It's June! That means summer is here, both temperature-wise (more like mid-summer here in Texas!) and officially later this month.
The arrival of the Summer Solstice — it's June 21 this year — is just one of the many special days in this sixth month of the year.
Then we have (or had) Doughnut Day (that was last Friday, June 1), Chocolate Ice Cream Day, International Yoga Day and for pet lovers, separate cat (today, June 4, is Hug Your Cat Day) and dog (Take Your Dog to Work Day on Friday, June 22) days.
As I'm sure you've already noticed from the links in the earlier paragraphs, there are tax connections to just about everything, including all the real and wacky days that jam-pack June.
I'll let you explore those more madcap June tax ties when you have some spare moments. For this post, though, I do want to highlight some of the tax tasks that really should be top of mind this month.
Here are a few tax-specific ones to consider in June.
Mid-month deadline: Let's start in the middle of the month. June 15 is a major tax deadline.
On this day, certain taxpayers need to:
- Pay the second installment of estimated tax for the 2018 tax year
- File individual tax returns or Form 4868 for an automatic four-month extension if they're U.S. citizens living abroad or members of the armed forces who are stationed outside the country.
Marriage tax tasks: Any June day is a special one for brides (and grooms!) tying the knot in this traditional month of matrimony. If you're one of the happy couples, congratulations!
Now be sure to take care of marriage-related tax tasks.
A key post-vows action is adjusting your workplace withholding to account for your new joint filing status.
Also stop by your HR office to tweak your flexible spending account (FSA) contribution. Marriage is one of those major life changes that lets you make changes to this tax-favored workplace benefit outside of the open enrollment period.
And don't forget to touch base with the Social Security Administration if either or both of you change your name after saying "I do." You want to make sure that your new name and nine-digit identification number match so that you won't run into any trouble when you file your first return together next year.
Young people and taxes: The start of summer in June is welcomed by all, but especially youngsters who are out of class for a few months.
Many will go to camp. If your kiddos are at a day camp this month, remember that cost counts toward claiming the child and dependent care tax credit.
If your children are older and getting a summer job, it's also a good time to go over what that means to them (and mom and dad) when it comes to taxes on young workers' earnings.
More June tax moves: OK, I fear I'm starting to dim the June sunshine you were just starting to enjoy by harping focusing on tax tasks. So I'll stop and simply point you to a few more June Tax Moves over, as usual, in the ol' blog's right column.
They're just below the ticking tax extension countdown clock where you can peruse them at your leisure. FYI, the ol' blog is mobile device optimized so you can check it out on your tablet as you catch a few rays poolside. Or not. Hey, you can't blame a tax gal for trying!
But do eventually make some time this month for at least a quick tax review.
Taking care of the June Tax Moves that apply to you as summer starts could save you some money you'll be able to spend on more fun seasonal pursuits.