July 1: Today is the beginning the new fiscal year for many
state governments, meaning in some places there are new tax laws today. They include, just in time for summer road trips, gas tax hikes in California, Ohio, Illinois, South Carolina, Tennessee and along an interstate highway that stretches north-south across Virginia.
July 4: Happy 243rd Birthday, America!
Most of us will never be totally independent of taxes, but we can celebrate fewer tax hassles by paying attention to what we might owe and how we can reduce that amount throughout the year. Such attention to tax details is especially important with the changes under the Tax Cuts and Jobs Act (TCJA).
July 8: One smart move to make now that you're back in the office after the long (I hope!) July 4th holiday is to do a
paycheck checkup to determine whether you need to adjust your payroll withholding. This is definitely something you'll want to do if you were
surprised — unpleasantly in many cases — by the size of the tax refund you were expecting this last filing season, the first one under the TCJA's new laws.
July 10: Do you get
tips as part of your job compensation? Did you receive $20 or more in tips in June? If you answered "yes" to both questions, use
Form 4070 to report your tips today to your employer. Note that if you participate in a tip-splitting arrangement, like the
tip-pooling option recently approved by the Department of Labor, you only have to report the tips you receive and retain.
July 12: Did you not file your taxes back in April? Not a good move. If you owe tax, by now you've likely received a bill from the Internal Revenue Service. Check out these Check out these
ways to deal with that overdue tax payment.
July 17: If you didn't file by April 15, but did delay the inevitable by getting an extension, I (and millions of other taxpayers) totally understand. We postponed our filings, too. But now's a good time to finish filling out that
new Form 1040 and get it on its way to the Internal Revenue Service well before the final Oct. 15 deadline. If you're due a refund, you could have the tax cash in hand in time to use it on your summer vacation.
July 17: You also could save some spending money by filing your return at no cost.
Free File is available through the final October filing deadline.
The IRS-tax software industry's no-cost return prep and e-filing option is open for business through the Oct. 15 extension deadline for taxpayers whose income is $66,000 or less.
July 22: Summer time means
summer jobs for students. Depending on how much the young workers earn as part during this traditional teenage rite of passage, they might have to file a tax return next year. That's a hassle, but a summer job also is a good way for teenagers or young adults to not only earn some spending money or sock away a bit of it for college costs, but also to save for their long-off retirements. Give them a hand in
setting up a Roth IRA.
July 26: Moms and dads, don't forget your own retirement needs. If you find your tax withholding change gives you a few more dollars each month, put that money into your workplace 401(k) or IRA, either a traditional or Roth version. The amounts you can sock away for your Golden Years tend to be bumped up annually for inflation. Check out how much you can
contribute for 2019 and start putting that cash away now.
July 31: If you're focusing instead on the here and now, take some of your extra paycheck cash and stash it in an emergency fund. It could help if Mother Nature decides to flex her muscle during the Atlantic Ocean/Gulf of Mexico
hurricane seasonForecasters expect 2019 to bring 9 to 15 named storms, with 4 to 8 possibly becoming hurricanes, including 2 to 4 that will reach major status, which is classification as a category 3, 4 or 5 with winds of 111 mph or higher. Regardless of the eventual number or size of storms, 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 tropical systems, storms or 'canes.
You can find more 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 page.
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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