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July 2023 Tax Tips

Light up those tax fireworks!

Tax tip pencilThe first full month of summer is supposed to be a time to chill, literally if you can as relief from the season's increasingly hot temperatures.

But July, which already has an historical start with the July 4th celebration of the United States' birth, keeps throwing up tax fireworks throughout the month.

There are tax holidays, new state tax laws, and potential explosions from Mother Nature as we head into summer's tropical storm season and its tax implications when landfalls result in major disaster declarations. 

You can find more about those tax matters in the July Tax Tasks listed in the ol' blog's right column.

Taxes now and in the future: Also this month, we have the regular course of tax tasks, starting with the millions of folks extended their 2022 tax return filings.

While they have Oct. 16 this year to get their 1040 forms to the Internal Revenue Service, Uncle Sam's tax collector will gladly accept the returns early.

Those who are even bigger procrastinators have an earlier deadline. Folks who didn't submit a 2019 tax return back in 2020's filing season and were due a refund must file by July 17. If they miss that deadline, their forfeit their refund money to the U.S. Treasury.

People already done with their taxes, both 2022's and 2019's filings, have some planning to do and moves to make to ensure your already accruing 2023 tax bill is as small as possible. Heck, even if you're still working on last year's return, you need to think about your current taxes, too, so you don't owe more than you should.

These dualities also apply to July's tax tips. This month you'll find pieces of filing advice, along with tax planning moves for the remainder of 2023.

I know, you'd rather be enjoying the summer, but I promise not to take up too much of your time. So let's get to July tax tips now!

  1. Sales tax holiday time in Florida — Florida went sales tax holiday wild last year, and that no-tax state of mind is continuing in 2023. Its Freedom Summer, with no tax on a wide range of recreational expenditures is in effect for a couple more months. Plus, the Sunshine State has three more tax holidays that kicked off on July 1. The Home Hardening Sales Tax Exemption that started last July 1 will run through June 30, 2024, saving homeowners who install impact-resistance windows, doors, and garage doors. Two other Sunshine State year-long sales tax holidays also began July 1, with exemptions on purchases of Energy Star appliances and gas ranges and cooktops from this July 1 through next June 30. And the state's two-week back-to-school summer sales tax holiday starts July 24. (July 1, 2023)
  2. Tax considerations for young workers — Summer jobs are rites of passage for many teenagers. The temporary work allows them to put aside some money for college or buy something from a wish list. The jobs also provide real life lessons on taxes for young workers. (July 5, 2023)
  3. 6 tax and financial tips for new lottery millionaires — Sure, the odds of winning the $650 million Powerball jackpot Monday night are astronomical. Same goes for the Mega Millions drawing on Tuesday that's sitting at $480 million. But just in case your numbers do come up, here are six tax and financial tips to take once you recover from the realization of suddenly being ultra rich. (July 9, 2023)
  4. File 2019 return by July 17 or lose your refund — If you neglected to file a 2019 tax year return back in 2020, and were due a refund back then, you have one last chance to get the money. File that three-year-old Form 1040 by next Monday, July 17, 2023. Miss this fast-approaching deadline, and Uncle Sam gets to keep your tax cash. (July 10, 2023)
  5. Tax breaks that can help businesses with hiring — In my neighborhood, the windows of businesses large and small are plastered with "Help Wanted" signs. My suburban Austin area is not alone. Times are tough for businesses looking to hire, even during the summer when young workers are looking for seasonal jobs. Don't make things harder on yourself. Make sure your company is open to hiring all qualified employees, including those with disabilities. Several tax breaks can help you make your workplace more inviting to all, customers and workers alike. (July 14, 2023)
  6. 17 states have sales tax holidays this summer — Summer's slipping away, meaning schools will resume soon. Seventeen states are offering back-to-school sales tax holidays, the first this coming weekend, to help families save a bit on necessary educational items…and more. (July 17, 2023)
  7. Shopping tips for back-to-school tax holidays — Is your state one of the 17 holding a sales tax holiday this summer? Before you head out to make tax-saving purchases, check out these 6 shopping tips. They could help you make the most of your state's no-tax event. (July 19, 2023)
  8. IRS opening assistance centers, expanding taxpayer outreach — The Internal Revenue Service is putting some of its new funding to work helping taxpayers. It is reopening closed Taxpayer Assistance Centers, opening some new facilities, and making special visits to places off the beaten taxpayer help path. (July 21, 2023)
  9. Tequila and other alcohol excise taxes — Happy National Tequila Day! This marketing-prompted holiday is a good one to look at the margarita recipe I posted earlier this year on, what else, National Margarita Day. In addition to the ingredients for a good, and potent, cocktail, it also includes a look at federal and state alcohol taxes. (July 24, 2023)
  10. Tax tips for newlyweds — Congratulations to all this year's newlyweds! If you and your better half exchanged vows this summer, or plan to do so soon, here are some tax to-do's after you say 'I Do.' After the honeymoon, of course! (July 29, 2023)
  11. July 31 is Tax Day in 4 states — Horrific weather just before April's Tax Day meant major disaster declarations. And that also meant a new, July 31, Tax Day for residents and business owners in affected areas of Arkansas, Indiana, Mississippi, and Tennessee. (July 30, 2023)
  12. 14 states are holding sales tax holidays in August — School is just weeks away. That's why most of the year's back-to-school sales tax holidays are coming up in August. This year, there are 14 tax-saving shopping events. Check out the states, dates, and items before you head to the stores. (July 31, 2023)

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Fireworks_giphy


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So summer fun couldn't keep you from thinking about taxes. I totally understand.

Yes, you can click on any of the monthly links below, but unless we're in that month (July right now), you'll just be greeted (again) by that nay-saying guy's GIF, instead of helpful Internal Revenue Service and tax code tips. 

You can, however, check out the filing season tips posted in the first six months of the year. As for the remaining six, don't worry. They and their tax tips will be here before you know it.

Time really does fly when you're having tax fun.

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

 

 

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Today's Tax Tip

  • Student loan repayment tips — Around 40 million former college students had their loan repayments put on pause during the COVID-19 pandemic. This month, those payments are back on schedule. Check out these 4 tips to help you deal with the resumption of this higher education obligation. (Oct. 1, 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

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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 👻 👻 👻 Ghouls
    Spooky October is here!

    Halloween, of course, is one reason that October is the most BOOtiful month of the year.
    But the impending mid-October extended tax filing deadline, which is on the 16th this year, also is pretty darn scary!


    Flickering Jack O'Lanterns
    Read about the history of jack o'lanterns

    But the October tips below should help at least ease our tax fears this month.

  • Oct. 1: This month, folks who borrowed money to pay for their college courses must start paying it back after a 3½-year pause that began with the COVID-19 pandemic. If you're one of the 40 million who now must come up with monthly payments, these 4 student loan repayment tips might help.

    Oct. 6: The deadline for most procrastinators to file their extended 2022 tax year returns is just 10 days away. If you're going to use this first October weekend to at least start working on that 1040, check out the ol' blog's monthly tax tip links a bit higher up in this column. The January through April ones should be most helpful.

    And since you'll probably file electronically, why not do it the least expensive way. For many, that's by using Free File, the online tax preparation and e-filing option that's, as the name says, free for taxpayers whose adjusted gross income (AGI) is $73,000 or less, regardless of your filing status.

    IRS Free File; click image for details

    It's still operational. You can select from seven tax prep companies that are part of the Free File Alliance and participating at the IRS.gov site.

    Oct. 9: So we're heading into another week and you've still not finished your extended tax return. No judging. I've been there. The good news is that today is the legal, federal Columbus Day holiday or, in many states and cities, now designated Indigenous People's Day. If you don't have to go into work, this is a great day to work on your soon-due tax return.

    Oct. 10: 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 September 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.

    Oct. 16: This is it! The absolutely final deadline to file your 2022 tax year return. Not to belabor things, but in addition to the filing tips mentioned earlier in this October tax tasks list, the IRS has some suggestions on getting the job done.

    Oct. 23: Now that you're finally done with your 2022 return, it's time to work on reducing your 2022 tax bill. One easy step to take now is to review your payroll withholding. If you find, whether you filed this month or back in April, that you owed a lot or got a big refund, you should use the IRS' online estimator tool to make sure a more appropriate amount of income tax comes out of each of 2023's remaining paychecks. If your withholding tweak gets you more money each payday, consider putting some of it into retirement savings, either your workplace 401(k) or a traditional or Roth IRA .

    Oct. 31: Sure, it's Halloween. But even scarier than the ghosts and monsters wandering your neighborhood tonight is the knowledge that we still have another month of the Atlantic/Gulf of Mexico hurricane season ahead of us.

    Hurricane satellite image


    Florida again got whacked by a major "I" storm, Hurricane Idalia, which also did major damage in Georgia and South Carolina. Others have churned out in the Atlantic this fall, so don't let up on storm preparations. The best we can do is be ready for the next system (or whatever possible disaster is common in your area). And we're likely to get at least one more tropical system, since the season officially runs through November. The countdown clock below can help you keep track of how many more days we have to worry about tracking tropical storms.



    If (when) that happens, the ol' blog's special Storm Warnings pages also can help, whether you're preparing for, recovering from, or 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.

    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
    JK Lasser 1001 Deductions
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    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

October 2023

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8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        

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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