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January 2022 Tax Tips

Happy New 2022 Tax Year!
Stop me if you're heard this before, but it's got to be better than 2021, right? Right?!?

Tax tip pencilHello 2022. I cannot tell you how happy I am to see you! And yes, you're reading correctly. This is the exact same thing I said at this point 12 months ago.

Unfortunately, while last year started out with promise, continuing COVID concerns wrecked the year and the tax season, which for some is still ongoing.

But each end of a year brings hope. And I'm trying to be hopeful about 2022. The Internal Revenue Service is, too, as it is planning on Tax Day 2022 happening in April.

Please, brand spanking new 2022, don't disappoint us! Again.

Before we get to Tax Day, though, we have to get the 2022 filing season started. That will be the focus of most of this month's tax tips.

Still not necessarily daily: Over the years that Tax Tips has been a regular feature on the ol' blog, it's undergone some changes. This year, though, we're sticking with the schedule established for the last couple of years.

There's no firm posting schedule, but I'm aiming for at least one a week. During high filing season of January through Tax Day in mid-April, that likely will exceeded.

Most of them, as noted, will focus on getting that 2021 Form 1040 and schedules filled out and to the IRS. But since we're already in a new tax year and our tax liability is now accruing, we'll look in January and every month at some ways to reduce next year's tax bill, too.

And as has been the case for more than a decade, posts that earn the honor of being dubbed official tax tips will be highlighted at the top of the ol' blog's right column, just under the old-school yellow No. 2 pencil tip image.

New monthly tip collections: Another continuation, this one instituted just last year, is the monthly collections of tax tips, where the featured tax tips are archived by month.

Since you're reading this, you know the January 2021 is live. The subsequent months' tip collections will go up when those months arrive. You'll find the links at the bottom of this page.

The change to not call tips simply during or post filing season tips was made because in reality, taxes affect our lives year-round. Some people file in January. Others make the April due date. Some — OK, millions of procrastinators — push their filing back to October by getting an extension.

Then Mother Nature sometimes throws destructive fits. Major disasters delay tax tasks for those in her tornado, flooding, hurricane, blizzard, and more paths.

And, of course, there's unforeseen circumstances, like a global health crisis and pandemic. Will coronavirus cause additional tax trouble this year like it did in 2020 and 2021? I hope not, but….

But let's not dwell on that now. Instead, as noted earlier, let's get this tax tips party started!

  1. Don't miss the Jan. 3 deadline — Yes, 2022 just started, but some taxpayers are facing a very early January tax deadline. Monday, Jan. 3, is the date the Internal Revenue expects filings and payments from businesses and self-employed workers who deferred Social Security tax payments as allowed by a COVID-19 relief law. Also, California taxpayers affected by wildfires in seven counties in the northern part of the state must complete some 2020 tax tasks by Jan. 3. (Jan. 1, 2022)
  2. 4 tax moves to make in January 2022 — Ready to welcome New Year 2022 by making some tax moves? Sure you are! Here are four tax tasks to take care of in January. Plus, a look at where you can find even more tax moves for this first month of a brand spanking new year. (Jan. 3, 2022)
  3. Tax rates and income brackets for 2021 & 2022 — January is the month when tax years collide. We're getting ready to file our 2021 tax year returns, but we're also starting to make plans that, if implemented properly, will reduce our 2022 tax bills. Key information for both years includes the tax rates and income brackets they encompass. You can find 2021 and 2022 tax rates and brackets in the first of the ol' blog's 10-part annual inflation series. At the end of that post, there's a directory to the nine other tax areas affected by annual inflation adjustments. (Jan. 6, 2022)
  4. Business tax returns now can be e-filed — Ready to file your 2021 tax return? If you're an early-bird business taxpayer, then you're in luck. The Internal Revenue Service starts accepting e-filed business tax returns on Friday, Jan. 7, 2022. (Jan. 7, 2022)
  5. Key 2022 tax year dates — The Internal Revenue Service started accepting e-filed business tax returns last week, and the 2022 filing season for individual taxpayers begins Jan. 24. And Free File returns on Jan. 14. In addition to these 2022 tax season filing dates, there also are plenty of other tax deadlines we can mark on our 2022 calendars. Here's a look at some key ones for the full year. (Jan. 10, 2022)
  6. Tax statements needed to complete returns — You fill out IRS forms to file your taxes. But to do that, you need other forms, also known as tax statements, that have specifics on last year's income and expenses. Here's a look at two new federal tax notices for 2021 returns, and some of the most common tax documents that you could/should get this month. (Jan. 14, 2022)
  7. 4th 2021 estimated tax payment due Jan. 18 — Do you pay estimated taxes? Your final 2021 tax year payment is due on Tuesday, Jan. 18. You get a few more days to come up with the money this year thanks to 2022 tax calendar and holiday convergences. (Jan. 15, 2022)
  8. Volunteering tax rules on MLK Day — If you're celebrating the Dr. Martin Luther King holiday by volunteering at your favorite nonprofit, thank you. The time you give on this day of service won't get you a tax break, but some related charitable acts of assistance could be tax deductible. (Jan. 17, 2022)
  9. Why you should file your tax return early — Taxpayers expecting tax refunds typically file their annual returns as soon as they can. But there are some other reasons you might want to get to work on your 2021 Form 1040 sooner than later. Check out these 8 reasons to file early. (Jan. 19, 2022)
  10. Why you should wait to file your tax return — There are lots of procrastinators, especially where taxes are concerned. But sometimes it is a good idea to take your time to finish your Form 1040. Here are 8 reasons to wait to file your 2021 tax return. (Jan. 21, 2022)
  11. Tax Season 2022 is official — Ready, set, file your taxes! You now can, since the 2022 tax season for individual taxpayers officially kicked off today, Monday, Jan. 24. (Jan. 24, 2022)
  12. Why to file, even if you don't have to — Nobody likes filing a tax return, so why should someone who isn't legally required to do so send in a 1040? Because it might mean a tax refund. Here are 10 situations where filing taxes even if you don't have to legally do so can pay off. (Jan. 26, 2022)

*****

Happy new year on gold background

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As I mentioned earlier on this inaugural 2022 tax tips page, as soon as January wraps and all this month's tips fill up this page, I'll move on to separate February through December pages.

You can, however, find on every monthly tax tips page links to all the already posted and yet to come collections.

And yes, you can click on the February through December links below. They are live. But you'll just be greeted by an animated fellow making good use of one of my favorite Texas sayings. Tax info will replace that fun and folksy GIF as the months arrive.

January July
February August
March September
April October
May November
June December

 

 

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Today's Tax Tip

  • Tax-smart financial gifts for grads (and the givers) — Got some new high school or college graduates in your life? Here are six financial gifts, most with some tax benefits, that they (and you) will enjoy. (May 31, 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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Tick ... Tick ... Tick

  • Tax Season 2023 Continues!

    Tax Day 2023 is finally over … unless you're one of the millions who have more time to file — looking at you taxpayers abroad and those in major disaster areas — or you got an extension to file your 2022 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when it means we are taking the time to submit a complete and correct return.

    This tax focus shift means the ol' blog will continue to provide filing tips through the Oct. 16 extension deadline. Yep, it's a day later this year, since 10/15 is on Sunday. But I haven't forgotten my organized taxpayer readers, who are looking for ways to reduce their 2023 tax year bills. Yep, that amount already is adding up, but there are moves you can make. The monthly tips and reminders a little further down this column can help everyone, regardless of which tax year now is in your sights.

    Those on extension should also keep a keen eye on the countdown clock below. It will help you track the days tick, tick, ticking off toward that absolutely final fall filing due date. They'll speed by quickly when you're having tax fun, and aren't we always 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


  • 💐 May 💐 is 💐 here!!! 💐

    Those exclamation marks and emoji bouquets are sincere and deserved. I don't know about you, but I'm more than ready for May flowers.
    Plus, you've got to love a month that starts with a celebration.

    May Pole Dance via GIPHY


    After the May Day dances are done, the commemorative days just keep coming. There are well-known ones, like Cinco de Mayo, Mother's Day, and Memorial Day, as well as some more obscure ones, like Pick Strawberries Day, Be Millionaire Day (if only!), and my favorite, Eat What You Want Day.

    But even with all these (and more!) celebrations, there's still time to make some money-saving May tax moves. Let's get to it!

    May 1: While May Day isn't a big holiday in the United States, globally the first day of May is a time for celebrating workers' contributions. But that can apply here, too, in connection with some employment-related tax tasks. If you got a big refund or owed more tax than you expected when you filed (or got an extension) last month, today's the perfect time to do adjust your paycheck withholding.

    May 5: ¡Feliz Cinco de Mayo!

    Feliz Cinco de Mayo

    Fiestas are always en vogue in Tejas, but the epitome of them is this Mexican holiday. No, it is NOT Mexican Independence Day, and May 5 tends to spur more festivities here north of the border, especially when it comes to imbibing margaritas. With every Cinco toast, remember that the cost of state and federal alcohol taxes are included in the mixing. Your state tax collector also will raise a glass to your fiscal contribution, since sin taxes usually are a revenue bright spot for many states.

    May 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, especially from those Cinco celebrants. But don't forget 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.

    And you, as the server or delivery person, must account for those tips. If you got at least $20 in gratuities in April, you must report the amount by today by using Form 4070 to let your employer the total of the tips you took in last month.

    May 14: Happy Mother's Day!

    Happy Mother's Day

    If you're just this year making up for pandemic paused family visits (side note: May 18 is Visit Your Relatives Day), give your mom a longer hug on her special day. Love, flowers, and the best of health and happiness to every mother, from the new ones just discovering the joys, tax and otherwise, of new parenthood to those gracefully maneuvering their Golden Years while getting some tax-advantaged help from their families.

    May 22: Just because you got an extension to file your 2022 tax return doesn't mean you have to wait until the Oct. 16 deadline to finish it. And you might be able to complete all those forms at no cost. Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance is still operational for, as its name says, free.

    This year, the income threshold is adjusted gross income (AGI) of $73,000 or less, regardless of your filing status. You should be able to find a software that works for you from the seven tax prep companies that are participating.

    IRS Free File; click image for details


    May 26: If you're heading out early today to further extend the already long Memorial Day weekend, be sure to plan for added costs, like the price of getting to your holiday destination. Most travelers this weekend that marks the unofficial start of summer will hit the highways, so even though gasoline prices are at the exorbitant levels they were this time last year, pump prices still will take a bite of travel budgets. Maybe that will get you to look more closely at getting an electric vehicle (EV) before your next road trip. Check out the tax rules to see if your new EV comes with a $7,500 tax credit

    May 29: This Memorial Day as you honor the military personnel who made the ultimate sacrifice, don't forget about their families. There are some tax considerations offered survivors of lost soldiers, sailors, and air crew.

    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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    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
    Need help finding a coronavirus vaccine in the United States?
    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
    CDC Vaccines
    CDC Booster Shots
    HHS Combat COVID
    USA.Gov COVID Info

May 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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