Light up those tax fireworks!
The first full month of summer is supposed to be a time to chill, literally if you can spend it somewhere, say a mountain retreat or welcoming beach, getting relief from the season's increasingly hot temperatures.
But July, which already gets off to a fiery start thanks to July 4th celebrations of the United States' birth, keeps throwing up tax fireworks throughout the month.
There are tax holidays, new state tax laws, and potential severe weather explosions, and more. All these events have tax implications, many of which are listed in the July Tax Tasks over 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 those whose were given more time to meet certain tax filing and payment duties due to major disaster declarations in their areas.
Then there are the millions of folks who 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.
People already done with their taxes (yes, we are jealous!) have some planning to do and moves to make to ensure that their already accruing 2024 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 2024.
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!
- Hurricane season 2024 heating up. Get ready now. — Yes, this was the first tax tips for June. But on July 1 the second named storm of the tropical season made landfall, and it was a doozy. Hurricane Beryl was the first category 4 storm to form in June, and when she made her first landfall July 1 on Grenada's Carriacou Island with 150 mph sustained winds, became the strongest hurricane to ever make landfall in the southern and central Windward Islands. If the forecasts that 2024's hurricane season will be the busiest ever holds, and Beryl has many thinking it will, then coastal residents need to get ready. Now. (July 1, 2024)
- Tax moves to make this July — July, the first full officially summer month is here! So are some tax moves you should consider this month, since even though we celebrate the U.S. independence in July, we are never free of taxes. That's why we need to look at our taxes this month and make any applicable and appropriate tax moves. Here are five with something for almost everyone, from tax-free shoppers to donating declutterers to hurricane preppers. (July 2, 2024)
- Summer means sales tax holidays: 6 in July, 13 in August — Summer's just now really getting started, but before you know it, class will be back in session. That’s why several states hold annual sales-tax holidays, tying the events to back-to-school needs. There are 19 tax-free holidays scheduled this summer, with six events kicking off the season in July, and 13 in August. (July 3, 2024)
- Shopping tips for back-to-school tax holidays — Is your state one of the 19 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 5, 2024)
- Government resources and tips to help you handle a natural disaster — Yes, hurricanes again. Hurricane Beryl has entered the Gulf of Mexico, and is expected to strengthen before making her third landfall along the Texas coast. If you’re in the target zone, here are some tips and resources from Uncle Sam to help you get ready. If you’re not in Texas, or Mother Nature threatens your area with other disasters, this information can help you prepare for those, too. (July 6, 2024)
- Avoiding disaster-related scams — Hurricane Beryl barreled into the Texas Gulf Coast early Monday, July 8, morning. Now, scammers will be arriving in the storm’s wake, trying to take advantage of people’s misfortune. Whether you’re in the disaster area, or want to help those who are, these tips can help you avoid falling prey to con artists and crooks. (July 9, 2024)
- Disaster delayed tax deadlines — Horrific weather at the end of 2023 and earlier this year meant major disaster declarations by the Federal Emergency Management Agency (FEMA). And that meant the IRS granted tax relief, including delayed Tax Days, to individual and business taxpayers in those areas. July 15 is the due date for certain tax filing and payment responsibilities of disaster-affected filers in the Wrangell Cooperative Association of Alaska Tribal Nation. The same deadline also applies to eight Maine counties and four counties in Rhode Island that sustained damages from severe storms and flooding. Massachusetts residents of two counties that were hit by severe storms and flooding have until July 31 to make various tax filings and payments. (July 10, 2024)
- First of 6 July sales tax holidays starts today — This weekend, the summer 2024 sales tax holidays start with Mississippi kicking off its weekend event. Five more back-to-school tax-free holidays are or start in July. There are 13 more across the United States in August. (July 12, 2024)
- 10 tips to deal with an IRS tax notice — Recently, the Internal Revenue Service has focused on wealthy taxpayers who haven’t paid what they owe. But that doesn’t mean the rest of us are off the hook. Some tax returns from far-from-rich filers also might catch an IRS examiner’s eye. If an IRS notice does show up in your U.S. Postal Service mail box, these 10 tips can help you handle the IRS inquiry. (July 15, 2024)
- A quick lesson on two educational tax credits — Nearly half of those recently surveyed about the importance of college said the added schooling is worth it only if someone doesn’t take out loans. Another way to get financial help to cover college costs is through tax breaks, like two popular tax credits. (July 17, 2024)
- Project 2025, the purported guide to a second Trump term — Project 2025, the hard-right’s plan for the federal government that was coordinated by the Heritage Foundation has been getting a lot of attention as election day nears. Some say the ultra-ultra-conservative policy document will guide a second Donald Trump term, including (of course) his tax proposals. (July 20, 2024)
- Feb. 3, 2025, tax deadline for Texans in Hurricane Beryl’s path — Hurricane Beryl made landfall on the Texas Gulf Coast on July 8 as a category 1, but that was enough to take lives, damage property, and disrupt the worlds of those in her path. Now, the IRS is providing affected Texas taxpayers some tax relief, including a new Feb. 3, 2025, tax deadline. (July 22, 2024)
- 3 tax takes on the Olympics — There’s always a tax angle, even when it comes to the Olympics. Here are three instances where taxes come into play at the Paris (and subsequent) games, for the competitors and fans. (July 24, 2024)
- Pay taxes on your illegal income — A recent current events newspaper quiz question about a U.S. senator’s bribery trial reminds us that illegal income is taxable income. That’s an Internal Revenue Code provision that the Internal Revenue Service has been reminding us of since its snaring of Al “Scarface” Capone when he didn’t pay federal taxes on his bootlegging operation’s earnings. (July 26, 2024)
- Kamala Harris’ potential tax policy — Vice President Kamala Harris is on her way to becoming to the 2024 Democratic presidential nominee. Although she’s been part of President Joe Biden’s administration for nearly four years, she now gets to make more of a mark. How closely will she follow, or diverge from, Biden's tax policies? (July 28, 2024)
- IRS Whistleblower Office part of National Whistleblower Day events — The IRS Whistleblower Office will be joining National Whistleblower Day events on July 30. So, it’s a good time to share this earlier post noting that the IRS Whistleblower Office helped the agency collect $338 million in fiscal year 2023. However, it still faces a substantial backlog of cases. (July 29, 2024)
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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 by that nay-saying guy's GIF, instead of helpful Internal Revenue Service and tax blog tips.
You can, however, check out the filing season tips posted in the first six months of the year. As for the remaining months, 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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