Tax Twitter Tuesday 01.26.2010

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Tax Twitter Tuesday 01.26.2010

Tuesday, January 26, 2010

Welcome to the first Tax Twitter Tuesday of 2010!

We're into the filing season, the economy is still giving us fits, we've been giving like crazy to Haiti's earthquake victims and, as usual, politics are playing a big part in tax legislation. What a way to get a year going!

And all this means the Twitterverse is abuzz with tax talk. So let's get to it!

@CPALetter_Daily Today's Top Story in #CPALD - Obama to propose aid to middle class, freeze on some federal spending http://ow.ly/10xXX

@CLT_CPA North Carolina is now taxing digital property http://bit.ly/91kiqu

@freefrombroke RT @arohan 5 (plus 1) Tax Moves to Consider for 2010 http://ow.ly/1n3e0e

@taxmegan Dear Tax Clients; Yes, I do need your W-2's to be able to file your tax return. SERIOUSLY?

@frazierpresents Good article on how sales tax exemptions affect real jobs, not just "fat cats." http://bit.ly/cdzORD #salestax #tax

@Stacies_TaxTips Seven Things Your Accountant Should Have Told You – a Good Post From the Past: By Stacie Clifford Kitts, CPA It'... http://bit.ly/7poJaD

@rdftaxpro A Tale of Value - http://wanderingtaxpro.blogspot.com/2010/01/tale-of-value.html

@JoeTaxpayerBlog RT Roth or Traditional IRA: My fiance is in the process of rolling over her old 401k. As such, I introd... http://bit.ly/8M6P1T > comented

@TaxPolicyCenter TaxVox: Gene Steuerle argues that our overleveraged economy requires tax, not just bank, reform http://bit.ly/7ZCro5

@taxgirl Congress Wants You To Give To Haiti. But Just Haiti. http://goo.gl/fb/JsYR

@jfkellyjr @MajoratWH Obama temp Making Work Pay credit expires this year. $40B/yr. Outlived usefulness or permanent $400B program?

@joebwan No room to cut, eh? RT @taxfoundation: Tax Policy Blog: California Public Pension Costs Have Grown 2,000% in a Decade http://bit.ly/bNcPBW

@CPA_Trendlines #CPA #CPA link: Nicolas Cage's Foreclosed Home Sells for $4.95M: Nicolas Cage's former Las Vegas home, which had been... http://bit.ly/9DDDf2 ^w

@moolanomy Answered: help with 401k http://bit.ly/60n9QY >> I did. I hope they find it.

@TheTaxAdviser IRS announces plans for new schedule to disclose uncertain tax positions. http://twurl.nl/nbxyr5

@TaxDebtBlog #Tax Ten Things to Know About 1031 Exchanges - Forbes http://bit.ly/bbveu6

@NCTaxPro Hmmm... More Childless Workers Should Get the Earned Income Credit.: http://bit.ly/58kHc7 via @addthis #tax

And though I generally try not to double-dip on T3, I just cant resist giving @CLT_CPA another shot thanks to this great observation:

Thanks for the chuckle, Chad, and thanks to all my Twittering tax colleagues for keeping me (and you!) up to date on tax happenings.

If you're a Twitterer (Tweeter?) follow them -- and me! I'm @taxtweet -- for daily 140-character doses of good tax medicine.

We'll be back in a month or so with a whole lot more Twitter tax tidbits. See you then -- and in between, too, I hope! -- here at the ol' blog and on Twitter

Related posts:

Posted on Tuesday, January 26, 2010 at 06:35 PM in Taxes, Twitter, Web/Tech | Permalink | Comments (1)

Tags: tax, taxes, Twitter

Comments

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This is great information and provides access to a lot of on demand information. I specifically like the approach of compiling all this information in the same place.

Posted by: Tax Services South Florida | Wednesday, January 27, 2010 at 05:27 PM

The comments to this entry are closed.

Weekly Tax Tip

Where's your refund? — Whether you finally filed your taxes on the Oct. 15 extension deadline or got them in earlier, you're now eagerly anticipating the refund you're due. The Internal Revenue Service's online Where's My Refund? tool can help you track your tax cash. (Oct. 18, 2019)
Check out all the latest post-Tax Day tax advice in the 2019 edition of Weekly Tax Tips. Many of these once-a-week tips will focus on planning moves to cut your 2020 tax bill. If, however, you're working on a filing extension for your 2018 return, you can get a refresher of the 2019 Filing Season Tax Tips at their respective monthly pages: January, February, March and April.

All About Kay

OK, some about Kay

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

My Other Accounts

Tick ... Tick ... Tick

Tax Year 2019 Countdown
It's over! The final 2018 tax year extended filing deadline has passed, unless you get more time because your filing was affected by a natural disaster like Tropical Storm Imelda. For most of us, though, the passage of Oct. 15 means it's time to focus on the tax return we'll file next year. We have until Dec. 31 this year to make moves that will reduce our already accruing 2019 tax bill. The countdown clock below will make sure you don't miss these crucial actions or any tax deadlines.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Oct. 1: Boo! Welcome to the scariest month of the year.

Screenshot from GIPHY

In addition to Halloween goblins, ghouls and hundreds of kids descending on your neighborhood at the end of this month, one of the scariest October items is that countdown clock a little higher up in this column. It's a stark reminder for millions of ultimate procrastinators — No, I'm not one this year. Amazing, I know! — that their deadline to file extended 2018 tax returns is nearly over. Don't worry. I'll remind you again as Oct. 15 nears.

But why push the deadline?

Gather all the documents you need to file your Form 1040, including 1099s and receipts associated with your self-employment income, be it full-time or side hustle earnings. This tax preparation checklist can help.

Oct. 4: OK. You're ready to finally file that Form 1040 before the 15th. Great! Now make sure you don't overspend to do so. Check out Free File.

This IRS-tax software industry partnership program that provides no-cost return prep and e-filing option is open for business through the October extension deadline for taxpayers whose income is $66,000 or less.

Oct. 10: If your job compensation includes tips and you received $20 or more in gratuities in September, use Form 4070 to report them today to your employer.

Oct. 14: So another week slipped by without you filing your taxes. No judging here. I've been there. The good news this year is that today is the federal Columbus Day holiday or, in many states and cities, now designated Indigenous People's Day. If you don't have to head into the office, it's a great chance to work on your taxes. The IRS has some final filing tips.

Oct. 15: It's here! The absolutely, positively final filing deadline for your 2018 return. Get your Form 1040 — remember, there's now just one tax return under the Tax Cuts and Jobs Act (TCJA) changes — en route to the IRS today or you'll face penalty and interest charges.

E-filers, whether using the previously mentioned Free File or a paid-for tax software package, technically have until midnight their time to hit "enter" on their computer keyboard. But I suggest you don't push that deadline. A late technical problem could turn into a costly late-filing issue.

If instead you're sending in an old-fashioned paper return, check with your post office to make sure the envelope is postmarked today, the paper filing proof of timely tax filing.

Oct. 21: Now that your 2018 return is finally done, it's time to work on reducing your 2019 tax bill. By now, you're probably familiar with how the TCJA changed your tax filing and planning. But it never hurts to review your prior year's tax return, whether you just filed it last week or earlier in the year. It's a good foundation to look at what tax breaks you qualified for might be able to use again on this year's taxes.

Note, too, that inflation has upped many tax-related actions. The income tax earnings brackets have been expanded a bit. So have the standard deduction amounts.

And definitely look at how much you can put this year into tax-favored retirement savings and medical accounts. Not only can they help lower current tax bills, they could pay off in the future.

Finally, peruse the Taxpayer Advocate Service's Taxpayer Roadmap.

This publication, designed along the lines of a subway map, shows the stages of a taxpayer's journey through our elaborate tax system.

Oct. 25: Those retirement and medical accounts also are part of many workplace benefit plans. Since October is the start of the annual benefits enrollment open season at lots of companies across the country, it's a good time to carefully review those employer-provided perks, such as 401(k) plans and flexible spending accounts (FSAs) for both health and child care purposes, to make sure you make the most of your options.

Oct. 28: With more than two months left in 2019, now's is the perfect time to set up your tax deduction bunching strategy. Here you gather potential write-offs together into one tax year to ensure you have enough qualified expenses to meet some of the popular deduction thresholds. This typically covers the itemized deductions for medical, home-related and charitable deductions.

Oct. 31: What's scarier than the ghouls and goblins wandering your neighborhood tonight? Another month of the hurricane season.

We've been lucky so far, with only Hurricane Dorian along the eastern seaboard and Tropical Storm Imelda in Texas causing major damages. But with a month officially left, we can't let down our storm guards.

The countdown clock below can help you track the days until the formal Nov. 30 end of the annual hurricane season.

You also can find tips on getting ready, physically and financially, for hurricanes, as well as tax help for recovery efforts and tax deductions for donations to those who are hit by natural disasters at the ol' blog's Storm Warnings pages.

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.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

Taxes are all about the numbers.
Check out these (mostly) weekly
By the Numbers figures.

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Kudos Et Cetera

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Winner, Best Tax Blog
2011 & 2013

I gotta tell ya ...

AKA Disclaimer:
I am a professional journalist who has been covering tax issues since 1999.
I am not a professional tax preparer.
The content on Don't Mess With Taxes is my personal 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. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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