It's Tax Day 2023, meaning there literally are just hours left to finish your Form 1040 and get it to, or at least on its way, to the Internal Revenue Service. If you're still working on your tax return, here are five final tips for all y'all ultimate tax procrastinators. 1. File something. You need to send the IRS either your 2022 Form 1040 or Form 4868. You can submit either electronically, which the IRS recommends and is the option most taxpayers choose. That gives you until midnight in your time zone to punch send on your computer keyboard. But... Read more →
Estimated taxes
Tax Day means double tax duty for millions of taxpayers. In addition to filing their annual return for last year's earnings, they also must make their first estimated tax payment for the current year. For 2023, these dual payments are due next week, on Tuesday, April 18. Next week's April 18 Tax Day is the end of the 2022 tax year for millions of filers. It's also the beginning of the 2023 tax year for those who pay estimated taxes. Our tax system is pay as earn, which for most employed people is taken care via withholding from their paychecks.... Read more →
April's flowers are a delight, and you can enjoy them as soon as you finish up the month's tax tasks. (Photo by Eilis Garvey on Unsplash) Welcome to the first full week of April, the month that tends to bring out conflicted feelings in most of us. While most of us are delighted that we can put away our winter coats and enjoy the arrival of spring flowers, April's arrival also means that millions of us still must confront our annual tax filing tasks. If you've yet to file your 2022 return, here are six tax tasks to consider as... Read more →
Casino sportsbooks like this one in Las Vegas still take plenty of sports bets, but thanks to the Supreme Court's 2018 ruling allowing states to open up sports gambling within their borders, this year's Super Bowl wagering broke betting records. Happy Super Bowl Monday hangover! I'll try to type softly for all y'all skipping work today to recover from either celebrating your Kansas City Chiefs hoisting the Lombardi Trophy again or hunkering down because you drowned your Philadelphia Eagles' fan sorrows a bit too much. Regardless of the National Football League championship result, I hope at least some of your... Read more →
The first week of the 2023 tax filing season is in the books. But there are lots of other tax dates to look forward to, or at least be aware of, this year. As happens every year, there are the normal conflicts that delay some of them a bit. They are the traditional deadline shift the Internal Revenue Service institutes when tax due dates fall on weekends or federal holidays. The original date gets bumped to the next business day. The legal holidays in 2023 that could affect tax deadlines are — January 2, New Year's Day (observed) January 16,... Read more →
Photo by Dewang Gupta on Unsplash In 2019, the Internal Revenue Service received nearly 156 million tax returns. Then came the COVID-19 pandemic. In 2022, the number of 1040s filed hit 169.7 million. The increase continued in 2021 with the IRS receiving 169.1 million returns, and into 2022, when 164.3 returns were sent to the tax agency. The main reason for the 2020-2022 filing spikes was the coronavirus-related financial help — economic impact payments and increased advance Child Tax Credit amounts — that the IRS was tasked with delivering. Many, OK most, of those millions who hadn't filed before 2020... Read more →
Image by Pintera Studio from Pixabay We're two days into the New Year. Feel any different? Aside from thinking it's a Sunday instead of Monday, me neither. But some things, in addition to flipping calendar pages, have changed. From a tax standpoint, you'll see some differences, starting with those calendars. Weekends and holidays will shift some regular tax deadlines to new days. You also could see some differences on your 2022 Form 1040, thanks in part to tax breaks that no longer apply. Those changes are just a few things to note as we head into the 2023 tax year.... Read more →
Merry Monday Holiday After Christmas on Sunday. Happy Boxing Day. Joyous End-of-Year Tax Tasks to Complete Week. Yep, the start of the last week of 2022 has a lot of identities. But it's that last designation that you need to pay close attention to, since the end of the tax year is critical when it comes to many tax moves. Here are eight you need to consider and, if they apply to you, complete by Dec. 31 — or actually by Friday, Dec. 30, in some cases since it's the last business day of 2022. 1. Take your required minimum... Read more →
The COVID-19 pandemic ignited an explosion of side hustles, with many folks cobbling together multiple independent operations to replace traditional jobs lost to the virus. The U.S. economy has picked up, and many businesses are forcing bringing their former and work-from-home staff back into the office. But side hustles remain popular. Most side hustle for more than money: Even where they have wage-paying work, many Americans also have side jobs, according to a survey by Insuranks, a small business insurance marketplace. Ninety-three percent of the adults surveyed by Insuranks said they have an added job alongside their main employment positions.... Read more →
Photo by Kay Bell So how was your summer? Yep, that season officially ended today with the start of Meteorological Fall, which runs from Sept. 1 to Nov. 30. Wait, you say. It's not sweater weather yet. You're not alone in still feeling the heat. First day of meteorological fall in USA doesn't look like fall at all in over 90% of the country,just the opposite: One of the hottest September weeks on records is starting with a flurry of 100F in Montana,North Dakota and Washington. Very hot also in Canadian Saskatchewan. pic.twitter.com/HXZXO2YpFL — Extreme Temperatures Around The World (@extremetemps)... Read more →
Summer's winding down, with schools opening their doors across much of the country in just a few weeks. So of course, you're thinking of one last getaway to escape the sweltering dog days. But before you head out to a beach retreat or cooler mountain cabin, take a few minutes for taxes. August is a good time to make some tax moves that could save you some dollars and future headaches. Here are four to consider. 1. Make your tax holiday shopping list: The return this fall of students to classrooms is most welcome by COVID-weary parents who saw much... Read more →
You thought you'd get a break from taxes when summer arrived, didn't you? Sorry. June, the first month of summer, also includes tax deadlines for some taxpayers. If you're a U.S. taxpayer who is living and working abroad, including members of the Armed Forces posted overseas, June 15 is your Tax Day. You must file your 2021 tax return by then. June 15 also is the due date for the second estimated tax payment of 2022. This applies to folks who make money that isn't subject to withholding tax. And some folks in Puerto Rico who suffered through major flooding... Read more →
If you're a young person with a summer job, be aware of the tax implications. (Photo by Andrea Piacquadio) Your teenager has a summer job lined up, and you're thrilled. So is your youngster. But before the young worker heads off for the first day of gainful employment, it's a good idea to consider the tax implications. Here are five common tax issues that young workers, and their parents, face. 1. The teen likely will have to file some sort of tax return. The U.S. tax code is wonderfully egalitarian when it comes to filing. Anyone who makes a certain... Read more →
Photo by Jill Wellington Summer doesn't officially start until the solstice a bit later this month, but that doesn't stop us from celebrating the unofficial arrival of lazy, hazy days today, June 1. But before heading out to the beach, a cool mountain retreat, your favorite amusement park, or distant family members you haven't seen in ages, it's tax time. Yes, Tax Day was six weeks ago for most of us. But even if you got an extension to file your 2021 return, there still are some tax moves you should make or at least consider this month. I know... Read more →
Billowing smoke from the wildfire ravaging norther New Mexico. (Screen shot of video posted on The Weather Channel, provided by Jackson Mathey via Storyful) The Hermits Peak and Calf Canyon wildfires that have merged and been burning a large swath of northern New Mexico for weeks now has been designated as the largest in the state's history. The combined blazes, driven by straight-line winds, have engulfed nearly 300,000 acres, or around 469 square miles, of the Land of Enchantment as of this morning. Only around a quarter of the fire area has been contained, according to InciWeb, a U.S. government... Read more →
For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week, which recognizes the contributions of America’s entrepreneurs and small business owners. The theme for this year's week, which wraps up today, May 7, is Building a Better America Through Entrepreneurship. As part of the May 1 through 7 recognition of small businesses, SBA Administrator Guzman visited nine cities across the United States to participate in, along with SBA local office personnel and local elected officials, celebrations of the country's 32.5 million small businesses. Since taxes are a critical component of small businesses, the... Read more →
Tax things are sort of back to normal. It's April, the traditional month in which our returns are due. And while today's Tax Day is a few a few days late thanks to the Emancipation Day holiday, it's here. So now what? Here are some things to do to take care of your 2021 tax return, and more, on Tax Day 2022. Ultimate tax procrastinators: It's not unusual for millions to wait to file. Last year, more than 21 percent of people who ultimately filed a return did so in the last week before Tax Day, which was delayed until... Read more →
Millions of taxpayers are facing their first tax payment for 2022 on Monday, April 18. No, I'm not talking about any tax due you sent along with the 2021 return you filed or are frantically working on this last week before Tax Day. That money counted toward last year's taxes. I'm talking about the taxpayers who will be paying a separate amount to cover their earnings during the first quarter of 2022. Yep, it's estimated tax time again. And yep, the first payment of the current tax year coincides with any tax due for the previous one, making Tax Day... Read more →
April brings not only spring showers, but also a focus on the annual tax-filing due date. Welcome to the first full week of April, the big month when it comes to taxes. After the two previous delayed Tax Day filing seasons, the Internal Revenue Service is committed to getting back on schedule, at least as far as the deadline for us taxpayers to meet. If you've yet to file your 2021 return, here are five tax tasks to complete as the April 18 filing deadline nears. 1. Decide what you're going to do about your 2021 return. With Tax Day... Read more →
The 2022 tax filing season is off to a strong start. In its first two weeks, from Jan. 24 to Feb. 4, the Internal Revenue Service received almost 16.7 million returns, and processed almost 13 million of them. The most important statistic for these millions of early filers is the refund numbers. Drum roll, please. So far, the IRS distributed more than 4.3 million refunds. The average refund very early this tax season is $2,201. That's the early average. Yours might be more. Or it might be less. In fact, many folks this filing season might find their refunds are... Read more →