Don't Mess With Taxes

Summertime, and the living is easy … except when it comes to taxes.

COVID-19 is releasing its grip somewhat in some places. That means millions of Americans are again enjoying summer fun. Unless they still have tax matters to attend to.

That is the case for many. Just like last year, the Internal Revenue Service pushed back the 2021 regular filing deadline to May 17. The dominoes started falling. All over each other.

Combine that with regular extensions until October, other later 2020 return due dates for folks in disaster areas, and new coronavirus tax changes, and the tax lives of millions (and their tax professionals) are still in flux.

July is the last full month for taxpayers in parts of Tennessee and Alabama to file their taxes. Severe storms earlier this year prompted the IRS to give them until Aug. 2.

Then there's Oct. 15. That's the new Tax Day deadline for those who, back in May (or earlier), got an extension to file their 2020 tax returns.

As for all y'all who are done with the prior tax year, congratulations. Now you get to focus on your 2021 tax bill.

Crossover tax tips: Regardless of which tax group you're in, don't worry. The July Tax Tips are here to help so that you still have plenty of summer leisure time, too.

As usual, each featured tip will be highlighted in the upper right corner of the ol' blog. After the pieces of tax advice have their time in that spotlight, they will join all the other July tips here on this page.

And speaking of this page, let's get to it!

1. Return filing events scheduled to help families get early child credit payments — Want to get some of your Child Tax Credit in advance this year, but haven't filed taxes in years? The Internal Revenue Service wants to help. You can get in-person assistance filling out and filing your 2020 tax year Form 1040 at upcoming Advance Child Tax Credit Free Tax Prep Days scheduled this month in 12 metro areas across the United States. (July 2, 2021)
2. Advance Child Tax Credit moves to make in July — Some families who want to get Child Tax Credit money this year need to act now. The same is true if you don't want the Advance Child Tax Credit distributions in 2021. Plus, more July Tax Moves, including for those of us without kids. (July 6, 2021)
3. Opting out of Advance Child Tax Credit payments — Some taxpayers might have to pay back Advance Child Tax Credit amounts next filing season. If that's your case, use the Internal Revenue Service's online tool to opt out of getting the early monthly payments this year. (July 12, 2021)
4. Repayment problems for some Advance Child Tax Credit recipients — The checks distributing around half of the 2021 tax year Child Tax Credit are now hitting eligible taxpayers' accounts. But some might have to repay at least some of these Advance Child Tax Credit amounts. The reason? Changes in your family and/or income in 2021. Find out if you might be among the group to whom Uncle Sam will say "repay please" next filing season. (July 15, 2021)
5. Reasons to file a tax return even if you don't have to — Tax filing is an annual hassle for most of us. But in some cases, the Internal Revenue Service doesn't require a return. Those folks, however, might find filing a Form 1040 is worth it even if they aren't legally required to do so. That's especially true in 2021, with all the COVID-19 relief payments, including the Advance Child Tax Credit, that are being distributed by the IRS based on information in the agency's system. (July 21, 2021)
6. Tax holiday shopping tips — Most U.S. classrooms, despite a COVID-19 Delta variant surge, are planning to welcome students back this fall. Several states also are getting ready with back-to-school sales tax holidays. Here are 6 shopping tips if you go hunting tax-saving bargains. (July 28, 2021)

 

 

Looking for more tax tidbits? All the Tax Tip page links below are live. If, however, you click on a month later in the year, you'll be greeted by a fun GIF of a man enthusiastically telling us to slow down, or Whoa Up! as we say here in Texas, instead of finding Internal Revenue Service and tax code tips.

I know you want to see him, so go ahead and click on December. I promise that tax info will replace that animated fellow when the calendar finally flips to the remaining 2021 months.

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

 

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