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April 2021 Tax Tips

2021: The year that, once again, April 15 isn't Tax Day.

Tax tip pencil

Ah, April. The month of showers, spring-like weather and Tax Day.

But not in 2021. As happened last year, the April 15 tax return filing and tax due paying deadline has been moved. And again, it was because of the coronavirus pandemic.

The new Tax Day 2021 now is May 17.

In addition to more time to get our 1040 forms done (and 2020 tax year bills paid), the Internal Revenue Service also is giving us another month to put money and count it as a 2020 contribution to traditional or Roth IRAs, health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).

April 15, however, is still the deadline to pay your 2021 first quarter estimated tax amount. And lots of business tax deadlines remain on the April tax calendar.

Confused? Frustrated? Angry? Welcome to taxes in the time of COVID-19.

Here's hoping this month's tax tips will help ease some of your tax travails, as well as lower your current and 2021 tax bills. Let's get to them!

  1. Picking the proper filing status — Most folks' filing status stays the same from tax year to tax year. But a change (or two, or more) in your personal situation could mean you need to revisit how you file your return. The Internal Revenue Service gives us 5 filing status choices. Pick the proper one. It could make a big difference in your tax bill. (April 1, 2021)
  2. Claiming the simpler home office deduction — You're your own boss, so your home office is tax deductible. But you're not sure you want to go to the hassle of digging out receipts. No worries. You might be able to take the Internal Revenue Service approved easier way to deduct your home office. (April 4, 2021)
  3. Most states make move to May 17 Tax Day — Most Americans also must file an annual state tax return. And most of those states have decided to follow the Internal Revenue Service's decision to push Tax Day 2021 from April 15 to May 17, or at least adjust their deadline beyond its original setting. But not Hawai'i. The 50th state has said Aloha to making a filing deadline change. (April 7, 2021)
  4. April 15 is still due date for 1Q 2021 estimated tax payment — If you must pay estimated taxes on earnings that aren't subject to payroll withholding, the first deadline for the 2021 tax year is Thursday, April 15. Even though Tax Day this year has been pushed to May 17, other tax due dates — including the first quarter's 1040-ES — remain on the usual mid-April schedule. A bill to align estimated tax payments this year to the May change is still pending, but it looks like Congress won't act in time to change it. (April 12, 2021)
  5. Tax Day toss-up: April 15 is here and it's still sorta Tax Day 2021. Here's a look at what federal filings are due today, April 15; what must be filed (and paid) by May 17; and who gets to wait until June 15. And don't forget about your state taxes, which likely have shifted at least some state tax task deadlines, too. (April 15, 2021)
  6. Don't make any of these 12 tax filing mistakes — To err is human. To err when doing your taxes is all too common. And this filing season, COVID-prompted changes offer new challenges and ways to screw up your return. Here are a dozen tax errors to watch out for and avoid. (April 21, 2021)
  7. 7 tax record keeping FAQ — What to do about all the material you used to file your tax return? For at least a few years, you need to hang on to it. Good record keeping of your tax documents and statements will come in handy for future filings, potential natural disaster claims and, if worse comes to worst, answering an IRS auditor's questions. Here are some frequently asked tax record keeping questions and answers. (April 25, 2021)
  8. 13 tax audit red flags — Taxpayers are always worrying about being audited, even when they're honest and do their best to file accurately. It's a valid concern. There simply are some things that cause the Internal Revenue Service to take a closer look at returns. Here's a baker's dozen tax situations that you should avoid where possible or at least be aware that they pique added IRS examiner interest. (April 29, 2021)
  9. Dealing with IRS tax notices — You filed your tax return. Now the Internal Revenue Service has questions about your Form 1040. Don't freak out. A notice does not mean you'll face a full-blown audit. But don't ignore the notice either. That likely will make things worse. Those are just 2 of 10 tax notice tips to help you deal with your unexpected tax agency communication. (April 30, 2021)

 

Ducky weather by Andrea_4520 via Twitter_page divider-duck-only

 

Looking for more tax tidbits? All the Tax Tip page links below are live. If, however, you click on a month later in the year, instead of getting more pieces of tax advice, you'll be greeted by a fun GIF of a man enthusiastically telling us to slow down, or Whoa Up! as we say here in Texas.

I know you want to see him, so go ahead and click on December. I promise that tax info will replace that animated fellow when the calendar finally flips to the remaining 2021 months.

January July
February August
March September
April October
May November
June December

 

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Today's Tax Tip

  • Tax tips for newlyweds — Everyone loves love! Even the tax man. If you and your beloved have or will tie the knot, here are some tax to-do's to take care of after you say "I do." And, of course, after the honeymoon! (Sept. 25, 2023)

  • Tax Tip; click pencil for all tax tip links

  • The 2023 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

  • OK, some about Kay
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    Kay Bell — Native Texan
    (the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tick ... Tick ... Tick

  • Tax Season 2023 Continues!

    Tax Day 2023 is finally over … unless you're one of the millions who have more time to file — looking at you taxpayers abroad and those in major disaster areas — or you got an extension to file your 2022 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when it means we are taking the time to submit a complete and correct return.

    This tax focus shift means the ol' blog will continue to provide filing tips through the Oct. 16 extension deadline. Yep, it's a day later this year, since 10/15 is on Sunday. But I haven't forgotten my organized taxpayer readers, who are looking for ways to reduce their 2023 tax year bills. Yep, that amount already is adding up, but there are moves you can make. The monthly tips and reminders a little further down this column can help everyone, regardless of which tax year now is in your sights.

    Those on extension should also keep a keen eye on the countdown clock below. It will help you track the days tick, tick, ticking off toward that absolutely final fall filing due date. They'll speed by quickly when you're having tax fun, and aren't we always having tax fun?!?
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • Hello 🍂 September
    Fall is here! OK, not yet, at least not temperature wise, here in Texas anyway. But forecasters say they're on the way, and that promise of cooler days and nights gives up hope.


    via GIPHY


    As we get ready to literally chill a bit, September also is a great month to make some cool tax moves, like those listed below.

  • Sept. 1: Today is Meteorological Fall, the three months from Sept. 1 through Nov. 30 when days get shorter and cooler, but not cold. It's also the start of the annual National Preparedness Month. The devastating wild fires in Hawai'i and Hurricane Idalia's landfall in Florida's Big Bend as a category 3 storm underscore the need to be/get ready for whatever disaster Mother Nature may bring. In September, that's likely to be more tropical systems. The ninth month of the year generally is the most active of the Atlantic/Gulf of Mexico hurricane season, which runs through Nov. 30.

    Hurricane satellite image

    In fact, today the National Oceanic and Atmospheric Administration (NOAA) National Hurricane Center (NHC) issued an alert for Tropical Storm Gert, bringing up closer to the Climate Prediction Center's updated forecast of 14 to 17 named storms 14 to 17 named storms, with 6 to 11 of those possibly becoming hurricanes.. As many as 5 could reach major status, which is category 3 (like Idalia), 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below 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.
    These multi-page collections of posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.

    Sept. 4: Happy Labor Day! This celebration of workers' contributions is a federal holiday and day off for many.


    via GIPHY

    Unemployment rates have dropped and many workers have had success this year negotiating better deals. Continued options to work from home are among the wishes of many employees. But take note that such hybrid arrangements — some days working from home, others at the office — could produce tax complications for workers. One of them is the unwelcome realization that as employees, a home office is not tax deductible.

    Sept. 11: If your job is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you got lots of financial thanks for doing your job well. Remember, though, that those tips taxable income

    restaurant check tip iStock
    Whether you're dining in or, still COVID leery and 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 August for doing a good job as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

    Sept. 15: It's Tax Day if you're among the millions who must pay estimated taxes. The amount for earnings in June, July, and August that weren't subject to withholding is due. Some estimated tax payers, however, do get more time to make this third quarter payment, but the reason is not one any of would want. Their deadline is delayed because they live in major disaster areas.

    Sept. 23: The Autumnal Equinox arrives today at 2:50 a.m. Eastern Daylight Time in the Northern Hemisphere, marking the first day of Fall for all us who don't follow the meteorological fall calendar. Adjust for your time zone, since the equinox occurs at the same moment worldwide. It's also a go-to day to think about home maintenance that will help you weather the coming colder weather. The Inflation Relief Act includes extension of older and addition of new energy-related tax breaks, including some for residential improvements.

    Sept. 30: It's the last day of September. That means if you got an extension back in April to file your tax return, that new Oct. 16 deadline is just weeks away. I get that procrastination is your thing, often with good tax reasons, but you don't have to wait until the very last minute. Again. You can use this last weekend of September to finish up and file your 2022 return.

    The easiest way to file any time of the year is electronically. And if your adjusted gross income (AGI) is $73,000 or less, regardless of your filing status, check out Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. It's still operational.

    IRS Free File; click image for details

    This year, you can select from seven tax prep companies participating in Free File so that you can, as the name says, prepare and e-file your return at no cost.

    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.

State Tax Help

  • Don't forget your state taxes!
    Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

    State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

  • Tax Forms
    Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2023 page.

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  • Tax Reading Room

    You also might enjoy these other tax tips from some of my tax-writing colleagues:

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  • Dealing With The IRS
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    I am not a professional tax preparer.
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

  • COVID-19
    Coronavirus has wreaked havoc
    on the 2020 and 2021 tax seasons.
    These five Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020
    August-December 2020
    January-December 2021
    January-December 2022
    …and so it continues into 2023
    You can find medical coronavirus resource links in the next section.

COVID-19 Resources

  • COVID-19
    Need help finding a coronavirus vaccine in the United States?
    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
    CDC Vaccines
    CDC Booster Shots
    HHS Combat COVID
    USA.Gov COVID Info

September 2023

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3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Tell it to the Hill

  • DMWT Politics Posts
  • While it's easy to rail at the IRS, for the most part we can thank — or blame — our tax laws on Congress and the White House. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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