Reviewed and updated, Wednesday, Sept. 11, 2024 Source: AmeriCorps Sept. 11, is Patriot Day. It's not an official, formal federal holiday. But it was declared, by a joint resolution of Congress in 2009, as the day each year for remembering those who died or were injured during the terrorist attacks in New York City, Pennsylvania, and Washington, D.C., on Sept. 11, 2001. On the annual National Day of Service and Remembrance each year since, Americans across the country follow the urging of President Joe Biden's in his proclamation to participate in community service in honor of those our nation lost.... Read more →
Charity
Admit it. You never get anything done this month until after July’s fireworks. That’s especially true this year, with July 4 falling on Friday. Many of us are taking extra-long holiday breaks. Enjoy your Independence Day celebrations. And be safe, both in traveling to share the holiday with family friends and in the actual igniting of displays. But once the last mini bombs have burst in the air, leaving only the bottle rocket's red glare, it’s time to get to work. That includes taking a midyear tax checkup. A review now, with half a tax year left, can help you... Read more →
These pups probably would be cooler in the air conditioned inside, instead of atop the cooling unit’s condenser. Everyone, including our furry family members, need to find ways to stay cool during the summer so as not to become victims of the heat. It’s officially summer and Mother Nature is not wasting any time. Summer 2025 is starting with sweltering heat across the central and eastern United States. Many escape hot temperatures by heading to the beach or cooler mountain areas. Those who stay closer to home can go to the movies, wander shopping malls (yes, some still exist), or... Read more →
Senate side of the U.S. Capitol (Scrumshus - Own work, Public Domain) Are you ready for more tax fighting on Capitol Hill? Apparently the Republican-led Senate Finance Committee is. The panel this afternoon released its changes to the House-passed One Big Beautiful Bill (OBBB). As expected, tax writers in the upper chamber made lots of changes. Here’s a look at some key differences. Child Tax Credit: If Congress doesn’t act, the Tax Cuts and Jobs Act (TCJA) provision that bumped the popular Child Tax Credit (CTC) from $1,000 to $2,000 per qualifying child will expire on Dec. 31, cutting the... Read more →
President Donald Trump and Elon Musk in what might be their last amiable meeting on May 30, 2025, in the Oval Office. Trump lauded the departing Department of Government Efficiency (DOGE) adviser’s efforts. (Official White House Photo by Molly Riley via Wikimedia) Donald J. Trump and his former billionaire buddy Elon Musk are not sniping at each other online today. But while the political and fiscal feud that rapidly devolved into personal attacks isn’t so public (for now), word is that they’re still on the outs. In fact, like many of us after a breakup, Trump apparently wants to get... Read more →
She’s not happy with the salad, but at least she’s got a nutritious food choice. That could change if the current tax bill and its revisions to the federal Supplemental Nutrition Assistance Program (SNAP) is enacted. (Image by Tung Lam from Pixabay) Most tax eyes have been on Washington, D.C., as the House-approved One Big Beautiful Bill (OBBB) now awaits action in the Senate. Whatever form the final bill takes, it likely will affect states, negatively in many cases as they lose federal aid. One area where states are bracing for tougher times is food assistance programs. The left-leaning Center... Read more →
Image by Tabea from Pixabay June is here. Summer officially arrives in a few weeks. Are you ready? Summer’s supposed to be the peak leisure season, but it takes some work. There are vacation plans to make. If you’ve got children, you’re probably ironing out day camp details. And, of course, you have made your June tax moves list, right? Oh, you don’t have taxes on your June to-do list? Sure, taking care of tax matters definitely isn’t the day at the beach you want. But some summer tax moves can help make next year’s filing easier, and potentially less... Read more →
Most of these birthday celebrants at an Austin-area senior citizens' center are enjoying the shared festivities. Maybe the man on the right is worried about his upcoming RMD. (Photo by Kay Bell) Did you celebrate your 73rd birthday last year? Congratulations and belated best wishes. The Internal Revenue Service also applauds your milestone, but partly for selfish reasons. Individuals who have certain tax-deferred retirement plans must start withdrawing some of those funds and pay tax due on the amounts once they turn 73. These required minimum distributions (RMDs) are annual. But you can delay your first withdrawal until April 1... Read more →
Feeling flush thanks to your tax refund? If you’re looking for ways to spend it, here are some suggestions. (Photo by Karolina Grabowska) By mid-March, the Internal Revenue Service had sent out almost $163 billion in tax refunds. The average refund amount was $3,271. That's a nice chunk of change. Even if your refund isn't quite that large, or is more, when the money arrives comes the decision on how to use it. Most people already have ideas of what to do with their cash back from Uncle Sam. Some have already put those plans into action. But just in... Read more →
It’s the main tax filing season, so that means it’s also tax scam season. The Internal Revenue Service has been keeping track of the year’s most prevalent schemes for more than two decades and alerting us in its annual list of the 12 scams it has found to be the most egregious over the last year. The Dirty Dozen for 2025 includes some repeat [dis]honorees. A few are new or have been tweaked. But they share one characteristic. They target taxpayers, businesses, and the tax professional community, and all too often end in the loss by victims of personal information,... Read more →
The Internal Revenue Service will start processing 2024 tax year returns on Jan. 27. Millions of people will file then, or before, getting their forms into Uncle Sam’s tax queue. But to file a complete and accurate Form 1040, you need all the information that form requests. That’s generally income statements like W-2s and 1999s. But there are many other documents that have tax-filing relevance. And most of those aren’t require by law to be sent to you until the end of January. So, most of us are just going to have to be patient for a couple more weeks.... Read more →
Photo by Alexas Fotos 2024 is almost over, with millions making plans to celebrate the calendar changed on New Year’s Eve. But before you don your party hat and raise your glass to say goodbye to the old year and ring in 2025, you need to be aware of the tax importance of Dec. 31. Actions on the final day of a year could affect your full 2024 tax bill. Here are five that could make a difference. 1. Getting married. If you say "I do" on 12/31, then the Internal Revenue Service considers you married for the whole year.... Read more →
It’s the day after Christmas. That means we’ll find a handful of holiday cards in our snail mail box. And watch the neighbors stack boxes that held presents on the curb, even though our recycling and trash pickups are days away. Those boxes also are a reminder that in many parts of the world Dec. 26 is Boxing Day. It’s typically a day to keep the season of giving going a bit longer. There are many explanations as to how Boxing Day, and its name, came to be. One commonly accepted origin story is that it began in the United... Read more →
My phone is blowing up today, with every app suggesting that if I’m stumped for a present or two, considering giving a digital gift card from their establishment. Ditto my email. It’s not a bad idea. But the key here is to make sure that the gift card is real. So, on this Christmas Eve I’m harking back not to herald angels, but to my post earlier this month noting that gift cards are for good boys and girls, not to pay IRS tax bills. Avoid gift card scams: That post looks at how crooks tamper with actual plastic gift... Read more →
This pup is just making sure he got all his presents! (Photo by freestocks.org) In a couple of days, many families will welcome new members. No, I’m not talking about Christmas babies. I’m talking about Christmas fur babies. A puppy, kitten, or other pet of any type or age can be a wonderful addition to a home, as long as everyone is on the same page. Pros and cons of pets as presents: Many animal groups and veterinarians warn against giving a pet, especially as a surprise, during the holidays. The holiday season already is stressful for many. Suddenly having... Read more →
Our Christmas traditions include hanging on our tree all the U.S. Capitol ornaments we collected during our years in the Washington,D.C., area. (Photo by Kay Bell) Christmas is just days away. As long-time readers of the ol' blog know, I love this holiday. And like millions of others worldwide, the hubby and I enjoy our holiday traditions. One of them is watching Christmas movies. A particular favorite is “A Christmas Carol.” It even has a passing reference to taxes. A classic's tax reference: In the classic Charles Dickens' novella and subsequent cinematic representations, the infamous penny pincher Ebenezer Scrooge rebuffs... Read more →
Photo by Tatyana Mazepova It’s the holiday season, so many of us have travel on our minds. That includes the Internal Revenue Service. AAA expects 2.5 million more people will be on the roads for the year-end holiday period, which is classifies as Saturday, Dec. 21 to Wednesday, Jan. 1, 2025. That comes to a total of 107 million people making a road trip of 50 miles or more, just shy of the record 108 million drivers in 2019. But Uncle Sam’s tax collector isn’t narrowly focused on who is hitting the highways over the next few days. The IRS,... Read more →
Photo by Anna Nekrashevich I know, this month started off with 10 tax moves to make, or at least consider, by Dec. 31. With 2024 winding down, I wanted to remind you of those suggestions again. And now, because nagging reminding is just part of who I am, I have a couple more things you might want to think about. Specifically, you need to look at some of the tax numbers that will come into play when you file your return next year. This includes the tax brackets — rates and dollar amounts to which they apply — that will... Read more →
I love Santa Claus, but even the Jolly Old Elf isn’t magical enough to provide the tax solutions you asked for in your letter to him. You’re going to have to make some tax moves, like the 10 below, yourself. (Photo by Kaboompics.com) Ho, Ho, Holy Moly! December sure got here quickly! Thanks to the 2024 calendar, we (or at least I) haven't even had time to sufficiently recover from Thanksgiving. But time, and taxes, march on, meaning we’ll just have to deal with a compressed holiday schedule as best we can. I hate to be the Tax Grinch adding... Read more →
Okay, one more turkey, but the Thanksgiving dinner version. To go along with the leftovers from this meal, below is a wrap-up (sans foil) of last week’s Five Tax Turkeys to Avoid. (Photo by cottonbro studio) How are you doing this post-Thanksgiving weekend? Still feeling a bit stuffed, and now looking at way too many leftovers? With the 2024 calendar pushing Turkey Day to the end of November, maybe you can repurpose some of the excess food for the Christmas gathering that will be upon us in less than a month. But rather than worry right now about the next... Read more →
In addition to donating cash to your favorite charity, there are other ways to give. Here are three alternative charitable giving options. (Photo by Mark John Hilario) 🦃 Happy 🍗 Thanksgiving! 🦃 Millions of Americans gather today with family and friends to give thanks for all the good things in their lives. This November holiday also is a major fundraising time for charities. Donations to nonprofits that help those in need — shelters, food banks and other meal programs, support services for those needing special services — increase this time of year. Technically, these donations could provide donors a tax... Read more →