partner like Three Pillars, it doesn’t have to be:
1. Reconcile transactions up to June 30.
2. Prepare payroll files and confirm deposits.
3. File sales tax by July 20.
4. File withholding & UI returns by July 31.
5. Pay estimated taxes in mid June.
To streamline the process, reach out to Three Pillars Bookkeeping & Accounting at (651) 899 2002 or visit their website for a complimentary consultation.
Post written by AI, Approved by 3PB
Three Pillars Bookkeeping and Business Services
763-464-6408, [email protected]