💐 May 💐 is 💐 here!!! 💐
Those exclamation marks and emoji bouquets are sincere and deserved. I don't know about you, but I'm more than ready for May flowers.
Plus, you've got to love a month that starts with a celebration.
May Pole Dance via GIPHY
After the May Day dances are done, the commemorative days just keep coming. There are well-known ones, like Cinco de Mayo, Mother's Day, and Memorial Day, as well as some more obscure ones, like Pick Strawberries Day, Be Millionaire Day (if only!), and my favorite, Eat What You Want Day.
But even with all these (and more!) celebrations, there's still time to make some money-saving May tax moves. Let's get to it!
May 1: While
May Day isn't a big holiday in the United States, globally the first day of May is a time for celebrating workers' contributions. But that can apply here, too, in connection with some employment-related tax tasks. If you got a big refund or owed more tax than you expected when you filed (or got an extension) last month, today's the perfect time to do
adjust your paycheck 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. With every Cinco toast, remember that the cost of state and federal alcohol taxes are included in the mixing. Your state tax collector also will raise a glass to your fiscal contribution, since sin taxes usually are a revenue bright spot for many states.
May 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you got lots of financial thanks for doing your job well, especially from those Cinco celebrants. But don't forget that those tips are taxable income.
Whether you're dining in or, still COVID leery and 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 you, as the server or delivery person, must account for those tips. If you got at least $20 in gratuities in April, you must report the amount by today by using
Form 4070 to let your employer the total of the tips you took in last month.
May 14: Happy Mother's Day!
If you're just this year making up for pandemic paused family visits (side note: May 18 is Visit Your Relatives Day), give your mom a longer 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 while getting some
tax-advantaged help from their families.
May 22: Just because you got an extension to file your 2022 tax return doesn't mean you have to wait until the Oct. 16 deadline to finish it. And you might be able to complete all those forms at no cost.
Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance is still operational for, as its name says, free.
This year, the income threshold is adjusted gross income (AGI) of $73,000 or less, regardless of your
filing status. You should be able to find a software that works for you from the
seven tax prep companies that are participating.
May 26: If you're heading out early today to further extend the already long Memorial Day weekend, be sure to plan for added costs, like the price of getting to your holiday destination. Most travelers this weekend that marks the unofficial start of summer will hit the highways, so even though gasoline prices are at the exorbitant levels they were this time last year, pump prices still will take a bite of travel budgets. Maybe that will get you to look more closely at getting an electric vehicle (EV) before your next road trip. Check out the tax rules to see if your new EV comes with a
$7,500 tax credit May 29: This Memorial Day as you honor the military personnel who made the ultimate sacrifice, don't forget about their families. There are some
tax considerations offered survivors of lost soldiers, sailors, and air crew.
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.
The IRS did not push up the dates for the checks mailed out. They only pushed up dates for direct deposits. If your SSI number is between 89-00 the mail out date is still July 11th as first stated.
Posted by: donna | Monday, July 07, 2008 at 02:33 PM
Christy,
It looks like the IRS has not officially pushed the delivery dates up across the board. But I know some people who have gotten their checks before their officially scheduled delivery date. So go by the IRS on-site date and hope for the best!
Posted by: Kay | Monday, June 30, 2008 at 04:44 PM
The IRS finally updated our info on their "Where's My Refund" page. But it still says the later, July 11, date, rather than the supposed "last" date of July 4 as indicated above. Does anyone know if they're still ahead of schedule or not? Should I go by what it says online or are they actually going out a week earlier than that?
Posted by: Christy | Monday, June 30, 2008 at 01:27 PM
good site you have thanks
Posted by: joe joe | Saturday, May 17, 2008 at 04:17 AM
Well...still not getting any information on line but when I called IRS today was told the rebate will be deposited on May 16! And I thought it was scheduled to be deposited earlier as they indicated. Shame on me!
Posted by: sheila | Monday, May 12, 2008 at 08:25 PM
You know what you gotta do when life gets you down???
just keep swimming -
just keep swimming -
that's what you do
That's what Dory told me
Posted by: TC | Monday, May 12, 2008 at 08:51 AM
received notice that I would receive rebate.....should receive by May 12....guess what! checked IRS site and rec'd message..we are sorry no information available...blah, blah, blah
what gives?
Posted by: sheila | Sunday, May 11, 2008 at 02:22 PM
Same issue as most...was scheduled for today or earlier since they are "ahead of schedule", checked my account today...but still nothing. I met all the qualifying criteria and have no debt.
Posted by: Jay | Friday, May 09, 2008 at 10:29 PM
Hello. I have the same problem as many of the others asking questions and this is the ONLY web-site I found that is offering any kind of answer whatsoever. I really dont want to bit** about this money because this time last year, I didnt know or expect to be getting it and am grateful that I am now. But its like dangling candy in front of a two year old. I was supposed to get mine today and nothing. I know that i do not owe anything and made all the qualifying items and also have a qual. child. Possible problems?!Im military and I qualified for the EIC and no fed taxes were taken from any of my checks, would that have anything to do with it?
Posted by: Jesi | Friday, May 09, 2008 at 10:24 PM
I'm on the 'before May 5' schedule for direct deposits and have been looking for something eversince. How do we find out? Who do we talk to? If you give me something and tell me when you're going to give it to me, why should I have to find out when it's coming?
Posted by: kollette | Wednesday, May 07, 2008 at 04:42 PM
If you received your tax refund by direct deposit that is the only way to receive your tax rebate by same. Any other method (i.e. H&R Block Refund Anticipation Loan or getting tax refund mailed to address etc) and you will receive your rebate check by mail (no exceptions and NO way to change after the fact)
Posted by: Michael | Monday, May 05, 2008 at 03:16 PM
I filed taxes through TaxAct, they recieved my refund, deducted 30 for filing, then sent my direct deposit. So does that mean my rebate will come in by check?
Posted by: Kathy | Monday, May 05, 2008 at 11:17 AM
Ok, to say it mildly...I'm PO'd! I have been checking "schedules" of deposits, there are 3 different ones. We thought we would have our deposit by 5-2. Nope! Ok, 5-5? Not yet! Now grant it, it is early but then I have found another "schedule" that says deposits for our SS# bracket "start" today and will be done by 5-9! We are at the bottom of that SS# bracket being 75 but that is when our deposit was originally scheduled. It was said that the checks were "ahead of schedule by one week!" Which means we should have had our by 5-2! All I have to say is by the end of today I had better see a deposit into our checking account. Good luck to everyone else!
Posted by: Kim | Monday, May 05, 2008 at 05:39 AM
i just cruised the IRS website for an hour. I efiled my taxes and got them directly deposited the third week in Feb. I was supposed to get my check deposited today, but nothing. Who do we bug to get our checks?
Posted by: angi | Friday, May 02, 2008 at 11:57 PM
I e-filed my taxes and had them direct deposited into my checking account. My social security # is among the #'s that were supposed to be deposited today. I did not receive a deposit today. How can I find out what's wrong and when I will get the deposit?
Posted by: Rachel | Friday, May 02, 2008 at 05:02 PM