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July 2020 Tax Season Filing Tips

July is the new April, according to the official 2020 coronavirus tax calendar.

Tax tip pencilJuly. It's finally here. That means Tax Day 2020 is just a couple of weeks away.

If you've been periodically checking the ol' blog's special Coronavirus (COVID-19) and Taxes page, you know there's been a lot of new tax laws enacted to help us cope with the pandemic.

And, of course, the Internal Revenue Service gave us three extra months to file our 2019 Form 1040 and pay any tax we discovered we owe. That new July 15 deadline is almost here.

That means that a lot of tax tips you were used to seeing earlier in the tax season during a pandemic-free year are reappearing here.

There also are some new ones, many of which deal with special COVID-19 tax law changes.

And then there are some post-filing tips, for those industrious filers who got their 1040s to the IRS before the July deadline. Yes, even during a pandemic, some basic year-round tax considerations remain.

Hopefully, this old and new collection of July tax tidbits will help us get through 2020's extended filing season. Like this year's earlier tax tips, they are highlighted in the upper right corner of the ol' blog. After each tip has its time in spotlight, it will join all the other July tips here on this page. 

But before we can pop the bubbly and celebrate the end of the 2020 COVID-19 filing season — or, more likely for most of us who've put off filing this long already, resign ourselves to getting an extension to file by Oct. 15 — we've got to get through the next two weeks.

Since the deadline is getting ever nearer, as noted by the countdown clock also over in the ol' blog's righthand column, let's get to it!

  1. 6 tax tasks to take care of by July 15 — It's July, meaning that Tax Day 2020 is almost here! But you need to take care of more than just filing a Form 1040 (and paying any due tax) this month. Check out these six tax tasks that must be completed in this coronavirus-affected tax season by July 15. (July 1, 2020)
  2. $1.5 billion awaiting late 2016 return filers — If you didn't file a tax year 2016 return in 2017, you've got until July 15, 2020, to do so. Miss that deadline and the U.S. Treasury gets to keep your money. Plus, take a look at the number of 3-year-old unfiled returns and median refund amounts available in your state in this accompanying state-by-state breakout. (July 2, 2020)
  3. IRS adds more pay-taxes-with-cash locations — They don't have Slurpees, but the additional retailers where you now can pay your tax bill in cash should make that option accessible for more people. While the added access is good, the process remains the same. That means if you choose this cash option, get started soon (NOW!) because it takes several steps — and days — to complete. (July 3, 2020)
  4. IRA & HSA contribution deadline is July 15 — The new 2020 Tax Day of July 15 also is the deadline to contribute to a some tax-favored accounts for the 2019 tax year. The Internal Revenue Service has confirmed that change, assuring folks who want to put money for the prior tax year that they, too, have the same automatic 90-day extension as 2019 tax return filers. (July 5, 2020)
  5. July 10 is deadline for some tax notices — Yes, July 15 is 2020's coronavirus-delayed Tax Day, but Internal Revenue Service's pandemic precautions also created a different deadline in connection with some tax agency notices. In some cases, you must respond to those IRS notifications by Friday, July 10. (July 6, 2020)
  6. Tax return filing checklist, take 2 — Coronavirus-delayed Tax Day 2020 is almost here. If you're among the millions who put off this annual tax task until the rapidly approaching July 15, get started now by checking out this tax checklist to make sure you have all the material you need and have taken into account all your personal filing situations to properly complete your Form 1040. Yes, it's long, in part because it includes Schedule A considerations. (July 7, 2020)
  7. Tax statements you need so you can file — Before you start filling out your Form 1040, make sure you have these tax documents. They're sent to you by others who handled matters that involve taxes, like earnings statements or records of taxes you paid. Depending on your filing situation, you'll need at least a few and maybe a lot of them to finish filling in your return. (July 8, 2020)
  8. Deductions that don't require itemizing — Claiming the standard deduction has always been the most popular tax filing option. And with 2017's tax reform law increasing that amount, even more use it rather than itemize. But there still are some added write-off possibilities, formerly known (apologies to Prince) as above-the-line deductions, that every taxpayer can claim. (July 9, 2020)
  9. 10 often overlooked tax breaks — Still searching for tax write-offs as the filing deadline nears? Regardless of whether you claim the standard deduction or itemize, you also need to look at income adjustments. These tax breaks, still referred to (by me, at least!) as above-the-line deductions can reduce the amount of income that's taxed. And don't forget tax credits, which reduce your actual tax bill dollar-for-dollar. Those are among overlooked tax breaks that filers too often miss in their rush to finish their 1040s. (July 10, 2020)
  10. 10 common and costly tax mistakes — Taxes are complicated, so it's no surprise that we taxpayers make mistakes now and then. But some errors seem to show up regularly. You can avoid these 10 common tax filing errors by taking a little extra care when finishing up your Form 1040. (July 11, 2020)
  11. Making two 1040-ES payments at once on July 15 — The chaos of the current COVID-19 tax season has affected, among many other things, estimated tax filings. Instead of being due on April 15 and June 15, the estimated tax payments for quarters 1 and 2 of the 2020 tax year are due simultaneously on July 15. Here's how to handle these dual 1040-ES payments. (July 12, 2020)
  12. 7 ways to pay your tax bill — Tax Day 2020 is almost here. Most of us think it's the day we must file our 1040s. It is. But more importantly, if you owe it's the day you must pay any tax you owe. You can extend the sending Uncle Sam your return, but not your money. Here are 7 ways you can pay up on July 15. (July 13, 2020)
  13. Paying your taxes through an installment plan — Can't pay Uncle Sam the tax bill you owe? Consider setting up a payment plan with the Internal Revenue Service. The federal tax collector has a variety pay-longer-term tax payment arrangement. Most IRS installment plans start by filing a paper or electronic version of Form 9465 and one of the income verification versions of Form 433. (July 14, 2020)
  14. Get more time to file with Form 4868 — Need more time to complete your Form 1040? Then turn to another Internal Revenue Service document, Form 4868. Filing Form 4868 by Tax Day — July 15 this year — will give you three more months — until Oct. 15 — to finish your tax return. Remember, though, you still must pay any tax that you owe (or make plans to do so in installments) with your extension request. (July 15, 2020)

*****

Just getting started on your taxes? Even though time is short, no problem. You can find the previous months' collected tax wisdom by clicking the links below.

January 2020 Filing Season Tax Tips

February 2020 Filing Season Tax Tips

March 2020 Filing Season Tax Tips

April 2020 Filing Season Tax Tips

May 2020 Filing Season Tax Tips

June 2020 Filing Season Tax Tips

Coronavirus Caveat & More Information
In 2020, we're all dealing with extraordinary circumstances,
both in our daily lives and when it comes to our taxes.
The COVID-19 pandemic and efforts to reduce its transmission
and protect ourselves and our families means that,
for the most part, we're focusing on just getting through these trying days.

But life as we knew it before the coronavirus will return,
along with our mundane tax matters.
Here's hoping that happens soon!
In the meantime, you can find more on the virus and its effects on our taxes
by clicking Coronavirus (COVID-19) and Taxes.

 

*****

Whoa up there, cowboy! Don't leave. Just because we finally reached Tax Day 2020, that doesn't mean we're going anywhere.

It's Weekly Tax Tip Time!

Whoa. Hold on. Brett Eldredge via Giphy

As in previous years, once the annual tax year filing deadline passes, I'll be posting a new piece of tax advice on a weekly basis.

I'm aiming for Friday.  I know, it's the perfect lead-in to weekend tax reading!

And it still will be in the upper right corner of the ol' blog.

UPDATE: And now live for your enjoyment and information, the Weekly Tax Tips!

Many of the items will be for the majority of taxpayers who are done with their tax year 2019 returns and now are looking for ways to trim this year's tax bill.

A few, though, will be aimed at helping those of us who've yet to file get our annual return to the IRS. These tips will target all the folks who got an extension to file by Oct. 15.

The once-a-week tax tips will continue, as they've done in past years, until calendar year 2020 is a wrap. But don't be surprised if a stray weekly tip or two also shows up in the opening week/weeks of January 2021 before I transition to the New Year and the return of more frequent Filing Season Tax Tips.

*****

 

 

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Today's Tax Tip

  • Tax tips for divorcing couples — Marriage can be challenging. When it gets to be too much, and couples decide to divorce, there are tax matters that must be considered. (Sept. 21, 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


  • Hello 🍂 September
    Fall is here! OK, not yet, at least not temperature wise, here in Texas anyway. But forecasters say they're on the way, and that promise of cooler days and nights gives up hope.


    via GIPHY


    As we get ready to literally chill a bit, September also is a great month to make some cool tax moves, like those listed below.

  • Sept. 1: Today is Meteorological Fall, the three months from Sept. 1 through Nov. 30 when days get shorter and cooler, but not cold. It's also the start of the annual National Preparedness Month. The devastating wild fires in Hawai'i and Hurricane Idalia's landfall in Florida's Big Bend as a category 3 storm underscore the need to be/get ready for whatever disaster Mother Nature may bring. In September, that's likely to be more tropical systems. The ninth month of the year generally is the most active of the Atlantic/Gulf of Mexico hurricane season, which runs through Nov. 30.

    Hurricane satellite image

    In fact, today the National Oceanic and Atmospheric Administration (NOAA) National Hurricane Center (NHC) issued an alert for Tropical Storm Gert, bringing up closer to the Climate Prediction Center's updated forecast of 14 to 17 named storms 14 to 17 named storms, with 6 to 11 of those possibly becoming hurricanes.. As many as 5 could reach major status, which is category 3 (like Idalia), 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms.


    You also might want to check out the ol' blog's special Storm Warnings.
    These multi-page collections of posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.

    Sept. 4: Happy Labor Day! This celebration of workers' contributions is a federal holiday and day off for many.


    via GIPHY

    Unemployment rates have dropped and many workers have had success this year negotiating better deals. Continued options to work from home are among the wishes of many employees. But take note that such hybrid arrangements — some days working from home, others at the office — could produce tax complications for workers. One of them is the unwelcome realization that as employees, a home office is not tax deductible.

    Sept. 11: If your job is 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. Remember, though, that those tips 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 if you got at least $20 in gratuities in August for doing a good job as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

    Sept. 15: It's Tax Day if you're among the millions who must pay estimated taxes. The amount for earnings in June, July, and August that weren't subject to withholding is due. Some estimated tax payers, however, do get more time to make this third quarter payment, but the reason is not one any of would want. Their deadline is delayed because they live in major disaster areas.

    Sept. 23: The Autumnal Equinox arrives today at 2:50 a.m. Eastern Daylight Time in the Northern Hemisphere, marking the first day of Fall for all us who don't follow the meteorological fall calendar. Adjust for your time zone, since the equinox occurs at the same moment worldwide. It's also a go-to day to think about home maintenance that will help you weather the coming colder weather. The Inflation Relief Act includes extension of older and addition of new energy-related tax breaks, including some for residential improvements.

    Sept. 30: It's the last day of September. That means if you got an extension back in April to file your tax return, that new Oct. 16 deadline is just weeks away. I get that procrastination is your thing, often with good tax reasons, but you don't have to wait until the very last minute. Again. You can use this last weekend of September to finish up and file your 2022 return.

    The easiest way to file any time of the year is electronically. And if your adjusted gross income (AGI) is $73,000 or less, regardless of your filing status, check out Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. It's still operational.

    IRS Free File; click image for details

    This year, you can select from seven tax prep companies participating in Free File so that you can, as the name says, prepare and e-file your return at no cost.

    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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  • Tax Reading Room

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

  • JK Lasser 2023 Taxes
    JK Lasser 2023 taxes

  • Dealing With The IRS
    Dealing With the IRS

  • JK Lassers 1001 Deductions
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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.

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COVID-19 & Taxes

  • COVID-19
    Coronavirus has wreaked havoc
    on the 2020 and 2021 tax seasons.
    These five Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020
    August-December 2020
    January-December 2021
    January-December 2022
    …and so it continues into 2023
    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

September 2023

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 29 30

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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