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.
Richard,
It's not only visitors to the U.S. that look upon us as money grabbers! This time of year in particular that's the consensus of American taxpayers!
Love Canada, taxes and all! It's been way too long since we've visited. Go Leafs Go!
Kay
Posted by: Kay | Wednesday, February 10, 2010 at 02:47 PM
Canada, as well, has a sales tax refund policy for out of country visitors. It is logical to reward our visitors for their tourist dollars. Most countries in Europe Austria, France, Switzerland) also do this. The U.S. continues to be looked upon as money grabbers.
Posted by: Richard Toivonen | Wednesday, February 10, 2010 at 11:13 AM
As a visitor to the US from the UK, I can tell you that I do pay attention to local taxation and it makes a difference to where we visit. In the UK, tourists can obtain a refund of sales tax (VAT) on major purchases.
Surely its better to encourage visitors and increase overall income (i.e. not just taxation) for a state or city?
Stuart
Posted by: Stuart B | Monday, October 19, 2009 at 08:48 AM
I live in Florence, SC, sixty miles from Myrtle Beach. The reporter sited a link to hotel sales tax in this story. The linked story recited a Mr. Chapman, who I believe is General Manager Steve Chapman of the Island Vista Resort in Myrtle Beach, but I'm not sure.
The other fellow is a small, local businessman who watches his income closely. The point being, a general manager doesn't pay the light bill for the resort, he only works there. If operating costs don't affect him personally, then I don't see how Mr. Chapman's opinion mattered when the story encompassed small business entrepreneurs in Myrtle Beach.
Myrtle Beach went through major rennovations over the past few years. Investors created some beautiful golf courses, and the city built a hugh airport mall to accomodate visitors. There have been several bookings made for art festivals this year, plus there are three zoos in the area, and several attractions only 30 minutes away.
If you haven't visited them, you're missing out.
Sure, the taxes are there, but if you aren't utilizing your time to visit all the attractions, all you see is a few blocks of restaurants and waterfront.
Go here to learn More:
http://www.visitmyrtlebeach.com/
Posted by: Karen Morris | Monday, July 06, 2009 at 05:47 PM