Welcome November! We love your cooler weather, the family gatherings and all that good food (yay pumpkin pies!) and, of course, the extra hour we get thanks to falling back to Standard Time to work on cutting our tax bills.
Nov. 1: This 11th month starts with Affordable Care Act (ACA) open enrollment, which
runs through Dec. 15. Yes, the ACA, or Obamacare as it's still popularly known, is still here. You can enroll at
HelathCare.gov or in some places at a
state marketplace.
And while the Tax Cuts and Jobs Act (TCJA)
eliminated the federal individual mandate, the federal subsidy, aka the
premium tax credit, to help pay for coverage remains in the tax code.
Nov. 3: Daylight Saving Time ends at 2 a.m. today, as we fall back an hour to our local
Standard Time.
Sure, you can spend the extra 60 minutes sleeping. Or you use the time to review and
adjust your payroll withholding. The goal is to avoid owing a lot or getting a refund next filing season. A
paycheck check-up is an especially good idea if you have a
side hustle or other
freelance earnings.
Nov. 11: Veterans Day is Nov. 11. That date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. It eventually evolved into a day to recognize veterans of all armed conflicts.
On this federal holiday, honor veterans however you feel is appropriate. If you're a business owner, consider hiring a veteran. Adding a new military-trained worker by year's end also might provide your firm a tax benefit thanks to the
Work Opportunity Tax Credit (WOTC).
Nov. 12: Does your job include
tips? If so and you received $20 in tips in October, use
Form 4070 to report them today to your employer. This report usually is due on the 10th of each month, but that fell on Sunday and Monday was the Veterans' Day federal holiday, it is pushed to today, the next business day.
Nov. 18: Speaking of income, if you're looking for or have already landed a seasonal job to make a little extra holiday spending cash, pay attention to how you're paid. It makes a
difference in your taxes. If you're an independent contractor instead of an employee, you're responsible for paying
self-employment taxes, as well as the income taxes that are usually withheld from employees' paychecks. If you're unsure about your employment status, the Internal Revenue Service has some
guidelines on when each work status applies.
Nov. 22: In many years, it's Thanksgiving week, but not in 2019. This annual celebration of gratefulness is next week. You can use this extra time to make things better for others. Consider giving to the many charities, both national and those in your own neighborhood, that help the less fortunate, from
food banks to homeless shelters to funding educational programs in needier schools. As long as the group is an
IRS-approved 501(c)(3) nonprofit, if you itemize you can claim your gift as a tax deduction on Schedule A.
Nov. 28: Happy Thanksgiving!
via GIPHY
Take a break from taxes for turkey, football and time with your family. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court, real games, remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
Nov. 30: Finally! The Atlantic hurricane season officially ends today.
The worst tropical damage came this year from Hurricane Dorian along the eastern seaboard and Tropical Storm Imelda in Texas.
While the countdown clock below is marking off the days left until the official end of the 2019 hurricane season, Mother Nature can throw many types of dangerous fits any time, anywhere.
So we can't let down our storm guards. You can find tips on getting ready, physically and financially, for all types of natural disasters, as well as tax help for recovery efforts and tax deductions for donations to those who are hit by such catastrophes at the ol' blog's Storm Warnings pages.
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.