It's November! Finally, some cooler weather and fall festivities, although many will be modified at least a bit this year to accommodate COVID-19. Still, whether you celebrate Thanksgiving with the group with whom you've been self-isolating for months or Zoom in the full family or decide to safely travel to a gathering, enjoy your Turkey Day and be thankful. Also, don't forget to take advantage of this month's cornucopia of tax tasks that could help lower your 2020 tax bill.
Nov. 1: This 11th month of 2020 starts with an extra hour to work on our taxes. Yes, most of the United States early this morning fell back to Standard Time. Standard Time.
via GIPHY
Sure, you can spend the extra 60 minutes sleeping. Or you use the time to review and adjust your payroll withholding. The goal is to avoid owing a lot or getting a refund next filing season. A paycheck check-up is an especially good idea if you have a side hustle or other freelance earnings.
Nov. 3: It's Election Day! As we're constantly reminded, the choices we make at our polling places have consequences. Be sure to check out the differences in Donald J. Trump's and Joe Biden's tax proposals. And don't forget about the tax-related ballot measures in several states.
Image by Element5 Digital via Pexels.comFind out how to vote where you live.Nov. 10: Some restaurants that closed earlier this year as part of pandemic precautions across the country have reopened. Other eateries stuck with take-out meals and deliveries. Whether you're able to dine in or still getting food brought to your house, remember to tip your server or delivery person.
If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.
As for servers who now are back on the job, remember that your
tips are taxable income. If you worked at least some of October at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use
Form 4070 to report your tips today to your employer.
Nov. 11: Veterans Day is Nov. 11. That date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. It eventually evolved into a day to recognize veterans of all armed conflicts.
On this federal holiday, honor veterans however you feel is appropriate. If you're a business owner, consider hiring a veteran. Adding a new military-trained worker by year's end also might provide your firm a tax benefit thanks to the
Work Opportunity Tax Credit (WOTC).
Nov. 16: It's been a tough earnings year for many. If you're looking for or have already landed a seasonal job to make up income you've missed due to the coronavirus pandemic closures or to pick up a little extra holiday spending cash, pay attention to how you're paid. It makes a
difference in your taxes. If you're an independent contractor instead of an employee, you're responsible for paying
self-employment taxes, as well as the income taxes that are usually withheld from employees' paychecks. If you're unsure about your employment status, the Internal Revenue Service has some
guidelines on when each work status applies.
Nov. 23: Yes, it's Thanksgiving week. It sure got here quickly. And it will be difficult for many who've lost loved ones or their jobs in this difficult COVID-19 year. If you are able to be with your family, enjoy. Also think about those who can't and if you can afford it, consider giving to the many charities, both national and those in your own neighborhood, that help the less fortunate.
Your donation options range from
food banks to homeless shelters to educational programs that could help make sure all students have remote learning access. As long as the group is an
IRS-approved 501(c)(3) nonprofit, if you itemize you can claim your gift as a tax deduction on Schedule A.
Nov. 26: Happy Thanksgiving!
via GIPHY
Take a break from taxes for turkey, football and time with your family. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court, real games, remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
Nov. 30: Finally! The Atlantic (and more active this year Gulf of Mexico) hurricane season officially ends today. Traditionally, the storms this month are less severe as the oceans cool down. Still, any tropical system can cause lots of damage, so stay ready.
The countdown clock below can help you mark off these final official days in the 2020 hurricane season.
But remember, the end of one storm season is the beginning of another.
Mother Nature can throw many types of dangerous fits at any time, anywhere. So we can't let down our storm guards. Uncle Sam has several online storm resources. You also can find tips on getting ready, physically and financially, for all types of natural disasters, as well as tax help for recovery efforts and tax deductions for donations to those who are hit by such catastrophes at the ol' blog's special 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.
Of course it the FTHB credit had an affect, it wasted millions of tax dollars. What are we seeing happening in the real world?? Our first set of foreclosures on those homes that received the FTHB credit...do they have to pay it back? Nope!
Posted by: Erica Barber | Saturday, July 23, 2011 at 07:49 PM