Delivery jobs are a popular summer gig for many looking to make extra money during this traditional time to take some time off from work. (Photo by Kampus Production) Summer is in full swing, meaning that most of us will be taking some time off work to enjoy the warmer weather. Some people, however, see this traditional vacation period as a way to add to their income. That’s true. But the added earnings also could have tax implications. Student jobs: Some young people spend their summers working. Whether the earnings go to pay for college classes or a purchase they... Read more →
Estimated taxes
Electronically paying bills, both due private accounts and public ones like tax agencies, has become a no-brainer for millions of us. But as the saying goes, technology is great until it isn’t. That not so great situation recently reared its frustrating head. Personally, an automatic electronic payment I’ve had in place for years went haywire this week. But my payment problem was minor compared to other e-pay devotees across the country. They recently found themselves dealing with another, more distressing and potentially more costly governmental glitch. The Internal Revenue Service has been having problems with some taxpayers’ e-payments, prompting these... Read more →
Photo by Leeloo The First I know I nagged reminded folks who face estimated tax payments of the June 16 deadline just last week in my monthly tax moves post. Well, I’m back nagging reminding all y’all again. Sorry, not sorry. As the hubby knows, my penchant for nagging repeating myself is because I care. It’s also because we also make estimated tax payments four times a year, so the process is on my mind. June 16 payment date: The June estimated tax due date is officially the 15th, but since that’s on a Sunday — Father’s Day, just in... 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 →
Photo by Belle Co We made it. Tax Day 2025 is finally over for most of the country’s 140 million or so individual tax return filers. Now what? First, take a minute or more to celebrate being done with this annual tax obligation. Then, start thinking about taxes again. Wait! Come back! You did click over here, after all. And to reward your post-Tax Day curiosity, here are seven tasks you should consider. I promise they aren’t that difficult. 1. Adjust your paycheck withholding. Your tax goal each year should be for your paycheck withholding to cover as closely as... Read more →
The April 15 federal income tax filing deadline is Tuesday. For most folks, that’s the only thing they have to worry about on that day. But there are some of us for whom Tax Day means more tax tasks. Here are nine instances — yes, that includes the regular annual filing of tax returns — where some people might need to take additional tax action on April 15. Most of these tax-related moves will ensure you fulfill your tax duties and avoid any additional contact with the Internal Revenue Service. But some also could save you some tax dollars. File... Read more →
April 15 is double Tax Day for those of us who must pay estimated taxes. It’s the end of the prior tax year, with returns (and payment) due for those earnings. It’s also the start of tax filing (and paying) for this year. The payment for money made, but not subject to withholding, in the first quarter of 2026 is due on April 15. Extra payments for certain income: The U.S. tax system is pay as earn. For the most part, that's taken care via tax withholding from employees’ paychecks. But even if you have a job where income (federal... Read more →
Ah, April. Your spring showers and the flowers they bring are just one reason we’re thrilled you’re finally here. (Photo by Stefan Stefancik) Hello, April! You’re a month we love to see arrive. You’re also a month we dread. On the positive side, we welcome the consistent warmth you bring most of us. We’re more than ready to stow our winter, or even winter-adjacent, apparel for a while. And, of course, baseball is back in full force! But then, April, your arrival brings a dreaded task. Millions of us must confront the filing of our annual federal — and in... Read more →
Photo by Kay Bell Spring has sprung, with the accompanying seasonal focus is on spring cleaning. One of our neighbors is focusing on sprucing up their yard. The pile of dirt in the street, shown in the photo topping this post, is now being transferred to flowerbeds. So, of course, it got me thinking about taxes. While this household and other people on our block pay crews to mow their lawns even in the dead of winter (go figure), landscaping generally is seasonal work. These companies tend to make most of their income during the warmer months of the year.... Read more →
You aren't legally required to file a federal tax return, but maybe you should. Here are six reasons why it might be a good idea. (Photo by Unsplash+ in collaboration with Getty Images) Millions of taxpayers have filed their returns so far this year. Millions more are working on their taxes. But not you. You checked out my post on who has to file a tax return (thank you!) and confirmed that you're one of the lucky few who doesn't have to file a Form 1040 this year. You might want to rethink that no-filing decision. Even if you aren't... Read more →
Don’t forget to pay your final 2024 tax year estimated tax amount by tomorrow, Jan. 15. I know. I’m cutting it close with my reminder. But if your life is as hectic as mine is right now and this tax task has crept up on you, then better late than never. Electronic options: Since time is of the essence, the fastest and easiest way to pay is electronically. Those options include — Debit or credit card or digital wallet. This is fast, easy, and familiar to most of us. The two Internal Revenue Service-approved vendors Pay1040 and ACI Payments, Inc.... Read more →
Millions are getting ready to file federal tax returns so they can collect refunds. Crooks are among them. And things get even worse for the taxpayers whose identities were stolen and used to file false returns claiming fraudulent refunds. The average time it took the Internal Revenue Service to resolve identity theft cases and issue refunds to the affected victims in fiscal year 2024 was two years, according the National Taxpayer Advocate’s 2024 annual report to Congress, issued today. These delays impacted nearly half a million taxpayers, noted National Taxpayer Advocate (NTA) Erin M. Collins, and were even worse than... Read more →
Updated, Wednesday, Jan. 8, 2025 Millions of taxpayers already are filling out their 2024 tax returns. Now they just need to know when the Internal Revenue Service will start processing them. On Friday, Jan. 10, Free File opens. The no-cost online tax preparation and e-filing option can be used by taxpayers whose adjusted gross income (AGI) is $84,000 or less. Business taxpayers will be able to electronically file their returns on Jan. 15. As for individual filers who make more than the Free File AGI threshold, they can start using Free File's Fillable Forms on Jan. 27. That date follows... Read more →
Photo by Matheus Bertelli Happy New Year! I know, we’re well past the Jan. 1 hangover phase, but it is the first full work week of 2025, so I stand by my greeting. And I up it with Happy New Tax Year! On Jan. 20, Republicans who crafted that major tax reform bill will be in control of all three branches of federal government. They plan to keep and, if reports are true, expand the TCJA. As for paying for all those tax breaks, well that's another matter. Like I said, exciting tax times ahead. But while lawmakers on Capitol... Read more →
Saying "I do" also means saying hello to some tax changes in your new wedded life. (Photo by Jakob Owens on Unsplash) The end of each year is a good time to reflect on what happened the previous 12 months. For most of us, that includes some good events, some sad ones, and some still shaking out as we’re about to enter a brand new year. Many of these changes also could affect our taxes. So, as a bit of year-end preplanning, here are six ways that the Internal Revenue Code shows up when we encounter personal and lifestyle changes.... 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 →
Photo by Mikael Blomkvist The third estimated tax payment deadline was Monday, Sept. 16, but today the Internal Revenue Service eased the minds of some Pennsylvanians who missed it. The IRS announced that taxpayers in areas of the Keystone State that were deluged by Tropical Storm Debby as it moved up the country’s east coast are eligible for a variety of tax relief. They’ve been given until Feb. 3, 2025, to meet a variety of tax filing and payment deadlines, including this week’s estimated tax due date. You can read more about the tax relief for storm-affected Pennsylvania individual and... Read more →
UPDATE, Sunday, Oct. 27, 2024 — Glacial outburst flooding in Alaska in early August means Juneau filers have a May 1, 2025, tax relief deadline for a variety of tax filings and payments, including September's estimated amount. UPDATE, Wednesday, Oct. 2, 2024 — Deadly Hurricane Helene has changed deadlines for areas in four states — Florida, Georgia, North Carolina, and South Carolina — that earlier were in Hurricane Debby’s path. Instead of Debby’s Feb. 3, 2025, deadline, affected taxpayers in those states now have a later Helene-prompted deadline of May 1, 2025. UPDATE, Wednesday, Sept. 18, 2024:The IRS today announced... Read more →
NOTE, Sept. 18, 2024: This estimated tax deadline is extended for taxpayers in officially designated major disaster areas. To date, such extensions apply to today's tax due date (and more) in 20 states and two U.S. territories. Millions of taxpayers will be sending Uncle Sam some more money next week. Monday, Sept. 16, is the due date for their third 2024 tax year estimated tax payment. At least we — yes, I’m a long-time payer of estimated taxes — have an extra day to fulfill this tax obligation, since the regular Sept. 15 deadline is on Sunday. But we all... Read more →
So how was your summer? That’s right, it’s that time of year again. The summer break officially ended on Sept. 1 with the arrival of meteorological fall, which runs through Nov. 30. I know, it’s kind of an arcane tidbit, but we have other more recognizable autumnal indicators. Youngsters across the country are back in classrooms. Their parents are back to the 9-to-5 grind after the long Labor Day holiday, with the next extended break not until the holidays. And temperatures here in Central Texas have dropped into the upper 80s! Yes, that’s early fall weather for us. I hope... Read more →