The dog days of August are here, but don't dog it when it comes to taxes.
August tends to be one of the hottest months of the year. Considering the heat wave records that already have been set, I'm a little concerned about what's to come in the next 30 days.
Technically, the Dog Days of Summer take up more of July than August. But the eighth month of the year usually is more popularly associated with the term. So, I'm sticking with that take, and relying on some canine terms to talk about August tax tasks.
Fetch the info you'll need. This, in the tax world, means getting a handle on tax documents that will help you file and get the most tax savings possible. A couple of those instances are discussed in my first post of the month, 5 tax moves to make in August. Yeah, that's in the tips list below, too, but worth a second mention.
Obey the rules: This is a given. You need to know, and heed, the tax laws. As with prior months' tax tips, you'll find reminders in August's tip collection.
Be open to new tricks: Finally, things change, especially in taxes. So be ready to react appropriately. Often, it's because of new tax laws. But other times, statutes that were tweaked revert back to their old versions, such as COVID-enhanced child tax and child care credits that aren't as beneficial as they were during the pandemic.
Again, August's tax tips will keep you up to date here, whether you're still working on your 2022 return (thanks to a requested extension in April or due to disaster-prompted later deadlines), or are making moves to cut your 2023 tax bill.
- 14 states are holding sales tax holidays in August — Yes, you saw this tax tip as July ended. But now, with school openings even closer, and August officially here, it's time to prepare for the bulk of the annual back-to-school sales tax holidays. There are 14 tax-saving shopping events this month. Check out the states, exact dates, and tax-exempt items before you head to the stores. (Aug. 1, 2023)
- Tax moves to make in August — Teze text. (July 00, 2023) Summer's winding down, and you want to make the most out of these last weeks of seasonal freedom. But also carve out a little time in your schedule to make some tax moves. Here are five tax tasks to consider this August. (Aug. 2, 2023)
- Tennessee grocery tax holiday runs through Oct. 31 — Tennessee shoppers got their back-to-school tax holiday in July. Now, from Aug. 1 through Oct. 31, they are enjoying the Volunteer State's new three-month-long Grocery Tax Holiday. (Aug. 4, 2023)
- Aug. 15 is Tax Day for FL, CA disaster area filers — Major natural disasters delayed Tax Day for residents and business owners on opposite sides of the United States. Individual and business taxpayers in one Florida and two California counties now have until Aug. 15 to file their 2022 tax year returns. The Broward County, Florida, and Modoc and Shasta County, California, taxpayers also have a decision to make about whether to claim any uninsured disaster losses on the returns they'll file this month, or wait until next tax season. (Aug. 8, 2023)
- Aug. 11 is the start of 2023's final 5 tax holidays — The year's final five back-to-school state sales tax holidays kick off this weekend. Texas leads the way. Federal border officials also are taking note of the Lone Star State's Aug. 11-13 event since it means increased international traffic, with Mexican shoppers entering the United States to take advantage of tax-free savings. Massachusetts' two-day tax-exempt sales event starts Aug. 12. Maryland's weeklong holiday begins Aug. 13. Sales tax holidays in Connecticut and New Jersey will wrap up the August tax-exempt sales events. (Aug. 11, 2023)
- Lottery win means more taxes — Congratulations to the new Mega Millions billionaire, and to the Internal Revenue Service. Uncle Sam gets an immediate 24 percent cut of the lottery jackpot if the winner opts, as most do, to take the winnings as a one-time cash payout. Plus, since the top federal income tax bracket's rate is 37 percent, the U.S. Treasury will get 13 percent more in taxes when the winner makes a Sept. 15 estimated tax payment or files a 2023 tax return next year. (Aug. 14, 2023)
- A crash course on 8 education tax breaks — Classrooms, from kindergarten to university lecture halls, already are or soon will be filled with students. As students and families look for ways to cover those costs, they should examine the tax code. It offers several educational tax breaks. Here are eight that could help cover some school costs. (Aug. 17, 2023)
- Hurricane Hilary threatens West Coast — The United States tends to be the target of tropical systems that form in the Atlantic and Gulf of Mexico. But this week, California is in the path of Pacific-spawned Hurricane Hilary. And depending on Hilary's precise path, she could substantially impact Arizona, and even Nevada. Now is the time for West Coast residents and their inland neighbors to get ready for tropical storm season and all potential disasters. (Aug. 17, 2023)
- Hurricane Hilary is on her way. Here's how to prepare — Yes, you are seeing double (tip #8), but there's more Golden State specific information in this latest storm preparation post. But don't automatically click away if you live elsewhere. The post also has info that can help all of us, since natural disasters occur year-round and in almost every part of the United States. (Aug. 19, 2023)
- $300 tax break for teachers — Students and their parents aren't the only ones who spend when it comes to school supplies. Most teachers also use their own, unreimbursed dollars for items that will enhance their students' classroom experiences. For 2023 returns (and 2022 ones extended until Oct. 16), qualifying educators can deduct up to $300 of their eligible out-of-pocket expenses. (Aug. 22, 2023)
- When a swimming pool might be tax deductible — A backyard swimming pool can be a nice property upgrade. In most cases, it will bump up your property value and subsequent real estate taxes. But in certain situations, a pool might be a tax deductible medical expenses. (Aug. 25, 2023)
- Hurricane prep tips as Idalia heads to Florida — All weather watcher eyes are once again are on the eastern U.S. coasts, awaiting the season's annual late-summer surge. Currently, Tropical Storm Idalia is entering the Gulf of Mexico and heading toward Florida. By the time she arrives on Sunshine State shores midweek, Idalia is forecast to be a major hurricane. Get ready now with these physical and financial disaster preparation tips, as well as advice for those who are older or have special needs. Be ready, whatever and whenever disaster strikes. Stay safe! (Aug. 28 2023)
- Texas' new EV fee takes effect Sept. 1 — As more electric vehicles (EVs) hit U.S. roads, more states are charging the drivers as a way to recoup some of the gas tax money they lose to the alternative fuel vehicles. Texas is the latest to join the EV registration fee club. Starting Sept. 1, the Lone Star State will start collecting its new $200 a year EV fee. Buyers of new electric autos will have to pay $400 to cover two years. (Aug. 31, 2023)
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Yes, you can click on any of the monthly links below, but unless we're in that month, you'll just be greeted (again) by that nay-saying guy's GIF, instead of helpful Internal Revenue Service and tax code tips.
You can, however, check out the current or previous months' pieces of tax advice while you wait for Father Time to do his thing.
Don't worry. The new months and tax tips will be here before you know it. Time really does fly when you're having tax fun.
| January | July |
| February | August |
| March | September |
| April | October |
| May | November |
| June | December |
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