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Don't Mess With Taxes

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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

  • Child Tax Credit online filing portal is open again — An online portal that allowed nonfilers to claim Advance Child Tax Credit amounts is back. These families now can use GetCTC to get the remainder of 2021's enhanced tax break. (May 14, 2022)

  • Tax Tip; click pencil for all tax tip links

  • The 2022 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!

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-… 2022
    You can find medical coronavirus resource links further down this column.

All About Kay

  • OK, some about Kay
    Open sign
    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 2022 continues!

    Tax Day 2022 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 2021 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when we and the agency still are dealing with all the complications of COVID-19 and taxes.

    That's why the ol' blog's focus now is on all y'all still working on returns. But I haven't forgotten my organized taxpayer readers, who are already looking for ways to reduce their 2022 tax year bills. Yep, that amount 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 you're working on.

    Those on extension should 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 of Oct. 17. Yep, it's a few days later this year.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • May has arrived!
    That exclamation mark is sincere and deserved. You've got to love a month that starts with a celebration.

    May Pole Dance via GIPHY


    After the May Day dances are done, the commemorative days just keep coming. There are well-known ones, like Cinco de Mayo, Mother's Day, and Memorial Day, as well as some more obscure ones, like Visit Your Relatives Day, National Smile Day, and my favorite, Eat What You Want Day.

    But even with all these (and more!) celebrations, there's still time to make some money-saving May tax moves. Let's get to it!

    May 1: While May Day isn't a big holiday in the United States, globally the first day of May is a time for celebrating workers' contributions. But that can apply here, too, in connection with some employment-related tax tasks. If you got a big refund or owed more tax than you expected when you filed (or got an extension) last month, today's the perfect time to do paycheck check-up to determine how you should adjust your withholding.

    May 5: ¡Feliz Cinco de Mayo!

    Feliz Cinco de Mayo

    Fiestas are back this year, as more of us have been taken advantage of COVID-19 vaccinations and boosters. Still, be careful out there celebrating this Mexican holiday (and no, it's NOT Mexican Independence Day) that tends to spur more festivities here north of the border. Party responsibly, both when it come to the lingering pandemic and imbibing your favorite adult beverage, likely a margarita, which included the cost of state and federal alcohol taxes. Your state tax collector also will raise a glass to your fiscal contribution, since during the pandemic, sin taxes were a revenue bright spot for many states.

    May 8: Happy Mother's Day!

    Happy Mother's Day

    If you're just this year making up for pandemic paused family visits, give your mom a longer hug on her special day. Love, flowers, and the best of health and happiness to every mother, from the new ones just discovering the joys, tax and otherwise, of new parenthood to those gracefully maneuvering their Golden Years while getting some tax-advantaged help from their families.

    May 10: Eateries are still recovering from the challenges of operating during a national health crisis. Restaurants closed, then opened, then closed again. Others relied on and have stuck with take-out and deliveries. Whether you're dining in or still getting food brought to your house, remember to tip your server or delivery person.

    restaurant check tip iStock
    If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.

    As for servers who now are back on the job, remember that your tips are taxable income. If you worked at least some of March at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use Form 4070 to report your tips today to your employer.

    May 16: Before the seasonal shift into summer, take care of spring tax cleaning. Give away clothing and household goods you no longer use. Your philanthropy could provide you a charitable tax deduction.

    May 23: Kick spring cleaning up a notch. Go beyond housekeeping and house clearing and make those home repairs you've been putting off. Many home improvements, including landscaping, could pay off in by increasing your home's basis, which means your profit for tax purposes will be smaller and stay under the amount that's tax-free when you eventually sell your home.

    May 27: If you're heading out early for the long Memorial Day weekend that traditionally kicks off summer, be sure to plan for added costs, like the price of getting to your holiday destination. Most of us will hit the highways, so even though gasoline prices have come down a bit, they still will take a bite of our travel budgets. Sorry, it's not enough to get Congress to create a federal gas tax holiday. And if you're renting your home to incoming tourists, be sure to pay the state and/or local taxes added to short-term home rentals.

    May 30: As you honor military personnel this Memorial Day who made the ultimate sacrifice, don't forget about their families. There are some tax considerations offered survivors of lost soldiers, sailors, and air crew.

    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 Talking Tax Forms page.

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  • 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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