March 1: Welcome to the last full month of high tax-filing season. If you've yet to file, are you attacking your tax return like a
lion? Or have tax complexities, both at the federal level and, for folks in
43 states and the District of Columbia, in their state and local tax codes, turned you into a frightened tax lamb?
Either way, you're at the right place.
The following tax tips are for filers regardless of which
March animal persona they embrace. (Just be careful hugging that lion!)
March 4: OK, you're ready to tackle the new Tax Cuts and Jobs Act (TCJA) inspired
Form 1040. Before you start, make sure you have all the
necessary documents. Also ask yourself some key filing questions to ensure you don't overlook any tax breaks. This tax-filing
checklist can help.
March 8: Take a quick break from your 2018 taxes to consider your 2019 obligations. The many TCJA changes meant
unhappy refund surprises this year for some folks, especially those who didn't
adjust their withholding to align with the new laws. Use the Internal Revenue Service's online
withholding calculator. Use it to determine what to put on the new
W-4 form you give to your payroll administrator to ensure the income taxes coming out of your paychecks for the rest of this year are correct.
March 11: Does your job include
tips? If so and you received at least $20 in tips in February, use
Form 4070 to
report them today to your employer.
March 15: Business filers generally beware the
Ides of March because the 15th day of this month also is the
tax filing deadline for many entities. Not following the tax calendar can be dangerous to a company's bottom line. Tax returns for partnerships (Form 1065 with K-1 schedules) and S corporations (Form 1120S) are due today.
March 17: It's St. Patrick's Day! But don't trust lucky charms to get you through a tax audit.
Be prepared by, among other things, making sure you have sufficient documentation for all your tax claims. Also consider hiring a
tax pro with audit defense experience to guide you through the process.
March 20: Spring has sprung!
That means it's time for
spring cleaning that also could pay off next year as
charitable donation deductions on your 2019 tax return if you still itemize under the new tax law. Get rid of all your unnecessary
household items and clothes that no longer fit by donating them to your favorite nonprofit.
March 25: If you celebrated your
70½ birthday last year (and who doesn't have parties for half birthdays?) and didn't take money out of your tax-deferred retirement accounts by the end of 2018, you must make a specified withdrawal by April 1. No joke. These
required minimum distributions, or RMDs, are how Uncle Sam finally gets his piece of your traditional IRA, workplace 401(k) or self-employed
retirement plan pie.
March 28: OK, you're ready to file and you've decided to do it yourself. Be sure to check out
Free File. The IRS/tax software industry partnership, known as the Free File Alliance, is in its 17th year of providing eligible taxpayers the opportunity to prepare and e-file their taxes at no cost.
This year, qualifying taxpayers — that's those with income of $66,000 or less — can use one of the expected dozen or so special commercial tax software programs at IRS.gov's
Free File online page. Even if you make too much to use the online software, you can file using Free File's fillable forms.
March 31: Uh-oh. You owe tax. Uncle Sam offers you several
options to pay, either in a lump sum or in installments.
Small Business Tax Calendar: Speaking of business taxes, you'll find important filing, deposit and record keeping dates throughout the year that your company needs to know in the IRS'
tax calendar for small businesses and the self-employed. You also can get more tax calendar information in
IRS Pub. 509.