Light up those tax fireworks!
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!
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
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.
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