Nov. 1: Today is the tax filing deadline for disaster-area taxpayers in eight states who got an extension to file their 2023 tax year return. Other disasters earlier this year have pushed tax due dates into 2025. And even more could find themselves in Federal Emergency Management Agency major disaster designations since the 2024 hurricane season isn’t officially over until Nov. 30. So, if you haven’t already, make your storm preparations.
We’ve haven’t yet hit the predicted number of tropical systems for the 2024 season, thank goodness, but late-season storms are not uncommon. And the count doesn’t really matter. This year’s 10 hurricanes, including four major hurricanes and five other named storms, has left hundreds dead and accounted for billions in damages and losses. So even if we don’t meet the official National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center forecast of 17 to 25 total named storms, which are those with winds of 39 mph or higher, that’s okay! NOAA already has met its prediction of eight to 13 hurricanes, meaning storms with winds of 74 mph or higher, and we can just stop there.
Regardless of the eventual final count, it only takes one tropical system, or any other disaster, to wreck your world. So, get ready for whatever dangerous weather is 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.
Nov. 3: This first Sunday of November means the end of Daylight Saving Time and an extra hour to spend on what we want. Of course, we'll use the 60 minutes gained in our shift back to Standard Time on tax tasks, right?
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An easy but important tax move to make now is reviewing and adjust your payroll withholding. The goal is to avoid owing a lot or getting a big refund next filing season. Tweaking withholding is an especially good idea if you have a gig work, either full-time or to supplement your wages.
Nov. 5: Election Day is here. Finally! In addition to voting for a new president, members of Congress, and local elected officials across the United States, some of are being asked to decide various tax ballot issues.
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Find out how to vote where you live. Nov. 11: Today is Veterans Day, an official federal holiday. Although today is Monday, Veterans Day is one of the few federal holidays that isn't shifted to Monday. It is always observed on Nov. 11 regardless of the day of the week on which it falls.
That’s because Nov. 11 marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. The commemoration eventually evolved into a day to recognize veterans of all armed conflicts.
Honor veterans however you feel is appropriate today. If you're a business owner, consider hiring a veteran. Adding a new military-trained worker to your staff also might provide your firm a tax break thanks to the Work Opportunity Tax Credit (WOTC).
Nov. 12: 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 October 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. It’s usually on the 10th of the month, but that was Sunday, and Monday was Veterans Day, so the tip reporting is bumped to today. Use Form 4070 to let your employer know the total tips you took in last month.
Nov. 18: If you filed your tax return last month by the Oct. 15 extension deadline (or by April 15) and still have that tax material stacked on your desk or stuffed in a drawer, now is the time to organize it. Your tax record keeping will be based, in large part, by the Internal Revenue Service’s audit statute of limitations. That essentially means that you need to hang on to some of the material for as long as the IRS has to question your filing.
Nov. 25: Thanksgiving week is here! 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. As long as the group is an IRS-approved 501(c)(3) nonprofit, you might be able to claim your gifts as an itemized deduction on your 2024 tax return next year.
Nov. 28: Happy Thanksgiving!
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Take a break from taxes for turkey, football, and time with your family and friends. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court, real games — even the NFL is okay with betting now — remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
Nov. 30: With Thanksgiving being so late this year, you haven’t have much time to recover from your holiday feast. If that spread, as well as your leftover Halloween candy, has you feeling a bit heavy, get a head start on your New Year resolutions by hitting the gym. And if your weight loss regimen is prescribed by a doctor to deal with a medical condition, you might be able to claim the exercise expenses as an itemized medical expense.
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.
Good point, Jim, when if comes to refund advances through preparers. However, some less that stellar retailers, car sales outlets, etc. offer "deals" based on expected refunds which are essentially informal ad hoc RALs. Still lots of folks out there finding ways to prey upon uninformed fellow taxpayers. Kay
Posted by: Kay | Sunday, January 17, 2016 at 01:16 PM
You're right about never borrowing against a refund, but RAL/Racs have been effectively outlawed by banking regulators for several years now.
Letting your tax preparer deduct her fees from your refund isn't that bad a thing, since the risk is on the preparer rather than tax payer.
Posted by: Jim Howard | Saturday, January 16, 2016 at 09:20 PM