Summertime 2020, and the tax living definitely isn't easy.
If you had requested a filing extension, you'd be blowing me off because you'd have 4½ months to finish up and file last year's Form 1040.
And if you'd finished your filing, you'd be blowing me off because summer! There's plenty of time to worry about this year's taxes later this year.
I would argue that in both cases, you'd be a bit misguided, offer up some post-Tax Day filing tips for procrastinators, as well as other advice for planners, and we'd all continue on with our relaxing summertime plans.
Not June 2020.
By now we're all too well aware that the April 15 deadline for filing your return and paying any due tax has been pushed to July 15 because of COVID-19 precautions and the continuing changes to the tax code due to the pandemic.
So while there will be some 2020 tax planning tips this month, many of June's tax tidbits will look at ways to finish up our 2019 returns since, according to Internal Revenue Service data, a whole lot of us like to wait until Tax Day, whenever that might be, is looming to do our tax duty.
I know. It's not the way I wanted to spend the first full month of summer either, but here we are. And here we go with Filing Season Tax Tips for June.
As with the other months' pieces of tax advice, these June tips are highlighted in the upper right corner of the ol' blog. And as is now standard operating procedure, after each tip has its time in spotlight, it will join all the other June tips here on this page.
Let's get to them!
- 5 tax moves to make this COVID-19 affected June — Hello weird, scary, frustrating June 2020. We're sort of glad you're here, even though the coronavirus means many of us aren't going to be taking a summer vacation and instead are still be messing with our 2019 taxes. Here are 5 ways to start off this extended tax season. (June 1, 2020)
- Interest offers tax savings, costs and more forms — Interest in taxes includes the ways interest paid or interest earned affects your filings. Regardless of whether the interest cuts your tax bill or adds to it, you'll have to deal with more tax forms. Here's a look two interesting 1098s and a 1099. (June 2, 2020)
- More virtual tax settlement days on tap — If you and the IRS disagree on your tax liability, the agency is using technology to make your resolution efforts a bit easier and, in this time of COVID-19, safer. After several successful Virtual Settlement Days in three cities in May, the IRS has scheduled more. They're coming up in June and July in Los Angeles, Atlanta and Washington, D.C. Mark your tax calendars! (June 4, 2020)
- Major disasters could provide tax break — Tropical Storm Cristobal's designation as a major disaster means that some who sustained damages from it now can claim them on their taxes. Here's a look at how using Form 4684 and, just as important, when to file major disaster loss claims. (June 8, 2020)
- The latest COVID-19 risk? Scams — COVID-19 economic impact payments are still being distributed by the IRS. That means crooks are still trying to scam us out of our pandemic relief money. Don't fall for their phishing and other schemes. (June 9, 2020)
- Day camps, COVID-19 and a tax credit — Are day camps in your area opening with special COVID-19 protections? If you determine they will be able to keep your child safe, keep track of the camp expenses. You might be able to use them to claim the child and dependent care tax credit. (June 10, 2020)
- More IRS help on hand — In June, thousands of Internal Revenue Service workers returned to their offices. That brings to 12 the states where the tax agency employees again are working at IRS campuses instead of from home. It also means that the personnel will be plowing through 10 million pieces of backlogged tax mail. (June 14, 2020)
- IRS offers COVID-related tax notice grace periods — With more Internal Revenue Service staff back in their offices, tax notices that weren't sent earlier this year are finally going out. Some of them will include action deadlines that have passed. The IRS says not to worry. Taxpayers are getting more time to deal with these coronavirus-delayed IRS notices. The new due dates to answer notice questions will be, depending on the type of notice, either July 10 or July 15. (June 15, 2020)
- IRS offers COVID payment tracking tips — Are you still waiting for your coronavirus economic impact payment? The Internal Revenue Service has issued additional answers to questions on how to track down your missing COVID cash. (June 18, 2020)
- Child Tax Credit + other parental tax breaks — Father's Day is over, but the tax breaks available to most parents remain. The most popular is the Child Tax Credit, but there are plenty more way the tax code helps you cover the costs of child rearing. (June 21, 2020)
- Returning a COVID relief payment — The IRS sent out some COVID-19 economic stimulus payments to folks who shouldn't have received them. It wants them back and is asking those who erroneously received them to return them. It's a request, not a demand. If you're so inclined to do Uncle Sam a favor, here's how to send back your coronavirus cash. (June 22, 2020)
- Hang on to that COVID-19 White House letter — Remember that letter about your COVID-19 economic relief payment? The one on White House stationery and signed by Donald J. Trump? That's more than just friendly (and seemingly campaign related) from the president. You need to track it down (if you didn't toss it) and store it with your other tax records. It's an official IRS document, Notice 1444. (June 23, 2020)
- IRS allows RMD reversal through Aug. 31 — Many older savers have been watching tax laws as closely as their retirement investments. In recent months, they've seen several tax-friendly measures enacted. This week, they got more mostly good tax news as the IRS decided they can re-do early-2020 required minimum distributions through Aug. 31. (June 24, 2020)
- IRS adding interest to late refunds — There is one tiny silver lining in this coronavirus tax time. If you've yet to get your federal tax refund, when it does arrive it will include some interest that the Internal Revenue Service is adding to amounts issued after April 15. (June 26, 2020)
- Teenagers' summer jobs and taxes — The coronavirus pandemic is hurting job searches by teens looking for summer employment. But wait, says a new report. Hiring looks like it could pick up later in the summer. And after you're hired, you'll need these new-worker tax tips. (June 27, 2020)
- IRS says 7/15 is Tax Day 2020. Time for an extension? — IRS says it's not moving Tax Day again. The July 15 deadline is firm. But if you find you do need more time to fill out your tax forms, then you can get an extension. Added time to file is available not just for individual taxpayers but, as highlighted in Tax Form Tuesday, available to all sorts of entities looking for a filing extension. (June 30, 2020)
Just getting started on your taxes? No problem. You can find the previous months' collected tax wisdom by clicking the links below.
And yes, you can click on May, June and June, too, but you'll just find a guy telling you to whoa up. We're not there yet. Rest assured, those tips will be added as those months arrive.
|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.