Ho, Ho, Ho! You better watch out.
You better not cry. But you better make some year-end tax moves this December or April 15 could turn out to be the tax equivalent of Santa Claus putting coal in your stocking!
Click image to hear a musical Santa message from Bruce Springsteen.OK, St. Nick can't deliver a festively wrapped tax return for you (unless he's even more magical than I think!) to file next year, but he does have a tax connection. His tracking of naughty and nice boys and girls basically is the same method that the Internal Revenue Service uses. That's why we all need to be nice, especially to ourselves, in this final month of the year by making some important tax-saving moves.
Dec. 1: Earlier this year, we made it through the first filing season under Tax Cuts and Jobs Act (TCJA) provisions.
If things didn't turn out so well for you, now's the time to
find a tax preparer who can help ensure your 2019 return filing goes more smoothly. By
picking the perfect tax professional before the coming tax-filing season rush, your adviser can help make sure don't miss any year-end deadlines that could affect your final tax bill.
Dec. 3: Did you get a part-time
seasonal job to earn extra cash for the holidays?
If you're paid as a
contractor instead of as an employee, remember that you'll be responsible for income taxes due on the money, as well as any self-employment taxes. The same tax considerations also apply if you're part of the
gig economy, but you'll also want to check out ways to maximize your
side hustle earnings.
Dec. 7: Medical itemized deductions survived the TCJA changes, but there's still a limit on how much you can claim on Schedule A. In 2018, that threshold was
7.5 percent of adjusted gross income. But
unless Congress acts soon, you'll need to have health-related expenses of more than 10 percent of your AGI before you can claim them. Start tracking down those receipts now!
Dec. 10: Does your job, either full-time or seasonal, include
tips? If so and you received at least $20 in gratuities in November, use
Form 4070 to report them today to your employer.
Click image
to calculate how much to leave your server.
And don't forget to include the
value of out-of-the-ordinary tips, such as event tickets or gift certificates that are common this holiday season.
Dec. 13: What's scarier than Friday the 13th? Falling for one of these
13 tax scams. Remember, con artists are working every day to steal your identity and money. Be careful out there!
Dec. 18: School may be out for winter break, but doing some tax homework now can earn you a top tax grade. Pay tuition for 2019 classes that will start in the first quarter of next year by Dec. 31 and you can use those costs to claim the
American Opportunity Tax Credit.
Dec. 21: It's the last weekend before Christmas! That means holiday treats, final decorations and frantic, crowd-fighting last-minute shopping! Or you can make some easy tax-favored gifts, like opening a
Roth IRA for your child or grandchild who earned some money from a summer or after-school job.
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 day or any other by the end of the year, you can claim the itemized deduction when you file your return next spring … as long as you follow the IRS'
donation tax rules.
Dec. 31: This is it. The drop-dead deadline to make most 2019 tax moves. So do a quick check.
Although the TCJA now limits — and eliminates — some itemized deductions, depending on your personal filing situation you might want to look at Schedule A options. It could still be worthwhile to make your January mortgage payment early so you can deduct the loan interest this tax year. Ditto with your
property taxes if you're not near the $10,000 cap.
Don't forget to zero out your
medical flexible spending account (FSA) if your employer doesn't offer a grace period or
rollover. And if you must take a
required minimum distribution (RMD), do so — or directly
donate it — by year's end.
Done all that and more, like checked out all the
deductions that don't require iteming? Great! Now go out and have fun at your New Year's Eve party.
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