Welcome to 2017's post-tax party, where we're celebrating the end on April 18 of the main filing season.
Yeah, me too.
But all's good because when we sent in our Form 4868, we paid any tax we guesstimated we owe. Right? Right.
And now we have until Oct. 16 to meet our new filing deadline. Yes, you read that right. It's Oct. 16 instead of Oct 15 since the regular six-more-months due date is on a Sunday this year.
So take a breath. But not too deeply or for too long.
While we've got more time to finish our 2016 taxes, that new deadline will arrive before we realize. Trust me. I'm a filing extension veteran and I know of what I speak. And my best advice is not to procrastinate until the absolutely, positively last tax-filing moment.
And if you have already filed, good for you. Remember, though, that your 2017 tax tab has been running since Jan. 1.
Once-a-week tax advice: Sorry to be a tax party pooper, but that's something we need to thing about, too, even if we're still working on last year's return. And here at the ol' blog, I've got your back regardless of exactly where in the filing process you are with Weekly Tax Tips.
As in previous years, a new piece of tax advice will be featured each Wednesday in the upper right corner of the ol' blog.
Many of the items will be for the majority of taxpayers who are done with last year's taxes and are looking for ways to trim this year's tax bill. A few, though, will be aimed at helping those of us who've yet to file do so, especially as October nears.
Either way, the once-a-week tax tips will continue through Dec. 27, the last Wednesday of the year.
A stray weekly tip or two also might show up in the opening week/weeks of January 2018 before I transition to the New Year's tax filing season and the return of the 2018 Daily Tax Tips.
But wait. I'm getting a bit ahead of myself. Let's get back to this year and the 2017 Weekly Tax Tips.
- Tax issues for tippers and recipients — Whether you leave a tip for good service are the one who earns the gratuity, you could encounter some tax issues. (April 26, 2017)
- Tax record keeping tips — You're done with your taxes. Now it's time to store those key filing records. Why? Well, there are many reasons, but the key one is in case you're audited. So start sorting and saving! (May 3, 2017)
- Refund wrong. What now? — Your refund from Uncle Sam finally arrived, but it's not what you expected. Now what? Here's how to handle a tax check form the Internal Revenue Service that's too big (yay!) or too small (boo!). (May 10, 2017)
- Day camp counts toward child care tax credit — Whew! You got your kids into their favorite day camps. Now hold onto those receipts. Day camp costs count toward claiming the child and dependent care tax credit. (May 17, 2017)
- 7 property appraisal appeal tips — Homeowners want their homes to appreciate in value when they get ready to sell, but not so much when the tax appraiser comes around. That official value of your home could be too high, meaning your property tax bill also will be inflated. These steps, however, could help you appeal your appraisal and lower your real estate taxes. (May 24, 2017)
- 529 plans perks and pitfalls — Looking for a good gift for a high school graduate? Contribute to the soon to be college student's 529 plan. This tax-advantaged college savings account can help them cover many higher education costs. But beware of potential pitfalls, especially when withdrawing the money or applying for financial aid. (May 31, 2017)
- Education tax breaks overview — The high school diplomas have been handed out and mortar boards tossed in celebration. Now it's time to think about college and how to pay for it. Your Uncle Sam can help, thanks to a variety of tax-favored educational tax breaks. (June 7, 2017)
- The scoop on paying estimated taxes — The U.S. tax system is based on Uncle Sam getting his cut as you earn your money. Millions make sure that happens by paying estimated taxes four times a year. Here's the scoop on the estimated tax system, with an eye on the looming June 15 deadline. (June 14, 2017)
- 10 tax tips for newlyweds — After saying "I do," newly married couples face a list of tax to-do's, too. Here are 10 tax things couples who are planning their weddings or who have already exchanged vows should think about. (June 21, 2017)
- Deducting moving expenses — Americans have always been mobile. Our restlessness is even encouraged somewhat by the Internal Revenue Code, which offers a tax deduction for moving expenses. (June 28, 2017)
- Teens, summer jobs and taxes — Summer employment is a time-honored coming-of-age tradition for teenagers. It also could create tax consequences — and opportunities — for young workers. (July 5, 2017)
- Higher fees to set up tax installment plans — Taking a tip from tax-owing boxing champ Floyd Mayweather and looking to pay off your Internal Revenue Service bill over time? Take note of the new, and sometimes dramatically higher, IRS installment payment plan fee hikes that took effect this year. (July 12, 2017)
- Tax breaks can help cover adoption costs — If your family is growing via adoption, be sure you take advantage of the tax breaks — tax-free financial help from your employer and/or the adoption tax credit — that can help you cover the often high costs of this legal process. (July 19, 2017)
- Back-to-school tax holiday season in full swing — Tax holidays aren't good tax policy, but they're popular with shoppers. The 2017 back-to-school versions of these shopping events are underway. Find out if your state is one of the 16 this year with such events and if so, when you can shop and save. (July 26, 2017)
- Income, timing affect capital gains tax bill — Investors must weigh many factors, not just a surging stock market, when selling assets. A key consideration is tax ramifications. What you owe Uncle Sam in capital gains tax depends not only what to sell, but when you sell and your overall adjusted gross income. (Aug. 2, 2017)
- Hobby or business: Either way, income is taxable— Good news, you’re making a few bucks off your hobby. Bad news, that money is taxable income. And if you’re earning a lot on your avocation, maybe it’s time to consider turning it into a real business. You’ll still owe taxes, but you then can take advantage of expense deductions that could reduce the tax bite. (Aug. 9, 2017)