Don't Mess With Taxes

Summer's arrival brings longer days and twin tax considerations. 

Ah, June. Such a welcome month. Winter is long gone. The thunderstorms of spring have calmed down. Now we bask in your luxuriant days.

Such adoration of this month is not surprising. June was, after all, most likely named for the Roman goddess Juno, patroness of marriage and the well-being of women.

It's also the month in which we celebrate Father's Day.

That dichotomy isn't that surprising for the month in which three-quarters of its days are represented by Gemini, the twins astrological sign.

It's also the month in the Northern Hemisphere with the longest day of the year. After reaching that pinnacle, the remaining days begin losing daylight.

Multiple tax matters, too: These dualities also apply to taxes this month.

Some taxpayers, notably those who live abroad, haven't had to worry about their annual federal tax return filing deadline until this month. Their Tax Day is June 15. So many of them are now working to finish this annual tax compliance task.

Others, like the millions who filed their returns in April, are focusing on the current tax year. Their shared goal is to find ways to cut the amount in 2022 that they must pay the U.S. Treasury. 

Those finish now vs. done with it approaches are reflected in June's tax tips. There will be pieces of filing advice, along with tax planning moves for the current year. 

Plus, we'll look at how taxes affect some of this month's traditions, such as celebrations of fatherhood, loving couples trading wedding vows, and welcoming the summer solstice.

Whatever your tax status, filing due date, or plans for this first month of summer, do take some time during June to take care of tax tasks. You'll thank yourself next filing season.

Now, so as not to cut into your summer fun any longer, here are the June tax tips. Before they arrive on this consolidated monthly page, you'll find them highlighted in the upper right corner of the ol' blog.

1. Hurricane season preparation tips — The Atlantic hurricane season officially starts today, June 1. The Pacific storm season began May 15, with category 2 Hurricane Agatha hitting Mexico on Monday, May 30. Her remnants could produce a system that could threaten Florida. That means it's time to get hurricane ready, physically, financially, and tax-wise. (June 1, 2022)
2. Tax-smart financial gifts for grads (and the givers) — Got some new high school or college graduates in your life? Here are six financial gifts, most with some tax benefits, that they (and you) will enjoy. (June 3, 2022)
3. 5 tax moves to make in June — June and summer are here! But before you head out to enjoy the season, take some time to make a few tax moves this month that could save you some money. Maybe enough to tack on a few more vacation days later this season. (June 6, 2022)
4. File by June 14 or face an added tax penalty — Were you too busy, or too frustrated, or too broke to file your 2021 tax return and pay what you owed on Tax Day back in April? Then you need to do so by June 14. Once your overdue filing passes the 60-day mark, the Internal Revenue Service adds another assessment. (June 10, 2022)
5. June 15 is Tax Day for more taxpayers — Before you head out to the beach or other activity you choose to celebrate the arrival of summer, take a tax minute. You could be facing a June 15 tax filing deadline if you live and work abroad (that includes military members posted overseas), pay estimated taxes, or are a resident of parts of Puerto Rico hit earlier this year by major storms. (June 13, 2022)
6. Don't fall for any of 2022's Dirty Dozen tax scams — This year's main tax season is over, even for folks who faced a June 15 deadline, but tax scams continue. Don't fall for any of the schemes any time of the year that made 2022's IRS Dirty Dozen tax scams list. (June 16, 2022)
7. Market drop could favor some Roth IRA moves — If you're freaking out because your retirement accounts are diving along with the stock market, you are not alone. But the one positive here is that if you have a traditional IRA, now could be a good tax time to convert it to a Roth IRA. Or, if you're a high-earner, open a back-door Roth before possible legislation removes that option. (June 18, 2022)
8. Tax tips for dads on Father's Day 2022 — Today is dad's day. Enjoy! But when you get back to real parenting life, these three tax tips could help: Determining child-related tax breaks when you're divorced and Parenting resources for single dads and 10 states with child tax credits. (June 19, 2022)
9. AI voice bots offering more IRS services — The Internal Revenue Service has activated new artificial intelligence (AI) bots that now can help taxpayers complete more elaborate tax tasks, such as setting up a payment plan. While we're not quite ready to totally welcome our IRS robot overlords, we are thankful that they're helping reduce some of the agency's frustrating wait times (and hold music) on in-person IRS telephone help lines. (June 21, 2022)
10. White House seeks federal gas tax holiday — If your gas tank can hold out, you might soon pay a little less at your neighborhood gas station's pumps. President Joe Biden has asked Congress to enact a 3-month gas tax holiday this summer. (June 24, 2022)
11. 6 tax holiday shopping tips — Is your state one of the 18 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. (June 29, 2022)

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I know June bugs, like the one pictured above, don't have a catchy, alliterative insect admonition like "busy as a bee" that would work for taxes. But like taxes, you work with what you've got, and for this sixth month of the year, it's June bugs.

While these beetles can damage your yard and plants, they, again keeping with the duality of Geminis, are lovely to look at. So enjoy its iridescent features.

Then, after that pause for a moment of nature, if you're still working on your tax return, feel free to check out this year's earlier monthly tips. The January through May ones are available by clicking on the links below.

And yes, you also can click on the July through December links, but you'll just be greeted by an enthusiastically animated gentleman urging you to, as we (or at least me) say in Texas, "Whoa Up!" His GIF visage will be replaced by appropriate tax tips when those months do arrive.

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