Tax planning Feed

@bublywater via Giphy.com If you missed this year's doubly extended tax filing deadline simply because you procrastinated, or actually over-procrastinated, then you're out of luck. If you owe tax for the 2017 tax year, interest and penalties already are piling up. If this is you — no judging here, just some advice — at least get a belated extension request into the Internal Revenue Service ASAP, along with the money you owe, to stop that costly process from getting worse. The first Weekly Tax Tip of 2018 offers some guidance on moves to make if your missed the Tax Day... Read more →


April 17 is Tax Day 2018. That means, of course, that tax returns for last year are due. But other tax tasks also share the annual April deadline. A big one for millions of taxpayers is the filing of the year's first estimated tax payment. Estimated tax payments are made by folks who have income that isn't subject to withholding. This typically is money made from full-time self-employment, side hustles, investment income and/or prize or gambling winnings (which is often like investing, but I digress). An earlier post has the scoop on these four extra tax payments. For today's purposes,... Read more →


"If anyone from the, uh, from the IRS is watching, I…forgot to file my, my, my 1040 return. Um, I meant to do it today, but…." That tax oversight admission was made on April 11, 1970, by National Aeronautics and Space Administration (NASA) astronaut and Apollo 13 command module pilot John "Jack" Swigert. Bill Paxton as Fred Haise, Tom Hanks as Jim Lovell and Kevin Lovell as Jack Swigert in a pivotal scene from the 1995 Universal Pictures film "Apollo 13." (Image courtesy IMBD.com) By now, everyone knows, either because they're fans of NASA (like me!) or the popular Ron... Read more →


Hurricanes Katia, Irma and Jose (left to right) lined up last September, each possibly headed for landfall. (National Hurricane Center radar image) A key forecast group expects the 2018 Atlantic hurricane season to be even more active than normal. That is not what people who endured Hurricanes Harvey, Maria and Irma last year and are, in some areas, still struggling to recover, wanted to hear. Dr. Phil Klotzbach and his team at Colorado State University's Tropical Meteorology Project are forecasting 14 named tropical storms this hurricane season, which officially runs from June 1 through Nov. 30. Mother Nature and her... Read more →


Tax Day 2018 is almost here. This mid-April deadline, which falls on April 17 this year due to the Emancipation Day federal holiday in Washington, D.C., means that millions of us are in the midst of finishing up our federal tax returns. Many filers also are doing double tax duty right now. That's because they live in a state that taxes some portion of income. And most of those income tax collecting states follow the IRS filing calendar. That means those states' deadlines this year also are April 17. No, some or all state taxable income: Here in Texas, the... Read more →


Are you still waiting to file your taxes because you want additional guidance from the Internal Revenue Service about the 2018 property taxes you prepaid last year? You are not alone. A group of Democratic lawmakers, some of who met with the acting head of the IRS last month on this topic, are continuing to press the agency for a final rule about this deduction that was reduced under the newly enacted Tax Cuts and Jobs Act. The latest demand for deduction clarification came earlier this week when some Democrats on the House Ways and Means Committee sent Acting IRS... Read more →


If you've been wondering when you can take advantage on your 2017 tax return of a recently renewed tax extender, your wait could be over. The IRS announced today, Feb. 22, that it's now ready to process returns claiming three recently renewed tax breaks Surprise extenders: Congress threw the tax world for a loop earlier this month when it tacked some expired tax break onto its budget bill. The tax laws, popularly known as extenders because they are temporary and must be periodically renewed or extended, included a variety of tax breaks for businesses and individuals. Immediately following the Congressional... Read more →


I hope she said yes! (Photo by Matt via Flickr) Valentine's Day has become one of the most popular days of the year to propose. If you're anticipating popping or answering the big question at an intimate romantic dinner tonight, taxes likely won't be on your mind. But perhaps they should be. Love and money: I'm a big fan of marriage. I've been in a mostly happy one with the hubby for a looong time. (Yes, I was a child bride!) But even back then, I was a tax geek. That's why our choice of wedding date — the year... Read more →


The 2018 tax filing season officially starts today. Many folks have already filed, by using Free File (which opened on Jan. 12), going with software on their own or turning over their tax material to paid preparers. The Internal Revenue Service will now process all those 1040s that were completed earlier this month and were on hold. If you, however, haven't gotten around to filling out your taxes yet, here's a checklist of what you'll need to accurately and easily complete your return. You might not need some of the stuff noted in this latest checklist. Feel free to skip... Read more →


The Rev. Gilbert Caldwell (left) was part of the civil rights movement led by the Rev. Dr. Martin Luther King, Jr. (center). Click the screenshot above to watch the full CBS Sunday Morning feature on how a group of fifth-graders helped correct a 60-year-old act of discrimination against Caldwell and his wife. As a young man, the Rev. Gilbert Caldwell marched with Dr. Rev. Martin Luther King, Jr., whose life we honor and celebrate on this federal holiday. Racial discrimination was among the many wrongs King, Caldwell and other civil rights activists back then were working to right. It's a... Read more →


Free File, the no-cost online tax return preparation and e-filing option, is now open for business. Although there's been no official announcement by the IRS and its Free File Alliance tax software partners, a click on the Free File page at IRS.gov invites eligible taxpayers to, "Click the Start Free File Now button to file your FREE federal return." UPDATE: The IRS has now made Free File official! You can read the announcement, but I'd appreciate it if you'd keep reading here. Those who can click the Free File button this year are taxpayers with adjusted gross income (AGI) of... Read more →


Welcome 2018 tax year. We know you are going to be crazy, but we are ready for whatever you plan to throw at us. And it will be a lot. In addition to starting out with the usual filing season tasks that focus on getting our 2017 tax returns to the Internal Revenue Service, there also are the Tax Cuts and Jobs Act changes to the tax code that will affect our 2018 tax bills. The Daily Tax Tip feature is here to help you accomplish both your 2017 filing and planning for 2018, regardless of whether you're confident enough... Read more →


Welcome 2018! Yes, I know we're well into day four of this brand spanking New Year. But we all get a pass on the first day to recover from our New Year Eve parties. And days two and three were consumed by looking back at what was accomplished tax-wise in 2017, looking ahead at what we can expect from taxes in 2018, chatting with fellow tax folk (OK, maybe that was just me) and dealing with scary winter weather. Bundle up, all my friends along the East Coast! Now, though, it's time to get down to tax business. Time for... Read more →


I spent most of today with my Mom, running errands with her and chauffeuring her to a couple of medical appointments. (She's fine. It was routine stuff. Thanks for asking.) But I did make time to hook up with my peeps, all the Twittering tax experts, accountants, writers, preparers, attorneys, Enrolled Agents and general tax geeks who set aside an hour at the beginning of each month to talk taxes. Specifically, we were part of the first #TaxBuzzChat of 2018, coordinated and moderated by, as the name (and my headline) indicates, TaxBuzz.com. As you guessed — OK, noticed in the... Read more →


Welcome to the first work day of 2018. By now you (and I) have had enough coffee (maybe, even this late in the day) to think about what the year ahead will hold for taxes. Chippy the Dog via Giphy.com Since my personal orbuculum is still a little blurry — I'm blaming equally the aftermath of New Year's Eve festivities and the craziness that now rules Washington, D.C. — I have only six tax-related prognostications. But even with the fuzzy focus, one thing is clear. Most of what we'll see happen in the tax world in 2018 will be related... Read more →


Good news workers. You have one less thing to worry about in 2018 in connection with the impending new tax laws. The Internal Revenue Service says that even though many revamped individual tax laws kick in on New Year's Day, there's no need to re-do your current W-4. This tax document, pictured above in case it's been a while since you made any payroll withholding changes to your paycheck, is what your boss used to calculate how much in taxes to take out of your pay. There had been some concern, primarily from payroll administrators, that the coming tax law... Read more →


We've only got five days left in 2017 and just three business days. That means that if you're making any tax moves, you'd best get on the stick! You also need to look at how your 20176 year-end tax actions might be affected by the new tax laws that take effect on Jan. 1, 2018. I've been writing about the latest tax changes for months now. You could find those stories by simply looking at the ol' blog's archives and checking out all the posts tagged as "tax reform" (even though this latest bill is really more tax cuts than... Read more →


It's almost 2018 and we all know what that means. Resolutions, fresh starts and lots of new tax laws. The good news is that for the most part, the changes to the tax code under the Republican-led tax bill will not affect us until we file our 2018 tax returns in 2019. But some of those changes in the still-called Tax Cuts and Jobs Act mean we will need to make some tax moves now, this final week of 2017, to take advantage of some tax provisions that won't be around or will be dramatically altered when Jan. 1, 2018... Read more →


There's a tax bill, but there is no tax reform. There's still an estate tax. There are still (some) state and local itemized tax deductions. There's still an alternative minimum tax. And there are enough other tweaks to confuse filers and keep tax pros very busy over the next 12 (and more) months. Ways and Means Chairman Kevin Brady (R-Texas) presides over the lone public hearing Dec. 13 of the House-Senate conference committee on H.R. 1, the Tax Cuts and Jobs Act. Final House and Senate votes on the bill are planned for next week. Basically, the Republican tax bill... Read more →


The Internal Revenue Service has good news for folks who do tax-related driving. Some auto travel amounts, however, might not matter depending on what happens with tax reform. 50 Cent via Giphy.com If your job requires you to be on the road, you'll get a bit bigger tax break for those business miles in 2018. The Internal Revenue Service's annual adjustment of the optional standard mileage rate for business use of your vehicle is a penny-per-mile more next year. The deductible per-mile rate for medical and moving also are one cent higher in 2018. The driving deduction rate for charitable... Read more →