May 1: Happy May Day!
Or is it
mayday?
via GIPHY
May Day globally is a time for celebrating workers' contributions. Mayday, as one word, is a universal distress signal. With the coronavirus pandemic,
both meanings come into play this year. Many workers have lost their jobs as businesses closed to help slow the spread of the virus and some unemployed staff face dire financial stresses. That's why many are falling for
coronavirus payment myths, as well as
COVID-19 scams. Be careful out there, or rather in there, as you follow government orders and medical guidelines to self-isolate at home.
May 5: ¡
Feliz Cinco de Mayo!
2020 definitely is a year when we can use a little celebration, even if it's a Mexican holiday that tends to spur more festivities here north of the border. So raise that margarita during your virtual fiesta. Also celebrate that the federal booze tax wasn't hiked. The spending and tax bill enacted in late 2019 kept in place a lower federal excise tax rate for beer, wine and spirits.
May 10: Happy Mother's Day!
Unless your mom is self-isolating with you, this could be a strange and difficult Mother's Day. If you're with your mother, great! I'm sure she'll just be happy to be with you. If you're separated, it's Facetime time! Or Zoom in your whole family. The get-together will be welcome, whether the virtual gathering is to celebrate a mom just now discovering the joys, tax and otherwise, of new parenthood or a gracefully aging mom that you're helping maneuver through her golden years.
May 11: Most restaurants across the country have been closed due to coronavirus. That's meant a loss of income for millions of workers in the consumer food sector, especially those who relied on tips. But some eateries are opening up again, as well as continuing the welcome meal deliveries. Whether you're able to dine in or still getting delivered take out, 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 your meal delivery person.
And those of you getting the tips, remember that those
tips are taxable income. If you worked at least some of April 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.
May 15: It's now a month past what would have been the usual Tax Day, which has been delayed until
July 15 for Form 1040 filing and
most other taxes usually due in mid-April. Yes, that's two months from today, but don't dawdle. Deadlines tend to sneak up on us!
May 18: To get ready to file — and remember, you don't have to wait until July 15 — start sorting through those tax documents that you shoved in a drawer when you learned nothing would be due in April. For basic filing using the
standard deduction, which most use especially since tax reform essentially doubled that amount, you'll need your W-2 and possibly some 1099 forms. If you still itemize, this
checklist details the additional data you'll need to file.
May 20: After gathering your documents, you've decided to go ahead and do your taxes. The Internal Revenue Service can make it easier and cheaper for you.
Free File, the IRS-tax software industry partnership offers eligible taxpayers access to online tax preparation programs and federal return e-filing at no cost. It's available for taxpayers with adjusted gross income of $69,000 or less and it's still open for filers aiming to meet the July 15 deadline.
There are 10 software companies participating this year at IRS.gov's
Free File webpage. If you make too much to use the online software, look into using Free File's fillable forms.
May 25: Many states are reopening after weeks of COVID-19 stay-home orders. If that means you'll be traveling this long Memorial Day weekend, be careful! A car trip might be more appropriate so that you and your family, who've already spent so much time together, can have a change of scenery. Taking advantage of your summer home could be a way to get away and still social distance from others. If you don't have a second home, owners of other single-family seasonal residences might be leasing. Even with
local taxes on short-term rentals, the bulk of the rent is potential
tax-free income. Again, though, be careful. No vacation is worth getting sick or worse.
May 31: Before summer arrives in full force, finish up spring cleaning. Gifts of clothing and
household goods you no longer use could be tax deductible if you itemize. If you give cash, recent COVID-19 legislation created a
new, limited charitable tax break for folks who don't fill out Schedule A.
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.
Everyone should know that if you receive rental income from renting a dwelling unit, such as a house or an apartment, you may deduct certain expenses. Basically, the amount of time you personally spend at your second home determines how much tax you might owe on rent, as well as deductions you can claim against the property. Lots of second-home buyers rent their property part of the year to get others to help pay the bills. Very different tax rules apply depending on the breakdown between personal and rental use. The best tax deal is for short-term rentals. If you rent the place out for 14 or fewer days during the year, you can pocket the cash tax-free.
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