Jan. 1: Once more for the official monthly tax moves — Happy New Year! Some people are champing at the bit to get their taxes filed, mainly because they are expecting an Internal Revenue Service refund. But remember, you need to get all your tax documentation before you can accurately complete your Form 1040. And even if you send the form(s) early, the IRS won’t start processing them until later this month. So, take a deep breath. We’ve a ways to go yet.
Jan. 6: It's the first official work week of 2025, with folks who took long holiday breaks finally returning to the office. Once you get settled at your desk, you might want to take some time for a couple of tax-related tasks that could pay off, this year and after you’re done with the 9-to-5.
First, check your paycheck withholding and, if necessary, adjust it. That might be necessary if you’ve experienced a major life change.
Second, if your workplace has a 401(k) plan and you’re not using it, sign up as soon as possible. Then contribute as much as you can. This will give your retirement account more time to grow tax-deferred if it’s a traditional 401(k) or tax-free if it is a Roth version.
Jan. 10: Is your adjusted gross income (AGI) $84,000 or less, regardless of your filing status? Then you qualify to use Free File, which became available today. The same eight software companies that participated last year are 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. That will be available on Jan. 27 when the full 2025 tax season kicks off and the IRS starts processing all returns that were filed before then and that have been in a holding pattern.
Jan. 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 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 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 December 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.
Jan. 15: Today is the due date for the final estimated tax tax payment for the 2024 tax year. This payment covers the earnings you got last October, November, and December that weren’t subject to withholding. You can pay your estimated amount electronically, or mail your check payment and voucher 1040-ES to the IRS in an envelope postmarked today.
Jan. 20: Today is Martin Luther King Jr. Day. Every year on this federal holiday, millions of people commit to a day of service.
Click image to find out ways
you can volunteer on MLK Day. Taking time on the Rev. Dr. King's holiday to volunteer at a nonprofit isn't tax deductible, but some costs associated with volunteering could help reduce your tax bill if you itemize.
Jan. 20: Tonight also is title time. The 2025 NCAA College Football champion will be crowned this evening in Atlanta. It’s taken a while to get here. The championship playoff bowl games system was extended, with qualifying matchups starting on Dec. 21, 2024. It's been a fun run for college football fans and for those who bet on the games thanks to the Supreme Court's 2018 ruling that allowed states to accept legal sports wagers, including on college competitions. If you're one of those gamblers and your game picks pay off, remember that you'll owe taxes on your winnings when you file your 2025 return next year.
Jan. 27: Tax Season 2025 officially starts. That includes processing of tax returns filed earlier, whether via commercial software, tax preparers, IRS Free File, or IRS Direct File, the IRS’ own free online tax prep and e-filing program. In addition to more than double the Direct File participating states from last year, the IRS operated site will offer more options that apply to more taxpayers’ situations.
Jan. 31: Wow! The first month of 2025 is over? So soon? Time really does fly when you're having tax fun. We'll keep it going here in this new year with new Tax Moves to Make each month, which you also can find on their monthly tax tips pages. January’s tips page is already is filling up!
Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. The IRS is updating the online version. Until that link is operational, you can get the full year's important business and individual tax dates in IRS Pub. 509.
You Bail Them Out, We Opt Out.
Dear, I should say Expensive Chairman Ben S. Bernanke,
All of Our Economic Problems Find They Root in the Existence of Credit.
Out of the $5,000,000,000,000 bail out money for the banks, that is $1,000 for every inhabitant of this planet, what is it exactly that WE, The People, got?
If my bank doesn't pay back its credits, how come I still must pay mines?
If my bank gets 0% Loans, how come I don't?
At the same time, everyday, some of us are losing our home or even our jobs.
Credit discriminates against people of lower economic classes, as such it is unconstitutional, isn't it? It is an supra national stealth weapon of class struggle.
Credit is a predatory practice. When the predator finishes up the preys he starves to death. What did you expect?
Where are you exactly in that food chain?
Credit gets in the way of All the Principles of Equal Opportunity and Free Market.
Credit is a Stealth Weapon of Mass Destruction.
Credit is Mathematically Inept, Morally Unacceptable.
You Bail Them Out, We Opt Out
Opting Out Is Both Free and Strictly Anonymous.
My Solution: The Credit Free, Free Market Economy.
Is Both Dynamic on the Short Run & Stable on the Long Run, The Only Available Short Run Solution.
I Am, Hence, Leading The Exit Out of Credit:
Let me Outline for You my Proposed Strategy:
✔ My Prescription to Preserve Our Belongings.
✔ Our Property Title: Our Free, Strictly Anonymous Right to Opt Out of Credit.
✔ Our Credit Free Money: The Dinar-Shekel AKA The DaSh, Symbol: - .
✔ Asset Transfer - Our Right Grant Operation - Our Wealth Multiplier.
✔ A Specific Application of Employment, Interest and Money.
[A Tract Intended For my Fellows Economists].
If Risk Free Interest Rates Are at 0.00% Doesn't That Mean That Credit is Worthless Already?
Since credit based currencies are managed by setting short-term interest rates, on which you have lost all control, can we still say that are managing?
We Need, Hence, Cancel All Interest Bearing Debt and Abolish Interest Bearing Credit.
In This Age of Turbulence The People Wants an Exit Out of Credit: An Adventure in a New World Economic Order.
The only other option would be to wait till most of the productive assets of the economy get physically destroyed either by war or by rust.
It will be either awfully deadly or dramatically long.
A price none of us can afford to pay.
“The current crisis can be overcome only by developing a sense of common purpose. The alternative to a new international order is chaos.”
- Henry A. Kissinger
What Else?
Until We Succeed the Economy Will Necessarily Keep Sinking Into a Deeper and Deeper Depression
You Bail Them Out, Let's Opt Out!
Check Out How Many of Us Are Already on Their Way to Opt Out of Credit.
Let me provide you with a link to my press release for my open letter to you:
Chairman Ben S. Bernanke, Quantitative [Ooops! I Meant Credit] Easing Can't Work!
I am, Mr Chairman, Yours Sincerely [Do I really have the choice?],
Shalom P. Hamou AKA 'MC-Shalom'
Chief Economist - Master Conductor
1 7 7 6 - Annuit Cœptis
Tel: +972 54 441-7640
Fax: +972 3 741-0824
http://edsk.org/
Posted by: MC-Shalom | Sunday, January 25, 2009 at 11:03 AM
Interesting blog. I don't think that raising taxes on the wealthy will necessarily solve this crisis. I wrote a blog entry on this last week, which you might be interested in reading.
Cheers,
Adam Powell
adampowell.com/invest
Posted by: Adam Powell | Friday, January 23, 2009 at 05:34 PM