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June 2021 Tax Tips

We made it to the great Tax Day 2021 after-times!
Most of use, that is. For others, deadlines still loom.

Tax tip pencilWe did it! We made it to and through the coronavirus-delayed Tax Day 2021 of May 17. Now what?

Well, that depends.

For some filers, Tax Day is still hanging out there.

That's the case for taxpayers who live in seven states that were slammed by major natural disasters earlier this year. The Internal Revenue Service decided they deserved extra time to finish filing their 2020 tax year returns. And meet other tax obligations.

Then there's Oct. 15. That's the new Tax Day deadline for those who got an extension to file their returns.

As for all the taxpayers who are done with 2020, good for you! I say that with just a tiny tinge of jealousy. OK, a lot of jealousy. However, you still have plenty of tax tasks to take care of these final seven months of 2021.

Regardless of which tax group you're in, don't worry. That's the reason the June Tax Tips exist.

Combination tax tips: Because of the variety of filers and their needs, June again is a crossover month. Dedicated tax tip readers will see some advice here that they checked out earlier this filing season.

But you'll also find some post-filing tips to use if you're an industrious done taxpayer.

And for all of us, there will be some suggestions on how to get a tax-saving head start on our 2021 returns due next year.

Also as in previous months, the featured tips will be highlighted in the upper right corner of the ol' blog. After each tip this month has its time in that spotlight, it will join all the other June tips here on this page. 

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

  1. June tax moves — It's summer! But before you head out to enjoy the season, now a much more open one thanks to increased COVID vaccinations and eased restrictions, take some time to make a few June tax moves that could save you some money. (June 1, 2021)
  2. Tax tips for military personnel — Members of the U.S. armed forces have a lot of responsibilities. One they share with all us civilians is paying taxes. But there are some special tax breaks and considerations, like not having to file until June 15 if they're posted overseas, for our men and women in uniform. Here are some highlights. (June 7, 2021)
  3. Foreign housing tax break for U.S. expatriates — Living abroad can offer adventures and escapes. But one thing expatriate Americans can't get away from is U.S. taxes. Uncle Sam still gets his piece of your torta, der Kuchen or whatever pie is called where you've moved. There are, however, some tax breaks for U.S. taxpayers living and working overseas, including an exclusion for a certain amount of overseas housing costs. (June 9, 2021)
  4. June 15 is Tax Day for millions — Tax Day 2021 for most taxpayers was May 17. But not for all. Millions now are facing the annual federal tax-filing deadline — and more — on June 15. Taxpayers abroad, including military personnel posted overseas, must file their 2020 returns next week. It's also Tax Day for residents of Louisiana, Oklahoma, and Texas who endured February's historic winter storm. And don't forget that estimated tax payment #2 is due on June 15, too. (June 11, 2021)
  5. Don't miss today's estimated tax deadline — June 15 is an estimated tax payment due date. Make sure you e-pay today, or get your mailed 1040-ES voucher and payment envelope postmarked, or you could face late charges! (June 15, 2021)
  6. Take a pre-disaster inventory — Yes, we're officially in hurricane season, but disasters strike year-round and all across the country. The best thing we can do is prepare. Part of that is taking a pre-disaster inventory of your household goods. It will help you with your insurance claims and, if the catastrophe is declared a major disaster major disaster, claim your losses as a tax deduction. (June 17, 2021)
  7. It's storm prep time — The 2021 Atlantic/Gulf of Mexico hurricane season began before the official June 1 start date. Now, just past the month's halfway mark, the third named system, Tropical Storm Claudette, is drenching Louisiana. If you haven't already prepared — physically, financially and tax-wise — for hurricanes or any other natural disasters, now is the time to do so. (June 19, 2021)
  8. Tips and tax breaks for single dads — On Father's Day 2021, here are some helpful resources for all the single dads. They include federal programs to help you do the solo job of caring for and feeding your youngsters, along with some programs that connect you with other single parents where you can share tips and tales of tribulation. And, of course, there are some tax benefits, like the child tax credit, which has been enhanced for tax year 2021. (June 20, 2021)
  9. Tax tips for newlyweds — Weddings are back, thanks to more of us being vaccinated against COVID-19. If you exchanged vows in a June ceremony, or plan to soon, here are some tax to-do's after you say 'I Do.' After the honeymoon, of course! (June 22, 2021)
  10. 5 tests a child must meet to be your tax dependent — Children can add a lot to your life. Love. Pride. Expenses. That last child-related factor can be substantial, but the tax code can help. There are several tax breaks for parents or guardians of youngsters. The key for all is that the youth is an eligible dependent. In some cases, the requirements are tweaked a bit; the latest example is the 2021 tax year changes to the Child Tax Credit. In general, however, a youngster must meet five requirements to be a taxpayer's dependent. (June 24, 2021)

 

June_bug-page-divider


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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Today's Tax Tip

  • IRS TACs holding special Saturday hours for walk-ins — To help taxpayers who can't make a weekday appointment at an Internal Revenue Service Taxpayer Assistance Center (TAC), the tax agency will open some of them across the country on four upcoming Saturdays nationwide. The first Saturday TAC sessions will be this weekend, Feb. 11. The other special openings will be on March 11, April 8, and May 13. Best of all, no appointments needed at any of the TAC Saturdays. (Feb. 8, 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

  • OK, some 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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  • Tax Year 2023 Countdown!

    Happy New Tax Year! Are you ready to file your 2022 tax return? Me neither. But at least this year we're getting some extra time to file and pay any tax we owe. Even better, it's not COVID-19 pandemic related. Tax Day 2023 is Tuesday, April 18. This later date is because April 15, 2023, is on Saturday, and the next business day, Monday, April 17, is Emancipation Day.
    When this Washington, D.C., holiday falls on the day our federal taxes are due, it bumps Tax Day nationwide to the next business day. So this year, we have until Tuesday, April 18, to finish our federal forms and, if we find we owe, come up with the money for Uncle Sam. The states that follow the federal tax calendar, which is most of them, also tend to abide by this date change.

    The countdown clock below should help us from missing out on making important tax-saving moves the rest of this year. Plus, the Tax Moves below the counter will list some timely tasks to take care this first month of 2023, and each of the remaining 11 when they arrive. They'll speed by quickly when you're 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 February, and ❤ to our new 2023 Valentine, the Internal Revenue Service. OK, maybe love for the IRS is a little much, but we at least want to make nice with Uncle Sam's tax collector this month as it goes into the first full, albeit short, month of the tax season. That means some taxpayers will be getting their refunds in February!

    via GIPHY

    With just 28 days, it will mean some full days for both IRS employees, some of whom are still trying to catch up on that lingering COVID-19 pandemic backlog, and all of us who'll file this month. So let's not waste anymore time, and get to some tax tasks for this shortest month of the year!

    Feb. 1: Employers and other third-party payers were to have issued us our W-2 and associated 1099 forms by Jan. 31. If you're still waiting, be patient and give them a tad more time. And don't forget to check your email, as many issuers sent out electronic notices of the online availability forms and other statements you need to file your taxes instead of relying on the U.S. Postal Service.

    Feb. 2: Happy Groundhog Day!

    Fat Groundhog; click image for Groundhog Day details

    The main reason to wait for the correct tax statements is to avoid getting caught in a Bill Murray kind of tax loop, where you have to file an amended tax return because you entered wrong info on your original 1040.

    Feb. 7: Black History Month is celebrated every day this month, commemorating the achievements by black Americans and recognizing the role of African Americans in U.S. history.

    The National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on this month, specifically on Feb. 12, 1909, the centennial anniversary of the birth of Abraham Lincoln, who issued the Emancipation Proclamation twice.

    One of the NAACP's key divisions is its Legal Defense and Educational Fund.
    If you want to support the Fund's work, during Black History Month or any day of the year, you can donate to it and, since it is a 501(c)(3) organization, claim your gift as a charitable tax deduction if you itemize. Sorry, filling out Schedule A is your only option this filing season, since Congress didn't renew the option to claim cash gifts of up to $300 for single filers or $600 for married filing jointly couples directly on Form 1040.

    Feb. 10: Do you work 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, but remember that those tips are 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.

    If you got at least $20 in gratuities in January, you must account for the tips today by using Form 4070 to report last month's tips total to your employer.

    Feb. 12: Are your ready Chiefs, Eagles, and special television commercial fans? It's finally Super Bowl Sunday! Not only will today's 57th Super Bowl decide American professional football's champion, it's also the biggest single betting day of the year. The NFL, like the other professional U.S. sports leagues, have embraced betting. Just remember, if any of your wagers pay off, you owe tax on your winnings. Note, too, that even if your winnings are part of a fantasy sports bet, the associated taxes are very real.

    Feb. 14: Happy Valentine's Day! Do you and your better half file a joint return? Most married couples do. Remember to look over the 1040 carefully before you sign it. When both spouses sign their jointly filed 1040, each is jointly and severally liable for the entire tax amount due. I don't want to spoil your Heart Day celebration, but this means the IRS can come after either spouse for payment of a tax bill, even the husband or wife who is in more dire financial circumstances.

    Feb. 15: Today is the day that the Internal Revenue Service finally can issue refunds to filers who claimed the Earned Income Tax Credit (EITC) or additional Child Tax Credit. But don't spend the money just yet. Even if you're getting your tax refund directly deposited, the IRS' general processing time plus protocols of financial institutions receiving the refunds you’re your tax cash probably won't actually show up in your account until the end of this month.

    Feb. 20: Today is one of the reasons for tax refund delays. It's the Washington Birthday federal holiday, officially honoring George Washington, the Father of Our Country. Over the years, however, this federal (three-day, yay!) holiday has come to commemorate the contributions of all our Commanders in Chief, and is popularly known as Presidents' Day. That means we've got to give another shout out to Abraham Lincoln, who essentially was father of our income tax system, signing into law a tax on earnings to help pay Civil War costs.

    Feb. 24: You're ready to work on your tax return, but you're on a budget. No worries. The IRS and its Free File Alliance partners again offer no-cost online tax preparation and electronic filing to eligible taxpayers at the IRS' special Free File web page. This year, seven tax software companies are participating.

    IRS Free File; click image for details

    The Free File income threshold this year remains at adjusted gross income (AGI) of $73,000 or less, regardless of your filing status.

    Feb. 28: Wow! February really did speed by, especially since we were having so much tax fun. Or maybe you weren't having any fun at all trying to do your taxes yourself, even with software's prompts, and have decided to turn to professional tax help. That's a smart move, and here are some tips on how to find the perfect tax professional for your filing and planning needs. Note, though, that at this point in the filing season, you're likely to be placed at the end of that tax pro's very long client queue, as reputable tax preparers' calendars fill up fast. So again, be patient. You're at least now in tax filing line.

    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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    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 three Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020,
    August-December 2020,
    January-December 2021, and
    January-December 2022
    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:
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    HHS Combat COVID
    USA.Gov COVID Info

February 2023

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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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