• Home
  • Table of Contents
  • Tax Tips
  • Credits
  • Deductions
  • Refunds
  • State Taxes
  • Politics/Laws
  • Tax Terms
  • Archives

Don't Mess With Taxes

Translating taxes into money-saving English

Home Table of Contents Tax Tips Credits Deductions Refunds State Taxes Politics/Laws Tax Terms Archives

Don't miss any Filing Season Tax Tips

Finger_pointing to rightIt's that time of year again, tax season. Whether you're working on your Form 1040 yourself or turning your annual tax-filing task over to a professional, you'll want to check out all the Filing Season Tax Tips.

They are highlighted there at the top of the ol' blog's right column through the tax return filing deadline.

After their time in the spotlight, they then are archived on their own monthly tax tip pages. Normally, that would be the January through mid-April filing season.

In 2020, however, the coronavirus pandemic upended everything, including tax season. Tax Day was moved from April 15 to July 15. That means the Filing Season Tax Tips now cover January, February, March, April, May, June and — tah-dah! — July. Wow. That felt weird to type.

But things are weird in 2020, and not just here in Austin, Texas. In an effort to deal with this new bizarro world and keep some semblance of tax normalcy, you can always check out these monthly tax tip pages whenever the tax mood, or new 2020 Tax Day filing deadline, strikes.

And when the new extended filing season finally ends in mid-July, stick around. You can catch new tax tips on a weekly basis in this very same spot. These Weekly Tax Tips Tips, like these from 2019, will help if you got a filing extension (that's still to Oct. 15) or are ready to do some planning for the next tax year.

Advertisements

Today's Tax Tip

  • Take a pre-disaster inventory — Disasters strike year-round and all across the country. Just ask Texans who were hit in Feb. 11, 2021, with a freakishly cold winter storm. The best thing we can do is prepare. Part of that is taking a pre-disaster inventory of your household goods. It will help you with your insurance claims and, if the catastrophe is declared a major disaster major disaster, claim your losses as a tax deduction. (Feb. 24, 2021)

  • Tax Tip; click pencil for all tax tip links

  • The 2021 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. While we're waiting for the 2021 calendar pages to flip and fill up with timely tax tidbits, check out 2020 (and earlier) tax years' advice.

COVID-19 & Taxes

  • COVID-19
    Coronavirus has wreaked havoc
    on the 2020 tax season.
    These three Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020,
    August-December 2020, and
    January-… 2021

All About Kay

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

My Other Accounts

Sponsored Content

Tick ... Tick ... Tick

  • Tax Season 2021 is here!
    Happy New Tax Year! Are you ready to file your 2020 tax return? Me neither. With all the delays last year due to COVID-19, it seems like that prior tax season just finished. But time and taxes wait for no taxpayer. The Internal Revenue Service, which started 2021 by delivering more coronavirus economic relief payments, says it will be ready for our returns. So let's get prepared, too. The monthly tips and reminders a little further down this column should help us focus on our taxes and make the filing of them by go more smoothly. Also keep an eye on the countdown clock just below. It will help us keep track of how much time we have until Tax Day on April 15, just in case some of us want to put things off until the final hours. .
    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 Love
    to our new 2021 Valentine, the Internal Revenue Service!


    via GIPHY

    Yes, that heartfelt mention of Uncle Sam's tax collector is not a typo or joke. It's recognition that the IRS has set Feb. 12 as the official start of the 2021 tax filing season. What other reason than wanting to be our Valentine could the tax agency have for choosing the Friday leading into St. Valentine's Weekend as the time when it will begin processing our 2020 returns?

    Oh, wait. Maybe to give the IRS time to update forms and computer systems due to year-end COVID-19 law changes? Maybe, but I'm sentimental even when it comes to taxes, so I'm sticking with IRS hearts and flowers. And tax tasks for this shortest month of the year!

    Feb. 1: Because Jan. 31 fell on Sunday, today is the day that issuers of tax information must get the documents at least on their way to taxpayers. Keep an eye out this week for the many and varied tax statements you'll need to file your 2020 return.

    Feb. 2: Happy Groundhog Day!

    Fat Groundhog; click image for Groundhog Day details

    Waiting for your tax statements will help keep you from getting caught in a Bill Murray kind of tax loop where you have to file an amended tax return because you entered wrong info with your first filing.

    Feb. 7: Super Bowl LV is here! Despite some coronavirus complications during the 2020 regular National Football League season, today's 55th Super Bowl will decide the professional U.S. football league's champion. It's also the biggest single betting day of the year, with much of the money going toward goofy prop bets. Just remember, if any of them pay off, then 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. 10: Coronavirus vaccines are rolling out, albeit slowly, and some pandemic precautions are being lifted. That means some restaurants are opening for a limited number of diners. Other eateries are continuing with take-out meals and deliveries. Whether you're able to enjoy table service or still relying on food brought to your house, remember to tip your server or delivery person.

    restaurant check tip iStock
    If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.

    As for servers who are still on the job, remember that your tips are taxable income. If you at least $20 in job-related gratuities in January, you need to account for them today by using Form 4070 to report your tips today to your employer.

    Feb. 12: 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.

    This day is notable, however, because National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on Feb. 12, 1909. That was 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, you can donate to it and, since it is a 501(c)(3) organization, you can claim it as a charitable tax deduction. If you gave to this nonprofit or any other charity last year, you can claim a deduction. This usually happens when taxpayers itemize, but for the 2020 and 2021 tax years, you can claim some charitable gifts directly on Form 1040. The deduction is up to $300 on 2020 returns for all filers. For 2021 taxes, the deduction remains $300 for single taxpayers, but goes to $600 for married couples who file a joint return.

    Feb. 12: Today is, as mentioned at the top of this tax tasks list, is the day that the IRS will start accepting and processing our 2020 tax returns. If you filed early, your Form 1040 has been in a holding pattern. Now it's officially in IRS hands. So today also is the day you can start your official refund watch.

    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 Presidents Day, 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 we've got to give a (another) special 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. 19: You tried filing your return, but discovered that your tax situation is much more complicated than you realized. So you've decided to hire a professional tax preparer. Smart move, but don't dally. With the delayed filing season start and all the COVID-19 related tax law changes, reputable tax pros' calendars are filling up fast. Start searching now for a tax professional who best meets your tax needs. And definitely thoroughly check out the preparer you pick before handing over details of your tax life.

    Feb. 23: Or maybe you've decided you'll do your own taxes this year. The IRS recommends you use tax software and e-file your return. That will speed up the processing of your 1040 and, if you're due a refund, get the money on its way to you sooner. The IRS also suggests you use Free File, the online no-cost tax preparation and e-filing partnership between the IRS and Free File Alliance.

    IRS Free File; click image for details

    The official Free File site at IRS.gov has been accepting returns since Jan. 15. You can use one of this year's nine participating tax software options if your adjusted gross income is $72,000 or less, regardless of filing status.

    Feb. 28: Wow! We're already at the end of February? This shortest of months certainly flew by while we were having tax fun. However, if you filed your 1040 back on Feb. 12 (or earlier) because you're expecting a refund, you're probably thinking it's taking a long time for you to get your money. You can check the status of your return online using the IRS' online "Where's My Refund?" tool.

    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 Fiesta! page.

What are you looking for?

  • Looking for something in particular? Start with the Table of Contents.
    Or check out the Archives, where you can review posts by month and category. Or enter specific keywords in the box below to search
    Don't Mess With Taxes.

Search

Subscribe:
E-mail, RSS or both!

  • Enter your Email


    Powered by FeedBlitz
  • RSS

Advertisements

  • *************

Sponsored Books

  • The Truth
    About Paying Fewer Taxes
  • Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for all y'all.

    Look for it on bookstore shelves
    or order a copy (or two!) from
    Amazon or Barnes & Noble.

  • TruthAboutTaxes
  • Find out more about my book and excerpted chapters at the FT Press
    Truth About Paying
    Fewer Taxes
    Web page
    .

  • You can read more
    of Kay's tax insights in ...


  • Kay Bell helps you build
    a solid tax foundation in
    "Personal Finance: An Encyclopedia
    of Modern Money Management"




    Kay Bell breaks down taxes and
    estate planning for millennials in
    "Future Millionaires' Guidebook"



    A collection of Kay Bell stories
    is included in
    "The Gambler's Guide to Taxes:
    How to Keep More
    of What You Win"




  • Tax Reading Room

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




  • Don't Mess With Taxes
    is an Amazon Affiliate.
    If you click on the product links above and/or buy the items,
    I will be compensated.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

  • Numbers
    Taxes are all about the numbers.
    Check out these (mostly) weekly
    By the Numbers figures.

Kudos Et Cetera

  • Association for Women Clarion Award Winner
    National Association
    for Women in Communications

    Winner, Best Personal Blog
    2012, 2014 & 2017

  • Plutus Award Winner
    Plutus Financial Bloggers Awards
    Celebrating the Best
    in Personal Finance

    Winner, Best Tax Blog
    2011 and 2013
    Lifetime Achievement Nominee 2020


I gotta tell ya ...

  • AKA Disclaimer:
    I am a professional journalist who has been covering tax issues since 1999.
    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.

©©©©© & ®®®®®

  • Don't Mess With Taxes®
    is a registered trademark
    of S. Kay Bell.

    All content on this site is
    © 2005-2021 S. Kay Bell
    dba Write Here, a division of
    SKB Editorial Services, LLC

  • And a bit of housekeeping.
  • Note 1: Some of the links on this site
    are affiliate links. That means that
    if you click through from
    a Don't Mess With Taxes link
    and then buy the product,
    I receive a commission.

    Note 2: Links to outside content
    might become inactive due to changes
    at the copy's originating website.
    If you discover dead links, please e-mail me the details. Thanks.

    Note 3: The banner art for the ol' blog
    is courtesy Pictures of Money
    via Flickr Creative Commons.

Privacy Policy

  • Wondering what happens to your information once you subscribe? Don't worry. Don't Mess With Taxes respects your wish not to be a mere data source. Check the ol' blog's privacy policy at the Table of Contents page, as well as on the separate Privacy Policy page.
Blog powered by Typepad
Member since 11/2005

February 2021

Sun Mon Tue Wed Thu Fri Sat
  1 2 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            

Tell it to the Hill


  • 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, use the federal legislator locator above to find just who on Capitol Hill should hear your concerns. And for matters tax or otherwise closer to home, you can find info on your state and local elected officials at USA Gov.

..................................................



  • .................................................................
  • Don't Mess With Taxes •
  • Powered by Typepad
Top