March 1: March is the last full month of the tax-filing season, so that's a good reason to come at our taxes in the month's proverbial "in like a lion" mode. The first thing to attack like the feline king is the gathering of all the tax statements you'll need to fill out your 2024 return. This includes the paper ones that you stuck in a drawer when they arrived last month. Find them now, as well as download those that are delivered that way.
March 5: Official tax statements aren't the only things you'll need to help you file. Other documents have information that's relevant to your tax return. So are the answers to some basic life questions. This tax checklist can help guide you as you work on your return. And don't forget about your previous tax return. That prior tax year filing is a good template, especially if your tax life hasn't changed that much.
March 9: How are you feeling today? If you're like me, a bit tired after losing an hour of sleep earlier this morning when we shifted to Daylight Saving Time.
I know you have plenty of fun things to spend the added late-day natural daylight on, but you might want to also work on your tax returns. Yes, plural. In addition to federal returns, most Americans live in states, or the District of Columbia, that also collect personal income tax. The good news is that tax software usually includes state filing, too. If you need to file state taxes separately, most states offer free online state tax filing options.
March 10: If your job is 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, groceries and/or prepared meals, 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 February 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.
March 17: Erin Go Bragh and Happy St. Patrick's Day!
via GIPHYEnjoy this day, but don't trust lucky charms to get you through tax filing season. Double check your 1040 to ensure you haven't overlooked any tax breaks or made any common filing mistakes.
March 20: Spring has sprung!
That means it's time for spring cleaning. Your gifts won't help with your current tax return, but they could pay off next year as charitable donation deductions if you itemize.
March 25: If you have a tax-deferred retirement account, such as a traditional IRA or workplace regular 401(k), and are a septuagenarian, you could be facing a required minimum distribution (RMD) due date in just more than a week. If you turned 73 last year and didn't take your initial RMD by Dec. 31, you must do so by April 1. Note that your RMD deferment last year means you'll face another RMD at the end of this year, so start planning now on how you're going to deal with the 2025 taxes on two mandatory withdrawal amounts.
March 31: This is it. March is over, which for taxes means you best shed your out like a lamb attitude and get to work on your Form 1040. The IRS recommends we file electronically, which will speed up processing of returns and issuance of any refunds. And millions of taxpayers can do their taxes and e-file for free.
First, there’s the IRS-Free File Alliance partnership, which again offers no-cost online tax preparation and electronic filing to taxpayers whose adjusted gross income (AGI) is $84,000 or less, regardless of filing status at the official IRS.gov Free File website. 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.
You also might want to check out IRS Direct File, the IRS’ own free online tax prep and e-filing program if you live in one of the 25 states where the free online tax preparation and e-filing is offered. In addition, Direct File offers more options that apply to more taxpayers’ situations this year.
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.
Just remember it's always easier to spend someone's else money on some program that you may Fancy
its the rich Person's money not yours!
Stop playing Robin Hood he was still a thief !!!! a thief is still a thief even if its the Government
spend only on what benifits all of society not some select group
and just because you claim it's the right thing to do Dosen't make it true a lie told over enought times unchallenged will eventuly be accepted as a truth that was unchallanged
Posted by: G.H. | Friday, December 17, 2010 at 06:54 PM
For those of us who care about Social Security, reducung the withholdings for it is a big mistake and only puts more pressure on the program........and the politician more ammo for messin' with it.
The rate should be slightly increased from the 6.2% and the salary cap taken off...so you pay on all your earnings....no matter how much you make. It's one of the few Gov.t programs that needs to stick around.
Posted by: Jim Plate | Friday, December 17, 2010 at 03:29 PM
I understand he had to compromise in order to get anything completed in a timely fashion. (Here it is 12/9 and nothing is official yet!). So while it's not perfect, I do applaud him for making some hard compromises in order to reach a deal.
Really, I'm just sick of the overall process. It appears that our government is not capable of getting things done in a timely fashion and when they do finally do something, it is short lived, reworked, tweaked and confusing for the rest of us who just want stability in our lives.
Posted by: Elizabeth R. | Thursday, December 09, 2010 at 06:25 AM
I wrote about this issue on my own blog a full 24 hours BEFORE Pres. Obama announced an agreement.
I use the word agreement very loosely as its still not passed/signed. Until both parts of Congress adopts the proposal and the President signs it, then its premature to celebrate.
I could announce that I found the key to World Peace, but no one sing my praises until I actually delivery World Peace.
I want results, not empty promises.
Posted by: Finance Diva | Wednesday, December 08, 2010 at 11:42 PM
Making work pay credit was more progressive & less punative to low income persons than the 2% cut in the F.I.C.A. tax rate, which is only defensible if it stimulates job growth (but do we really think a 2-year employer/employee 2% F.I.C.A. cut is unlikely to do anything to create jobs?).
Posted by: Ray in MD | Wednesday, December 08, 2010 at 08:52 PM