Dec. 1: This last filing season was more-or-less back to pre-
COVID-19 pandemic normal, but if your own personal filing circumstances remained a mess, it's time to act. Maybe you realized you need professional tax help. If so, now is the time to
find a tax preparer who can help ensure your return filing next year goes more smoothly. You have lots of
options.There's also a December bonus. If you hire a tax pro this month, you might get some year-end
tax tips!
Dec. 4: Are you taking on a variety of gig work to make some extra holiday cash? Those added jobs mean you're an
independent contractor. And that means you're
responsible for paying income taxes due on the money, as well as any
self-employment tax. Now is the time to start gathering those records and tallying this taxable income so you're not surprised at filing time.
Dec. 11: If your job, over the holidays or full-time, 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 extra
seasonal financial thanks this month for doing your job well. Remember, though, that those tips are taxable income
Whether you're dining at your favorite eatery, or during the coronavirus pandemic discovered you really like getting food 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 November 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. Use
Form 4070 to let your employer know the total tips you took in last month.
Dec. 15: Christmas is just 10 days away! If you're still shopping for gifts, you're probably searching for the perfect present online. But beware and be wary. Internet crooks also are logged on, looking to
steal your money and identity, using many of the techniques they employ in tax scams. Any personal information they get now can be used at tax time to file a fake return in your name and claim a fraudulent refund. So be careful out there, now and next filing season, and, well, unfortunately all the time.
Dec. 18: Many of us are trying to concentrate this final work week before Christmas. As far as taxes go, it's a good time to revisit your
estimated tax situation, especially if you got some money from those previously mentioned gigs. Since these amounts typically aren't subject to withholding, you'll need account for the December earnings in your January 2024 final 1040-ES amount for 2023.
Better to know that amount now, than on Jan. 16's due date.
Dec. 22: It's Christmas Weekend! That means holiday treats, final decorations — or first, if you wait until the very end to get a tree — and frantic last-minute shopping! Rather than worry about how you'll get the perfect gift under the tree on time, consider instead some easy tax-favored gifts. Open a
Roth IRA for your child or grandchild who earned some money this year. Or
pay tuition for classes that will start in the first quarter of 2024 by Dec. 31. Those college costs then can be used to claim the
American Opportunity Tax Credit.
Dec. 24: Christmas Eve!
No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!
Click image to watch
Santa's delivery route as tracked by NORAD.Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
Just enjoy the holiday and your family and friends.
Dec. 26: Happy
Boxing Day. This unofficial holiday on
St. Stephen's Day is celebrated by additional giving.
If you donate to your favorite charity on this Boxing Day or any other day by Dec. 31, on your 2023 taxes you'll have to itemize your gifts on Schedule A to claim them. The option to claim a limited amount
directly on your Form 1040 expired at the end of 2021. What didn't expire is the IRS'
tax donation deduction rules.
Dec. 31: This is it. The drop-dead deadline to make most 2022 tax moves. A quick and easy action today is to zero out your
medical flexible spending account (FSA) by buying
over-the-counter medications for which the funds can be used. This is especially important if your employer doesn't offer a
grace period to use the money or let you
roll it over into 2024. Without those alternatives, you'll
lose any FSA funds you don't use.
Done? Great! Make sure the champagne is chilling and settle in for your New Year's Eve party or a cozy night at home with your friends and loved ones. Either way, cheers and
Auld Lang Syne as the ball drops at midnight.
Small Business Tax Calendar: Important
filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS'
online calendar page and view the full year's important business and individual tax dates in
IRS Pub. 509.
Comedian-turned-politician Al Franken has been making a serious run at the U.S. Senate. He's just about to get the endorsement of the DFL, Minnesota's Democratic-Farmer-Labor Party, to challenge Republican Sen. Norm Coleman.
I live in Minneapolis and have seen Al Franken speak numerous times. I've shook his hand (he LOVES to shake hands!) and I've dived into the Ladies' Room to avoid shaking his hand.
Why? He's just not a "nice man"... He's sarcastic, and caustic, and well, if you're not from Minnesota you might not get this. But, we pride ourselves on being "nice" here. We don't call people "lying liars" or "big fat liars". We'd be more inclined to say that perhaps someone was "mistaken".
More importantly, we here in Minnesota have a FAR BETTER candidate opposing Al. Sure, he's not rich or famous like Al. But, hey, he pays his taxes... Check him out... His name is Jack Nelson-Pallmeyer. He's a university professor, and he's all about saving the planet... Here's the website....
www.JackForSenate.org
And, while you are there, PLEASE donate some money!! We need your help!!
Posted by: Lydia Olchoff | Tuesday, April 29, 2008 at 09:55 PM