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Tax moves to make in June 2012

Welcome to summer! OK. So the hottest season of the year here in the Northern Hemisphere doesn't officially begin until 7:09 p.m. Eastern Time on June 20. But since we're already getting 100+ temperatures here in Texas, I'm declaring it de facto summer today.

And although the living is supposed to be easy in summertime, we still need to pay attention to some tax tasks this time of year.

June_Tax_Moves_160Let's start with the obvious. Today is the first official day of the Atlantic hurricane season.

Mother Nature got an early start, spawning two named storms -- Alberto and Beryl -- in late May.

If those early tropical systems didn't prompt you to prepare for more potential storms, do so now.

And don't forget to take an inventory of your property. It could help if you need to file storm-related insurance or disaster tax claims.

But don't fixate on the extreme and possibly disastrous tax considerations. This month also brings us more pleasant events that have tax connections, including:

  • Flag Day -- Some states don't collect sales taxes on either the Stars and Stripes or state pennants.
  • Father's Day -- If you're helping out your aging dad, you might be eligible for some tax deductions.
  • June weddings -- There are lots of tax considerations for newlyweds.

You'll find these tips and more in the list of June Tax Moves over there in the ol' blog's left column.

And don't worry. While there is a lot to do this month -- don't forget your second estimated tax payment for the 2012 tax year is due June 15! -- you'll have plenty of time left to enjoy the summer sun.


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