A sweet fried salute to our military on Doughnut Day
Trump's terrible, awful, horrible, no good, very bad week
But at least he's no reptile and his income tax returns weren't hacked

Welcoming June with some pre-summer tax moves

June is jam-packed with special days.

June-Clip-Art-fliipflops

It kicks off with the official start of the Atlantic/Gulf of Mexico hurricane season, which seems a bit late since we've already seen two storms form this year.

Then there's Flag Day, Father's Day and the arrival, here in the Northern Hemisphere, of summer. And I'm not even counting things like today's National Doughnut Day and all the June weddings that will be special calendar dates for those happy couples.

June_Tax_Moves_160And yes, there are some tax connections to all those days. They are duly noted over in the ol' blog's right column, just under the ticking tax extension countdown clock and the bright red header (like the one at left) touting June Tax Moves.

But there also are a lot of specific tax days this month, also in the sidebar. Check them and their links out at your leisure. Meanwhile, here are some highlights.

File your 2015 taxes: Yes, as the aforementioned countdown clock notes, you still have more than four months to finish your 1040 that you got extended back in April. But why wait?

If your math was off and you discover you didn't pay quick enough in due taxes when you filed for your extension, then the penalty and interest charges for that underpayment have been adding up. You can stop the accumulation by figuring your precise amount on your completed tax return and filing and paying it ASAP.

Or if you overpaid in April when you filed for your extension, you're due a refund. In that case, what the heck are you waiting for?!?

Make the mid-month deadlines: The big, official tax day for a lot of taxpayers is June 15.

Regular payers of estimated taxes know it as the day that we (I'm right there with you) must get our second payment for 2016 to the Internal Revenue Service by then.

We can snail mail a check as long as the envelope is postmarked 6/15. Or we can pay electronically. There's even a cash payment option this year if you live near a IRS-partnered 7-Eleven.

The middle of this month also is important for a couple of taxpayer groups who got automatic extensions without filing Form 4868 last spring.

I'm talking to all you U.S. citizens or resident aliens living and working abroad, as well as members of the military stationed overseas. All y'all must get your 1040 forms to Uncle Sam by June 15 or this time ask to delay that until Oct. 17 this year.

Ending June on a tax note: And June 30 is the FBAR deadline for folks who have substantial amounts of money in international accounts.

That's FBAR, which is a rough acronym for foreign bank account reporting, not FUBR, which is something I can't say in a family-friendly blog. But many folks who have to deal with FBAR tend to use a version of the first word in FUBR a lot as the end of June approaches.

Crazy instead of lazy tax time: I wish the summer days were just two-thirds of Nat King Cole's classic description, just lazy and hazy. But when it comes to taxes, the lyric's crazy adjective definitely applies.

Parents are kept on their tax toes by making sure that their industrious children meet any tax responsibilities that arise from the youngsters' summer jobs.

Folks who discovered a mistake when they finally got around to filing their tax records need to get to work on an amended tax return.

And if you found, when you finally finished your tax filing, that you paid a lot or got a huge refund, now's a great time to adjust your withholding.

Yeah, I know. You'd rather be thinking about vacation as summer's rolling in. Sorry.

But if you take care of the tax tasks that apply to you early in June, you'll still have plenty of free time to chill by the pool or at the beach or on the golf course or whatever your recreational choice. And you'll do so without giving any more thought to the IRS.

Comments

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KittelsonCarpo1

When you entrust the responsibility of a business who offers, it would be a good idea especially if you are not familiar of how the system works.

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