Dogged coronavirus hanging on during the Dog Days of Summer.
That means more masking, limits on social gatherings and, of course, pleas for those who've yet to get jabbed to please get vaccinated.
But there is a very tiny, dim silver lining. Since many of us probably will be spending more time, again, in our homes until this last wave of coronavirus subsides, we'll have plenty of time to check out tax saving moves.
Finally filing: Many will use the time to finish up their 2020 tax returns.
The Internal Revenue Service gave some residents and business owners in parts of Tennessee and Alabama until Aug. 2 to file their taxes because of disaster damage from severe storms earlier this year.
But if they can't meet that due date, they can file for an extension, like millions already did back in May, to submit their 2020 tax returns by Oct. 15.
As for all y'all who are done with last year's taxes, great! There's something for you, too. It's time to focus on ways to reduce your accruing 2021 tax bill.
Crossover tax tips: Regardless of which tax filing group you're in, don't worry. The August Tax Tips below should help you make applicable tax moves and still have enough free time to make the most of the end of summer 2021.
As always, each tip featured this month will be highlighted in the upper right corner of the ol' blog. After the pieces of tax advice have their time in that spotlight, they will join all the other August tips here on this page.
And speaking of this page, let's get to it!
- Opting out of Advance Child Tax Credit payments — Some taxpayers might have to pay back Advance Child Tax Credit amounts next filing season. If that's your case, use the Internal Revenue Service's online tool to opt out of getting the early monthly payments this year. The deadline to refuse the August amount is Aug. 2. (Aug. 1, 2021)
- Aug. 2 is a big Tax Day for some — No lazy dog days for some Alabama and Tennessee taxpayers as August begins. Today, Aug. 2, is the disaster-delayed deadline for them. Folks who want to stop August's Advance Child Tax Credit payment must do so today, too. Plus, more August Tax Moves. (Aug. 2, 2021)
- More tax holidays start Aug. 6, 7 or 8 — Yes, the resurgence of COVID (damn you, Delta variant!), has raised questions about whether schools will bring students back to classrooms. But back-to-school state sales tax holidays are continuing. 10 more states are holding no-tax events this (or part of) weekend. (Aug. 4, 2021)
- Get ready: The tropics are churning again — Hurricane season 2021 started early, took a break, but now is back, with Tropical Storm Fred heading to the Gulf of Mexico. If you haven't already, it's time to make storm preparations. (Aug. 11, 2021)
- Hurricane prep tips for businesses — You've taken care of preparing personally for a disaster. Great! But don't forget about your business. Company owners also need to be ready for the aftermath of a mad Mother Nature. With hurricane season 2021 ramping up, check out these 6 business-specific storm preparation tips, including (of course) some tax moves. (Aug. 12, 2021)
- 3 final tax holidays this Aug. 14-15 weekend — Summer 2021 is winding down and so are this year's sales tax holidays. The back-to-school shopping final three, in Connecticut, Massachusetts and Maryland, are this weekend. (Aug. 14, 2021)
- Advance Child Tax Credit FAQs — The second of six scheduled Advance Child Tax Credit payments went out on Aug. 13, but some families still have questions. Here are some answers! (Aug. 18, 2021)
- 4 family-friendly tax credits — You're getting your advance payments of the 2021 Child Tax Credit. Good. But there are some other tax credits Uncle Sam offers families. Check them out, too, when you file your return next year. (Aug. 20, 2021)
- 12 disaster scam warnings — The worst of situations too often bring out the worst in con artists looking to benefit from other's tragedies. Here are a dozen disaster scam avoidance tips, six for catastrophe victims and six for those who want to help. (Aug. 24, 2021)
- Uncle Sam can help with disaster recovery — Hurricane Ida's landfall in Louisiana on Aug. 29, 2021, means the search is on for help. If you're just now surveying the damage from this category 4 'cane, or if you find yourself facing any major disaster down the road, be sure to take advantage of the federal government resources, including tax relief from the Internal Revenue Service, that can help you get your life back on track. (Aug. 30, 2021)
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, 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, instead of finding Internal Revenue Service and tax code tips.
I know you want to see him, so go ahead and click on September through December. I promise that tax info will replace that animated fellow when the calendar finally flips to those remaining 2021 months.
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