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Daily Tax Tips January 2015

Tax_tip_icon_pencil_point Here we are yet again, welcoming in a new tax year.

The good thing about the 2015 tax year and the new filing season is that most of the tax laws we're familiar with are still in place.

Sure, there are a few new tax bumps on 2014 tax returns that are due by April 15. And the tax extenders were renewed only for 2014, which is good for filing now, but not for 2015, which is not good for this year's tax planning.

But that's what the Daily Tax Tips feature is for!

Most of the tax tips in January are aimed at early filers planning to take advantage of the 2015 filing season as soon as it opens on Jan. 20.

As 2015 rolls along, the February, March and April tips will cover more complicated filing matters -- that's why many of us put off filling out those 1040s! -- along with some advice on how to save on 2015 taxes.

As most of the ol' blog's readers know, I am contributing tax editor and chief tax reporter for Bankrate.com. And as most of the ol' blog's readers also know, I'm all about working smarter, not harder, especially when it comes to taxes.

So all of this year's tips will be courtesy of Bankrate's annual tax guide.

In an effort to ease the crush of emails to readers, Bankrate has decided it will send out only a weekly tax newsletter this year. That once-a-week mailing will include the previous week's daily tips.

But if you want to see a new tax tip Monday through Friday, you're in luck! You can find them featured in the upper right corner of the ol' blog.

Weekday tips only: There is one tax tip change on the ol' blog this tax season. In addition to being lazy a more-efficient tax journalist/blogger, I also made one New Year's resolution for 2015: to better balance personal and work, that is, tax, life.

So I've resolved to spend more time this year (and beyond) with the hubby, especially on weekends. That means no special Saturday and Sunday tax tips this year.

Sorry, super tax geeks. But consider my end-of-week tax tip break as an opportunity to put the previous daily tips into practice.

Special monthly tax tip pages: What is staying the same is that you'll be able to find all of the 2014 daily tips on special blog pages for each month. That way if you miss a tax tip on the day it's featured on the ol' blog's home page or simply want a refresher, bookmark this page and come back at your leisure to check out the January list o' tax tips.

You'll also find at the end of the completed January tips list links to the tax tips for February, March and April 2015 as those months arrive.

That's all the housekeeping I have. It's off to the January 2015 Daily Tax Tips list!

  1. 10 top tax issues that matter in 2015 -- You're focusing on filing 2014 taxes right now, but you also should check out these 10 tax issues that could affect your 2015 taxes. (Jan. 6, 2015)
  2. What's your tax IQ? -- Before you tackle your 1040, find out how much you know about filing taxes with these 10 multiple choice tax quiz questions. (Jan. 7, 2015)
  3. 7 ways to get organized for the tax year -- Tax filing can be less frustrating and less time-consuming when you're ready for the task. (Jan. 8, 2015)
  4. Income tax brackets, 2014 and 2015 -- The same seven tax rates still apply, but the taxable income that falls into each in 2015 is adjusted for inflation. Remember, 2014's tax brackets apply to your return that is due this April 15. The 2015 information is for this year's tax planning. (Jan. 9, 2015)
  5. Tax-filing requirements -- Do you have to file a tax return? Probably. Most of us do. But some folks escape this annual task. Here are the rules that release them from the Internal Revenue Service's grip. (Jan. 12, 2015)
  6. 2014 standard deduction amounts -- Most taxpayers claim the standard deduction. Here are the inflation adjusted amounts for 2014 tax returns. (Jan. 13, 2015)
  7. The skinny on paying estimated taxes -- Your final 2014 estimated tax payment is due Jan. 15. Miss it and you could end up owing more in late- and underpayment penalties and interest charges. (Jan. 14, 2015)
  8. Picking the perfect tax preparer -- Most taxpayers nowadays rely on professional tax help to complete and file their annual returns. Here's a look at your tax pro choices and how to pick the one that is perfect for your tax needs. (Jan. 15, 2015)
  9. Potential Obamacare tax credit problems -- The good news is that millions of people now have health insurance. The bad news is that the Affordable Care Act advance premium tax credit, the government subsidy they got to help them buy coverage, could cause trouble at tax-filing time. (Jan. 16, 2015)
  10. What's your filing status? -- It may sound like a simple question, but the correct answer could make a difference in your tax bill. (Jan. 19, 2015)
  11. Tax return filing starts Jan. 20 -- Ready to file your 2014 tax return? The Internal Revenue Service is ready to take it, either electronically or on paper. Free File got a head start, opening on Jan. 16. And don't forget about your state taxes! (Jan. 20, 2015)
  12. Your many e-filing options -- The Internal Revenue Service received almost 126 million e-filed returns last year. If you want to add to that ever-increasing number, you have lots of options. There's Free File for eligible taxpayers, and its free fillable forms for those who make too much (more than $60,000) to use the IRS/tax software partnership option. You can load tax software onto your own computer or use the companies' online filing programs. Or you can hire a tax professional who will e-file your return for you. (Jan. 21, 2015)
  13. 6 tax filing tips for new taxpayers -- Filing a 1040 for the first time? Don't panic. Simply being organized, picking the best way to file and checking out possible tax breaks are just a few of the ways to successfully submit your first 1040. Check out all the tips to help make your initial filing experience painless and less costly. (Jan. 22, 2015)
  14. Tax refund loan alternatives -- The Internal Revenue Service is warning that tax refunds might be delayed. But don't let that possibility lead you to take out a costly refund anticipation loan (RAL). You have other options and your tax patience could really pay off. (Jan. 23, 2015)
  15. Your three tax return choices -- Picking the proper 1040 to file doesn't seem like a big deal. After all, there are only three tax return options, the 1040, 1040A or 1040EZ. But choose carefully. Your pick could save, or cost, you money. (Jan. 26, 2015)
  16. Tax documents are on the way -- Before you can file your tax return, you need some basic information. Most of it the necessary filing data comes to you via a variety of tax forms that should arrive soon. So keep an eye on your snail and email boxes. (Jan. 27, 2015)
  17. Winning bets are taxable income -- Whether you placed a sizable bet with a Las Vegas sports book or simply dropped a few bucks into the office Super Bowl pool, if your team comes out on top in the NFL championship game, you'll owe Uncle Sam taxes on your winnings. (Jan. 28, 2015)
  18. No 1099s? No problem -- Non-wage income, such as investment earnings or independent contractor work, is typically reported on a 1099 form. You need these documents to file, but as long as you know the amounts of taxable income they contain, you can make do without 1099s. (Jan. 29, 2015)
  19. What to do if you don't get a W-2 -- If you have a wage-paying job, you can't file your tax return without your W-2. So what do you do if your employer doesn't get you your annual wage statement? It's not ideal, but you can work around this missing tax document. (Jan. 30, 2015)

And January is a wrap. But don't despair. February's tax tips are now live!

February 2015 Daily Tax Tips

March 2015 Daily Tax Tips

April 2015 Daily Tax Tips

Can't get enough tax tips? Check out the rest of the news and advice at Bankrate's Tax Guide, as well as Don't Mess With Taxes' ever-growing collection of year-round tax tips and money moves.

Today's Tax Tip

  • Key 2023 federal tax deadlines — We made it through the first week of tax season 2023, but another deadline is looming. Jan. 31 is the filing, and tax payment, deadline for taxpayers who opted not to make their final 2022 estimated tax payment on Jan. 17. This tax calendar has that and other key individual tax due dates for the rest of this year. (Jan. 30, 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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  • Tax Year 2023 Countdown!

    Happy New Tax Year! Are you ready to file your 2022 tax return? Me neither. But at least this year we're getting some extra time to file and pay any tax we owe. Even better, it's not COVID-19 pandemic related. Tax Day 2023 is Tuesday, April 18. This later date is because April 15, 2023, is on Saturday, and the next business day, Monday, April 17, is Emancipation Day.
    When this Washington, D.C., holiday falls on the day our federal taxes are due, it bumps Tax Day nationwide to the next business day. So this year, we have until Tuesday, April 18, to finish our federal forms and, if we find we owe, come up with the money for Uncle Sam. The states that follow the federal tax calendar, which is most of them, also tend to abide by this date change.

    The countdown clock below should help us from missing out on making important tax-saving moves the rest of this year. Plus, the Tax Moves below the counter will list some timely tasks to take care this first month of 2023, and each of the remaining 11 when they arrive. They'll speed by quickly when you're 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 February, and ❤ to our new 2023 Valentine, the Internal Revenue Service. OK, maybe love for the IRS is a little much, but we at least want to make nice with Uncle Sam's tax collector this month as it goes into the first full, albeit short, month of the tax season. That means some taxpayers will be getting their refunds in February!

    via GIPHY

    With just 28 days, it will mean some full days for both IRS employees, some of whom are still trying to catch up on that lingering COVID-19 pandemic backlog, and all of us who'll file this month. So let's not waste anymore time, and get to some tax tasks for this shortest month of the year!

    Feb. 1: Employers and other third-party payers were to have issued us our W-2 and associated 1099 forms by Jan. 31. If you're still waiting, be patient and give them a tad more time. And don't forget to check your email, as many issuers sent out electronic notices of the online availability forms and other statements you need to file your taxes instead of relying on the U.S. Postal Service.

    Feb. 2: Happy Groundhog Day!

    Fat Groundhog; click image for Groundhog Day details

    The main reason to wait for the correct tax statements is to avoid getting caught in a Bill Murray kind of tax loop, where you have to file an amended tax return because you entered wrong info on your original 1040.

    Feb. 7: Black History Month is celebrated every day this month, commemorating the achievements by black Americans and recognizing the role of African Americans in U.S. history.

    The National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on this month, specifically on Feb. 12, 1909, the centennial anniversary of the birth of Abraham Lincoln, who issued the Emancipation Proclamation twice.

    One of the NAACP's key divisions is its Legal Defense and Educational Fund.
    If you want to support the Fund's work, during Black History Month or any day of the year, you can donate to it and, since it is a 501(c)(3) organization, claim your gift as a charitable tax deduction if you itemize. Sorry, filling out Schedule A is your only option this filing season, since Congress didn't renew the option to claim cash gifts of up to $300 for single filers or $600 for married filing jointly couples directly on Form 1040.

    Feb. 10: Do you work 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, but remember that those tips are 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.

    If you got at least $20 in gratuities in January, you must account for the tips today by using Form 4070 to report last month's tips total to your employer.

    Feb. 12: Are your ready Chiefs, Eagles, and special television commercial fans? It's finally Super Bowl Sunday! Not only will today's 57th Super Bowl decide American professional football's champion, it's also the biggest single betting day of the year. The NFL, like the other professional U.S. sports leagues, have embraced betting. Just remember, if any of your wagers pay off, you owe tax on your winnings. Note, too, that even if your winnings are part of a fantasy sports bet, the associated taxes are very real.

    Feb. 14: Happy Valentine's Day! Do you and your better half file a joint return? Most married couples do. Remember to look over the 1040 carefully before you sign it. When both spouses sign their jointly filed 1040, each is jointly and severally liable for the entire tax amount due. I don't want to spoil your Heart Day celebration, but this means the IRS can come after either spouse for payment of a tax bill, even the husband or wife who is in more dire financial circumstances.

    Feb. 15: Today is the day that the Internal Revenue Service finally can issue refunds to filers who claimed the Earned Income Tax Credit (EITC) or additional Child Tax Credit. But don't spend the money just yet. Even if you're getting your tax refund directly deposited, the IRS' general processing time plus protocols of financial institutions receiving the refunds you’re your tax cash probably won't actually show up in your account until the end of this month.

    Feb. 20: Today is one of the reasons for tax refund delays. It's the Washington Birthday federal holiday, officially honoring George Washington, the Father of Our Country. Over the years, however, this federal (three-day, yay!) holiday has come to commemorate the contributions of all our Commanders in Chief, and is popularly known as Presidents' Day. That means we've got to give another shout out to Abraham Lincoln, who essentially was father of our income tax system, signing into law a tax on earnings to help pay Civil War costs.

    Feb. 24: You're ready to work on your tax return, but you're on a budget. No worries. The IRS and its Free File Alliance partners again offer no-cost online tax preparation and electronic filing to eligible taxpayers at the IRS' special Free File web page. This year, seven tax software companies are participating.

    IRS Free File; click image for details

    The Free File income threshold this year remains at adjusted gross income (AGI) of $73,000 or less, regardless of your filing status.

    Feb. 28: Wow! February really did speed by, especially since we were having so much tax fun. Or maybe you weren't having any fun at all trying to do your taxes yourself, even with software's prompts, and have decided to turn to professional tax help. That's a smart move, and here are some tips on how to find the perfect tax professional for your filing and planning needs. Note, though, that at this point in the filing season, you're likely to be placed at the end of that tax pro's very long client queue, as reputable tax preparers' calendars fill up fast. So again, be patient. You're at least now in tax filing line.

    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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    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 three Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020,
    August-December 2020,
    January-December 2021, and
    January-December 2022
    You can find medical coronavirus resource links in the next section.

COVID-19 Resources

  • COVID-19
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    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
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February 2023

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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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