June 1: For the seventh straight year, we've had a
storm named before today's official start of the Atlantic/Gulf of Mexico. That jibes with the predictions of another active hurricane season. So, obviously, it's
time to prepare. Again.
Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA)
expect 2021 to bring as many as 20 named storms, with six to 10 possibly becoming hurricanes. Three to five of those could reach major status, which is category 3, 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below 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.
These multi-page collections of posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild. That includes
claiming uninsured losses from a major natural disaster as on itemized tax deduction.
June 4: Speaking of disasters, the plethora we've already faced in 2021 prompted the Internal Revenue Service to give taxpayers in several states even more time beyond the COVID-19 delayed May 17 Tax Day to finish up their 2020 returns. June 15 is the deadline for all taxpayers in
Louisiana, Oklahoma, and Texas to finish up their federal filings. The new filing deadline for some taxpayers in parts of
Kentucky and
West Virginia is June 30.
June 8: OK, with the annual 'cane season warning and other disasters' follow-ups done, it's time to get down to more mundane, but necessary, post-filing tax moves. A biggie is stowing all the documents you used to do your taxes. The Internal Revenue Service doesn't care what type of
tax record keeping system you use. You just need to make sure it's one that will help you quickly and clearly answer any inquiries if the tax agency finds something on your 1040 a bit, shall we say, questionable.
June 10: It's looking like it's going to be a more normal — remember what that was like? — summer, thanks to more of us being vaccinated against the coronavirus. That means more restaurants will resume table service. Be sure to share your happiness about being served in person again with your waiters. If you're still a bit hesitant about going to a packed eatery, also tip the food delivery folks still bringing your meals to your door.
If a tip isn't included in your restaurant check or food delivery charge, click the image above to calculate how much to tip.
Those of you getting the tips, remember that your
tips are taxable income. If you got such added financial thanks that came to a total of at least $20 last month, whether as a waiter/waitress or hair stylist or valet or whatever job where gratuities are common, you need to account for them today. Report them to your employer on
Form 4070.
June 14: Happy Flag Day! It's not a day-off-work federal holiday, but
Flag Day has been an official day to celebrate the Star-Spangled Banner since
1949. If you need to buy a U.S. flag to fly today, you also might get a tax break. Several states
exempt the national symbol from sales tax. Check with your
state's tax department to see if you can save on your patriotic display.
June 15: In addition to being the federal 2020 return filing due date for all taxpayers in Texas, Oklahoma, and Louisiana, today also is the deadline for the second
estimated tax payment for the 2021 tax year.
This mid-June day also is the due date for annual Form 1040 filings by
U.S. citizens or resident aliens living and working abroad, as well as military personnel stationed outside the United States.
June 20: Happy Father's Day!
Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. And if your Pop is getting on up in years, take the time when you visit to make sure he doesn't need some
added help from you. If you provide enough financial assistance, check into whether you can claim the
$500 tax credit for other dependents.
Today also marks the
summer solstice, the official start of summer and the longest day of the year.
Many charitable groups help people cope with the heat. Your
gift to such IRS-qualified nonprofits could be tax deductible on next year's taxes, even if you don't itemize. A tax deduction for charitable gifts of up to $300 for single filers, double that for married jointly filing couples, can be
found directly on your Form 1040.
June 25: If you missed spring cleaning, summer's still a good time to determine what you can do without. If that includes clothing or household items, you also can donate those and, if you itemize, claim what the items are worth on Schedule A. Just make sure you set the correct
fair market value, or the IRS might disallow your tax break.
June 30: It's the last day of June, meaning disaster-struck Kentucky and West Virginian taxpayers must submit their 2020 tax year returns today. Or they can file Form 4868 to get an
extension that will give them until Oct. 15 to finish the job. Whatever form you file today, the IRS recommends you do so electronically. You can do that
and possibly save some money by using Free File, the online no-cost tax preparation and e-filing partnership between the IRS and Free File Alliance.
The official
Free File site at IRS.gov this season offers
nine participating tax software options if your adjusted gross income is $72,000 or less, regardless of filing status. If you make too much to use the online software, look into using Free File's fillable forms. Both the online Free File and fillable forms are available through October's extension due date.
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 Publication 509.
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