💐 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
"...free to move to another state to get out of its jurisdiction..."
True only to a degree. The Democrats are sending lots of federal money to Democratically screwed up states like California and Michigan (both former residences of mine). That federal money will come from everyone - even those of us who moved to income tax free states.
- A Texan
Posted by: Texan | Sunday, October 18, 2009 at 08:38 PM
Equal protection is a joke -- don't ever expect any court to uphold it.
Yes, people can move between states, but when the Federal tax reaches 60 pct. (fed income tax + self employment tax + Obamacare tax, etc) , it's time to stop working or consider moving offshore.
I hope everyone enjoys their new "prosperity".
Posted by: Concerned Citizen | Sunday, October 18, 2009 at 08:28 PM
While I disagree with the philosophy and intent, the judges are correct in their analysis. If they overturn this populist play for more taxes from the productive, then they must in turn address all progressive tax schemes.
If only 10% of the Californians in this newly created tax bracket move to adjacent states, then the message will be sent. It is happening in NYC, the rest of New York, Maryland, and New Jersey.
Legislators must learn that one cannot beat the cow that provides their milk.
Posted by: Jake Blues | Sunday, October 18, 2009 at 05:46 PM
Next year, the Jensens ought to send the appellate justices a postcard from their new home in Oregon...or Nevada...or Arizona inscribed with the following message:
HAVING A WONDERFUL TIME. WE DON'T WISH YOU WERE HERE.
Posted by: MarkJ | Sunday, October 18, 2009 at 04:36 PM
They don't need to make Atlas Shrugged into a movie. It's happening daily on the world stage for everyone with eyes to see.
Posted by: Gary | Sunday, October 18, 2009 at 04:05 PM
The beauty of the United States is that you are free to move to another state to get out of its jurisdiction. We actually have a hybrid of government and the free market in that sense. The taxpayer is the customer, the source of all revenue.
The government of California seems determined, absolutely determined, to drive out the rest of its productive citizens and businesses. The customer is always wrong.
It is best, from the point of view of the people, to enact high taxation rates or expensive government programs at the state level and not at the national level.
In this way, the people retain their rights as customers.
Posted by: L | Sunday, October 18, 2009 at 04:03 PM
I hope they do challenge the decision. There needs to be a reckoning of the class warfare travesty in this country.
Posted by: Chris Martin | Sunday, October 18, 2009 at 02:19 PM