Don't Mess With Taxes

Meanwhile, the rest of us regular taxpayers say thanks for the offer and, as Tax Day 2020 looms, continue to look for ways to keep from paying so much on our nowhere-near-a-million earnings.

If you're still working on your tax return instead of jetting off in your private plane to a luxury destination, then you might agree with the latest tax-the-rich plea. You also might need some of the tax-saving tips listed later in this post.

With July 15, aka coronavirus Tax Day 2020, looming, millions of taxpayers are scouring their records and the tax laws looking for ways to shave a few dollars off what they owe.

Not so some millionaires.

An international group of wealthy individuals calling themselves Millionaires for Humanity want to pay more to Uncle Sam and their respective governments.

This isn't a new movement. Such "tax us, we can afford it" pleas crop up periodically.

However, this latest suggestion from the well-to-do to be taxed is specific to today's world. They say their added tax dollars should go to fund global COVID-19 recovery efforts.

Tax us. Now. Permanently: The signees, which at last check this morning was nearing 100, say that their tax money is the way they can best help during this global pandemic.

"As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world," they write in the letter posted online. "No, we are not the ones caring for the sick in intensive care wards. We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door. But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis."

To put their millions to work, they ask "our governments to raise taxes on people like us. Immediately. Substantially. Permanently."

Growing list of maybe millionaires: So far, the online list of those who've signed the letter is at almost 100. Most of those who've affixed their names are from the United States, but those asking to pay more taxes also come from the United Kingdom, Germany, New Zealand, Canada and the Netherlands.

And while there are some recognizably rich folks — signatories include Walt Disney Co. heir Abigail Disney, Ben & Jerry's co-founder Jerry Greenfield and former BlackRock managing director Morris Pearl — there's no guarantee that all who've signed are rich.

There's an option for anyone, regardless of net worth, who agrees that the rich should pay more taxes to sign the online letter. In doing so, you get to self-declare whether you're a millionaire or not.

Regular folks' tax savings: The issue of taxing the rich, often couched politically as making them pay their fair share, hasn't gotten that much traction this U.S. presidential election year.

Sure, soon-to-be-official Democratic nominee Joe Biden has said he'll revise the 2017 tax reform bill and raise income tax rates on those in the highest tax bracket. But taxes per se aren't a driving electoral force this year.

Taxes are, however, a key motivator for all y'all who are still working on your 2019 tax returns. You've likely procrastinated until the filing deadline because you owe.

For all you regular Joe and Jane Taxpayers looking for last-minute tax breaks and filing advice, let me suggest some prior posts from the ol' blog:

• 6 tax tasks to take care of by July 15
• Tax statements you need so you can file
• Tax return filing checklist, take 2
• Deductions that don't require itemizing
• 10 often overlooked tax breaks
• 10 common and costly tax mistakes
• Gig economy tax tips

Regular (and voracious) readers will recognize these as part of the July filing season tax tips page. You can check out that special page, as well as those with more monthly tips posted from January through June (links are at the end of the July page), for even more filing and potential tax saving advice.

And remember, it's always better to do things right instead of rushing to file. If you need more time to do that, then definitely get it by filing Form 4868. You'll have to pay any tax you owe with that extension request, but you'll get until Oct. 15 to finish up the paperwork.

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