Tax Twitter Tuesday 10.20.2009

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Tax Twitter Tuesday 10.20.2009

Tuesday, October 20, 2009

Welcome to our second Tax Twitter Tuesday.

As noted in the inaugural edition on Sept. 15, I gather tax info and comments from the popular social networking program Twitter. Then on the third Tuesday of each month, the Tweets become a blog post here at Don't Mess With Taxes.

If you tweet taxes, all you have to do is keep doing what you're doing. Based on how much time I waste spend networking on the site, I should run across your 140 character (or less) tax bon mots.

To make sure I do, you can "at" me; that is, include my Twitter ID @taxtweet in your Tweet, or if we follow each other on Twitter, you can send it to me via direct message there.

OK, enough already with the preliminaries. Let's get to Tax Twitter Tuesday!

@joebewan Film credits, hayseeds and sophisticates: The Wall Street Journal editorial page picks up on Iowa's film credit.. http://bit.ly/11N0a0

@TaxPolicyCenter 96% of the estate tax burden falls on the top cash income quintile: http://bit.ly/16MAgR

@Stacies_TaxTips What Does An Accountant Really Do? Fave Rerun: By Stacie Clifford Kitts, CPA I’m not sure who Chloe Dowley is or.. http://bit.ly/3w714o

@hleahy in 2007 via #taxprof TIGTA: 92,000 Taxpayers Claimed $204m in Unsubstantiated Car Donations http://bit.ly/3AyDoc

@taxgirl New health care ad airs opposing excise tax: http://bit.ly/Y5CdM

@Taxlady120 IRS Scam Now World's Biggest E-mail Virus Problem - http://shar.es/1v9hF

@EvolutionWealth Tax Savings, It's In The Paycheck? http://ow.ly/q2lT

Contemplating some tax-favored retirement plan moves? Several Tweeple are:

@CLT_CPA Reasons NOT to convert to a Roth IRA in 2010 http://bit.ly/2Ec5Rx

@MoneySmart Roth IRA conversion tips http://bit.ly/mSPUp

@BlankenshipFP Good news for 401(k) plan participants seeking advice: http://ow.ly/q2T

A couple Tweeple note the ever-present connection of crime and taxes. Insert your own IRS joke here.

@ThePayrollGuy A local CPA busted for filing a bookie's returns improperly. It's the taxes that get ya, not the illegal gambling?

@michellegolden Yup! Same reason "alternative" farmers make sure they pay their taxes too. We can prob thank Al Capone for these lessons.

Now back to the tax straight and narrow.

@verseconsulting Tax: 'has it fueled the financial crisis?' asks global accountancy body. Thought provoking article. http://bit.ly/2WzCyD

RussDanielNC @TaxGuyCPA @taxgirl @taxtweet Sullivan from Senate Fin Committee staff told SFTI conference "zero chance cap gains rate hike b4 2011."

@ronideutch Tax Recordkeeping Tips http://bit.ly/1KF2de

@EDavisCPA News You Can Use Roundup: Going Green, Tax Credit, Dow Surge, Sm. Biz Burnout, & Balloon Boy. http://bit.ly/K7wqZ

@TaxDebtBlog #Tax The Minnesota Investor: New rules could change estate payouts - Minneapolis Star Tribune http://bit.ly/pU2SB

@Green_Panda Do you file your own taxes? Do you know the difference between a tax deduction &exemption? http://su.pr/2yHq1f Great comments @fcn

@TheTaxCPA New blog post: CPAs , Personality Disorders, and Social Media http://bit.ly/KazTz

Pardon me for the shameless plug via one of our Tax Twitter Tuesday contributors:

@JoeTaxpayerBlog RT @taxtweet: from my blog Should rich homeowners get a bigger mortgage interest deduction? http://tinyurl.com/ykkpyot >> excellent article!

As thanks for that promo Joe, I'll give you another Tweet:

@JoeTaxpayerBlog RT @SaveMyFlexPlan: FSAs being capped to pay for #healthreform. More from Hartford Business Journal: http://bit.ly/3atFrI >> bad news.

@CPA_Trendlines rt @TriMergeCPA IRS faces challenge on sole-proprietor expense... http://bit.ly/O6So

@TaxNewz Accountants sue charity for wrongful dismissal - The Associated Press [TAX NEWS - Google News] http://bit.ly/ez9OV

Audits are always fun, right?

@kevinfunnell "Fun" and "audit" go together like "fish" and "bicycle," eh? RT @retheauditors: This is as fun as it gets in PwC Audit http://bit.ly/1HDgQw

@retheauditors See my comment. RT @CPA_Trendlines: #CPA link [FEI]: Fair Value, Audit Committes, Related Parties PCAOB SAG Day 2 http://bit.ly/2z3pKU

The tax pros and professionalism debate is still raging on Twitter, as evidenced by a couple of my Tweeple:

@bruce_taxguy A little Professionalism, if you please. New post - http://bit.ly/5ipT

@rdftaxpro Who Is A Professional - The Final Word! http://bit.ly/1bet2A

To put to rest the charge that Twitter is lightweight, we have an interestding philosopical question:

@Darrin_Mish Updated my blog with Does the IRS play God? http://bit.ly/LsRgb

And while I try to spread the Tax Twitter Tuesday love around, as you noticed earlier, I made an exception. Here's another one.

I just gotta include a repeat offender Tweeter since he expresses a sentiment everyone's shared at some point:

@bruce_taxguy Damn the IRS sometimes. Argh!

If you do Tweet taxes, thanks! If I missed one of your pithy entries in this edition, sorry! But there's always next month.

We'll be back here on Nov. 17 with a whole lot of Twitter tax tidbits for which we all can be thankful. See you then -- and in between, too, I hope! -- here at the ol' blog and on Twitter.

Posted on Tuesday, October 20, 2009 at 04:31 PM in Taxes, Twitter, Web/Tech | Permalink | Comments (0)

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Today's Tax Tip

Later estimated tax deadline delayed for disaster-area filers — Sept. 16 is the deadline for most estimated tax payers to make 2024's third payment, but not all. Those who live in a location where tax relief has been granted because of a major disaster get more time. That’s the case 19 states and 2 U.S. territories. Some now have a Nov. 1 due date. Others have until Feb. 3, 2025, to meet their estimated and other tax obligations. (Sept. 13, 2024)
The 2024 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

OK, some about Kay

Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tax Season 2024 continues!

We made it. Tax Day 2024 is finally over. For most of us. An estimated 19 million taxpayers got an extension to file their 2023 tax year return. That's fine.
In fact, the Internal Revenue Service appreciates some of us spreading out our filings. It gives the agency time to process the surge of returns
that came in on April 15.

But enough about Uncle Sam's tax collector and its issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

The monthly tips and reminders a little further down this column can help you finish up your Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your still adding up 2024 tax bill.

Finally, keep an eye on the countdown clock below. It will help you track yet more days tick, tick, ticking off toward that absolutely final fall filing due date.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

🍁 Hello 🍁 September 🍁
🍂 Fall 🍂 is 🍂 here! 🍂

OK, fall’s not here yet, at least not here in Texas according to still quite-warm temperatures. But forecasters say cooler weather — like highs in the 80s; yes, everything, especially weather, is relative — is on its way, and that meteorological promise gives up hope.

via GIPHY

As we get ready for the promised bit of chill, September also is a great month to make some cool tax moves, like those listed below. So, grab a sweater (or not yet), and let's go!
Sept. 1: Today is Meteorological Fall, the three months from Sept. 1 through Nov. 30 when days get shorter and cooler, but not cold. It's also the start of the annual National Preparedness Month. This year’s theme is “Start a Conversation,” since it's important to talk with your loved ones about potential emergencies. It's also critical to be prepared, as the Atlantic and Gulf of Mexico hurricane season usually peaks in September.

We’ve already had three tropical systems do enough damage to prompt Federal Emergency Management Agency (FEMA) major disaster declarations. The 2024 tropical storm season’s second named storm, Hurricane Beryl, landed as “just” a category 1 on the Texas coast, but still took 38 souls and left Lone Star State residents facing an estimated $30 billion in damages.

Hurricane Debby made two U.S. landfalls, in the Big Bend area of Florida and then again in South Carolina before moving up the Eastern Seaboard, producing disaster declarations all the way up to Vermont. Tropical Storm Ernesto, followed, slamming the U.S. territories of Puerto Rico and the U.S. Virgin Islands, as well as spawning deadly rip tides along East Coast beaches as the storm moved toward Bermuda.

And, coinciding with Meteorological Fall, we’ve still got three months of the 2024 hurricane season to go!

That has coastal residents on edge, since Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 17 to 25 total named storms, which are those with winds of 39 mph or higher. Of those, eight to 13 are forecast to become hurricanes, meaning winds of 74 mph or higher. Four to seven becoming major hurricanes; that’s category 3, 4 or 5, with winds of 111 mph or higher.

Regardless of the count, it only takes one to wreck your world. If you haven’t already, get ready for not just tropical systems, but whatever dangerous weather that’s common where you live. The countdown clock above can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms. You also might want to check out the ol' blog's special Storm Warnings collection of special pages with posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild.

Sept. 2: Happy Labor Day! This annual celebration of workers' contributions is a federal holiday and day off for many.

When you get back to work after this three day holiday, take a few minutes to check the federal tax amount that’s coming out of your paychecks. If you need to adjust your withholding so that you have the most accurate amount of taxes withheld, now is the time to do that. Submitting a new W-4 early this month will mean any changes are spread over the last four months of the year, making any impact less noticeable.

Sept. 3: If you live in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, or Union counties in Ohio, today is your Tax Day. The Internal Revenue Service granted individual and businesses in those counties tax relief since they were declared major disaster areas following a tornado outbreak in March.

Sept. 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 August 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.

Sept. 16: Today is the deadline to pay your third installment of estimated taxes. This tax is due on income that’s not subject to withholding, such as investment earnings or contract work. Most estimated tax filers make the payments four times a year. The September payment is for such earnings received in June, July, and August. It’s usually on the 15th, but since that was Sunday, the deadline is pushed to the next business day — today!

Sept. 23: Sept. 22: The Autumnal Equinox arrives today at 8:44 a.m. Eastern Daylight Time in the Northern Hemisphere, marking the first day of Fall for all us who don't follow the meteorological fall calendar. Adjust for your time zone, since the equinox occurs at the same moment worldwide. It's also a go-to day to think about home maintenance that will help you weather the coming colder weather. The Inflation Relief Act includes extension of older and addition of new energy-related tax breaks, including some for residential energy improvements.

Sept. 30: Wow! Where did September go? That’s a good question to ask if you got an extension to file your 2023 tax return earlier this year. The last day of this ninth month means that your absolutely final Oct. 15 due day is another month closer. So you might want to get to work on that Form 1040 now. The easiest way to do do is to use tax software and electronically file.

If your adjusted gross income is $79,000 or less, you should check into Free File, the no-cost online tax preparation and electronic filing program offered by the IRS and its Free File Alliance partners. It’s open through the Oct. 15 extension deadline. This year, eight tax software companies offer programs to qualifying taxpayers.

Note that the Free File $79,000 or less income threshold applies to all filing statuses. If your income is too high, you still can file for free by using Free File's Free Forms option.

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.

State Tax Help

Don't forget your state taxes!
Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2024 page.

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The content on Don't Mess With Taxes is my personal interpretation and opinion based on my study and understanding of tax laws, policies, and regulations. It is provided for your private, noncommercial, educational, and informational purposes only. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 and 2021 tax seasons.
These five Coronavirus (COVID-19) and Taxes pages have details:
March-July 2020
August-December 2020
January-December 2021
January-December 2022
…and so it continues into 2023
…and, alas, into 2024
You can find medical coronavirus resource links in the next section.

COVID-19 Resources

Need help finding a coronavirus vaccine in the United States?
Call 1-800-232-0233
or TTY 1-888-720-7489.
More information and resources at:
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USA.Gov COVID Info

September 2024

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Tell it to the Hill

While it's easy to rail at the IRS, for the most part we can thank — or blame — Congress and the White House for our tax laws. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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