Oct. 1: OK, let’s cut to the October chase. The deadline for most procrastinators to file their extended 2023 tax year returns is just 15 days away. Whether you’re just starting on that Form 1040 (really?) or just need to add the finishing touches, check out the ol' blog's monthly tax tip links a bit higher up in this column. The January through April ones that focused on the main Tax Day deadline should be most helpful.
Most taxpayers file electronically, and the Internal Revenue Service’s Free File option is still available through Oct. 15 for taxpayers with adjusted gross income of $79,000 or less, regardless of your filing status.
One of the eight tax software companies participating this year should meet your no-cost filing needs. If your income is too high, you still can file for free by using Free File's Free Forms option.
Oct. 7: Halloween brings us all types of scary situations, but Mother Nature can be a true witch. She showed her dark side late last month as deadly and devastating Hurricane Helene made landfall in the Florida Big Bend, and then barreled through the south. Even as rescue and recovery efforts continue for Helene, our eyes remain on the tropics. Hurricane season runs through Nov. 30 and late-season storms are not uncommon. So, if you haven’t already, make your storm preparations.
We’re still far from the predicted number of tropical systems for the 2024 season. Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center said 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.
Here’s hoping their storm predictions were too high. But regardless of the count, it only takes one to wreck your world. So, get ready for whatever dangerous weather that’s common where you live. If that is hurricanes, 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.
Oct. 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 September 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.
Oct. 14: Today is the federal Columbus Day holiday. Yes, that is what is still officially on the federal calendar. But many states, cities, and even the White House now also designate today as Indigenous People's Day.
If today is a holiday for you, it’s the perfect time to finish up your extended 2023 tax return. You must get the form to the IRS by tomorrow, or at least have the envelope postmarked 10/15 if you are snail mailing a paper tax return, or you’ll get hit with late-filing and, if you owe more than you paid when you got your extension, late-payment penalties and interest charges. So get to work! See the Oct. 7 info for some help here.
Oct. 15: It’s extension Tax Day!
File. Now!
Oct. 21: With your 2023 tax return finally done, it's time to work on reducing your 2024 tax bill. One way to do that is to reduce your taxable income, but in a way that’s to your benefit. Yes, I’m talking about contributing to your retirement plan(s), either your workplace 401(k) and/or a traditional or Roth IRA .
Oct. 28: Been seeing some frost on the pumpkins or whatever you grow in your yard? That’s a signal to get yourself and your home ready for 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.
Oct. 31: Boo and Happy Halloween! No time for taxes today. Got to get your costume ready for tonight’s trick-or-treating with the kiddos, or if you’re on your own, for that theme party with a cauldron of some fitting potent potable! Whichever way you celebrate, have fun and stay safe!
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.
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Posted by: Arkansas Tax Return | Thursday, November 24, 2011 at 05:24 AM
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Posted by: State Tax Retunr 2011 | Tuesday, November 15, 2011 at 05:34 AM
Although probably not a very popular topic it has certainly been coming for quite some time. Current state sales tax laws are just not addressing the way business is being conducted today and certainly missing a big portion of revenue.
Posted by: Accounting Business for Sale | Monday, November 14, 2011 at 07:55 PM
Int Retailer: I am not accusing anyone of not following the law. I personally think all sales taxes are regressive and believe progressive taxes on ALL income are the best way to go.
Trying to enforce State "use" taxes with taxpayers is virtually impossible, not gov't laziness.
Failing that, you're looking at a VAT that you'll be collecting & remitting to the IRS, which the Feds & States will share.
Posted by: Ray in MD | Sunday, November 13, 2011 at 11:13 AM
Ray - how is forcing an internet retailer to collect a tax owed by the buyer FAIR. We use NO local services, we would have the undue and until now illegal burden to collect taxes owed by the LOCAL USER. There are ways for the state and local governments to collect these taxes - through the payment processor. It can be seamless, easy, private and quick. Instead they prefer to ask Congress to make small business to collect and remit. This is a huge burden for the small business which is why it is illegal right now.
Internet retailers have a competitive advantage of being able to sell outside their local area. Local B&M business have the competitive advantage being able to sell right then and have the customer take the item home.
Internet retailers follow the law and don't collect USE tax for which the buyer has an obligation to remit. Trying to paint that as UNFAIR is misleading and wrong.
If government needs more money, then they should collect the taxes they are owed under the current laws. Try auditing a few people and then see how quickly people start remitting some of those taxes. Try working with the local CPAs and requiring them to file those returns for their clients. If there are consequences, then people will start paying.
Posted by: Int Retailer | Sunday, November 13, 2011 at 07:50 AM
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Posted by: State Tax Retunr 2011 | Sunday, November 13, 2011 at 01:43 AM
Politicians are looking at lobby $$, not fairness.
You buy online, you owe Use Tax. The 1930s Depression created Sales Tax laws (yes, States were cash strapped then too) Use Tax was a provision added for purchases made out-of-State. Agree or disagree that States have a spending problem, Use Tax is a Constitutional Upheld Law. Problem is, States have done little or nothing to enforce said law.
Worse is the lack of education, as over 60% of the public is unaware that such law exists.
This is a consumer issue, not one for online.
'Fairness' What a MYTH. B&Ms cry that every time a WalMart/Target moves in next door. Even if online did collect tax, they can still out price a B&M b/c of lower overhead. What would B&Ms want next? Fed. mandated price fixing? I think not.
Enough of my rants. The solution is simple. Have the CC Processors collect and remit Sales/Use tax directly to the States (States pay related fees. It's a win-win. States get instant funds, no privacy issues, no exemptions, paperless for online small/large sellers,and the system would work for B&Ms as well.
Simple.
Sadly, simple is a word Lawmakers don't know.
facebook.com/groups/stop.sales.tax.fees.now
Posted by: xcergy | Sunday, November 13, 2011 at 01:26 AM
Both are extremely bad reasons to change the tax law. First reason is that we already bailed out the banks with tarp. If states want to collect use tax, enforce the existing laws. Government being lazy is no reason to punish business. Business has no obligation to enforce use tax, only sales tax as an agent for the state. The level playing field is a bs argument. It's always been fair. Blame your government if they don't know how to collect use tax. This whole debate has been brick retailer vs online retailer when the fault has always been non enforcement by government. Now they want to add MORE laws when all that was required was enforcement.
Posted by: Sun | Saturday, November 12, 2011 at 03:51 PM
Folks won't like this, but it HAS to happen if (1) the states are ever going to balance their budgets, including pensions, and (2) local retailers are to compete on a level playing field.
Posted by: Ray in MD | Saturday, November 12, 2011 at 12:15 PM