May 1: It’s not such a merry day for some taxpayers. Not only did the residents of eight states have to earlier deal with a major natural disaster, their Tax Day that was delayed because of those damages is today, May Day, no doubt prompting a mayday call from some affected filers.
May 2: The rest of us made it through last month, the one that is home to the annual U.S. filing deadline. Did Tax Day mean you got or are expecting a big refund from that filing? Or did you end up owing Uncle Sam a lot? Either way, with your most recent taxes fresh in your mind, it's a good time for a paycheck checkup to determine whether you should adjust your payroll income tax withholding.
May 5: ¡Feliz Cinco de Mayo! Fiestas are always en vogue in Tejas, but the epitome of them is this Mexican holiday.
No, it is NOT Mexican Independence Day, and May 5 tends to spur more festivities here north of the border, especially when it comes to imbibing margaritas, the Lone Star State's unofficial cocktail. With every Cinco toast, remember that the cost of state and federal alcohol taxes are included in the mixing.
May 11: Happy Mother's Day!
Your mom meant it when you were young and she told you she didn’t need a gift today. But she definitely will appreciate a longer-than-usual hug on her special day. Love, flowers, and the best of health and happiness to every mother, from the new ones just discovering the joys, tax and otherwise, of new parenthood to those gracefully maneuvering their Golden Years and getting some year-round tax-advantaged help from their families.
May 12: If your job is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.
Whether you're dining at your favorite eatery or getting food, groceries and/or prepared meals, delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.
And if you got at least $20 in gratuities in April for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today, a bit late since the normal 10th of the month deadline fell in May on Saturday. Use Form 4070 to let your employer know the total tips you took in last month.
May 19: Millions of taxpayers got an extension to file, or automatically got a later Tax Day due to a major disaster declaration. These individuals can still file electronically, which the IRS recommends. E-filing will speed up processing of returns whenever they are filed, as well as help Uncle Sam get refunds out more quickly. And yes, some late filers are due refunds.
The IRS-Free File Alliance partnership offers no-cost online tax preparation and electronic filing to taxpayers whose adjusted gross income (AGI) is $84,000 or less, regardless of filing status at the official IRS.gov Free File website.
Even better for eligible late filers, Free File will be available through the Oct. 15 extension deadline, with the same eight software companies that participated last year back for the 2025 filing season.
If your income is too high, you still can file for free by using Free File's Fillable Forms option.
May 23: Millions of Americans will be welcoming the unofficial start of summer this long Memorial Day weekend. It’s also when gasoline prices always seem to increase. Some of the pump price is attributable to fuel excise taxes. If pump prices climb too much, that may prompt you to look more closely into getting an electric vehicle (EV) before your next road trip, and before the current White House and Congress eliminate the potential $7,500 tax credit for some EVs.
May 26: Yes, the end-of-May long weekend is a time for fun. But don’t forget the real reason for the Memorial Day holiday. Take time to honor the military personnel who made the ultimate sacrifice. And don't forget about their families. There are some tax considerations offered survivors of lost soldiers, sailors, and air crew.
May 31: You filed your tax return six-plus weeks ago and you’re still waiting on your refund. What the what?! Quit fuming and check your refund’s status using the IRS' "Where's My Refund?" online tracking tool.
Small Business Tax Calendar: If you run your own company, you know there are myriad important filing, deposit and record keeping dates throughout the year that your company needs to meet. You also can track key business and individual tax deadlines in IRS Pub. 509.
Tom,
You're right. If you have a mortgage, you probably don't have a choice. But some folks who've paid off their homes -- yes, they do exist! -- have decided to forgo their coverage. To me it does seem like that would be even crazier, as it is totally yours, not partially the bank's house, but financial decisions are made for various reasons that sometimes don't compute for all of us. That's what I want to discuss. Kay
Posted by: Kay | Wednesday, July 12, 2006 at 10:55 PM
Tom,
You're right. If you have a mortgage, you probably don't have a choice. But some folks who've paid off their homes -- yes, they do exist! -- have decided to forgo their coverage. To me it does seem like that would be even crazier, as it is totally yours, not partially the bank's house, but financial decisions are made for various reasons that sometimes don't compute for all of us. That's what I want to discuss. Kay
Posted by: Kay | Wednesday, July 12, 2006 at 09:11 AM
How could anyone do this if they have a mortgage? Most mortgages written require a homeowners policy for the total cost of the mortage at a minimum.
Posted by: Tom | Tuesday, July 11, 2006 at 07:50 PM