• Home
  • Table of Contents
  • Tax Tips
  • Credits
  • Deductions
  • Refunds
  • State Taxes
  • Politics/Laws
  • Tax Terms
  • Archives

Don't Mess With Taxes

Translating taxes into money-saving English

Home Table of Contents Tax Tips Credits Deductions Refunds State Taxes Politics/Laws Tax Terms Archives

March 2017 Daily Tax Tips
In like a lion, out like a lion.

Tax_tip_icon_pencil_point

You know the old saying about March, "In like a lion, out like a lion."

Wait. You say that's not right?

Well it is when it comes to taxes. March is hunker down time, like a lion waiting to pounce, as million of us taxpayers finally start to focus on our annual tax task.

What if you've already filed your 1040?

Good for you. You can afford to be more of a tax lamb, calmly making your tax plans to ensure that what you'll owe Uncle Sam on your 2017 return is as small as possible.

For you this month we'll have some tax planning items sprinkled amid our regular filing tips.

Just as with January's and February's tips, this page will collect all the tax advice that's highlighted in the upper right corner of the ol' blog each March weekday.

So whatever your March animal avatar is, let's get to it!

  1. What to do if you're missing your W-2 — Yikes! You're still waiting for your W-2 so you can file your taxes? Here's what to do about that missing wage statement. (March 1, 2017)
  2. Where's your tax refund? — That's a question millions of filers are asking. Some are confused because of refund myths that are still making the rounds this tax season. But the good news is that if you're looking for your federal tax cash, there's an app and other online tools for finding the answer. (March 2, 2017)
  3. Watch out for these Dirty Dozen tax scams — Tax filing season is tax scam season. These 12 criminal schemes have been around for years because, sadly, they work. Don't fall for these oldies and baddies. And also be on the lookout for a new one now that the IRS is again using private bill collectors to get money from some delinquent taxpayers. (March 3, 2017)
  4. Life changes that could affect your withholding — The information you provide on your W-4 form determines how much income tax is withheld from your paychecks. When your life changes, it's probably time to fill out a new W-4. Here are some common situations that prompt adjusting your withholding. (March 6, 2017)
  5. Deductible medical costs — Going to the doctor is never fun, but the tax consolation is that you might be able to deduct some of your medical expenses if you itemize. This includes copays and payments you make to meet your insurance's deductible. But there are some other less common medical costs that could count, too. (March 7, 2017)
  6. 10 things that aren't taxed — What does the Internal Revenue Service tax? Just about everything. Earned and investment income. Gambling and prize winnings. Barter payments. Even ill-gotten gains (right, Scarface?). But despite the wide net that Uncle Sam's tax collector casts, there is some money that he doesn't get to reel in. Here are 10 examples. (March 8, 2017)
  7. $1 billion in unclaimed 2013 refunds — Lots of folks are anxiously awaiting their 2016 tax refunds, but around a million also are due money from Uncle Sam in connection with tax returns they didn't file three years ago. But to get your part of the $1 billion the IRS wants to refund, you must file your 2013 return by this April's tax deadline. (March 9, 2017)
  8. 5 ways to spend your FSA — Have a medical flexible spending account (FSA)? Does your employer give you until the March 15 grace period deadline to use the account money? Here are some ideas on how to spend your FSA money in the next few days so you don't lose it. (March 10, 2017)
  9. Tax break for short-term home rental — Is your city hosting a special happening, like South by Southwest (SXSW) here in Austin or some of the college basketball games that are part of the NCAA March Madness tournament? You could make some tax-free money by turning your home into a short-term rental during the big event. (March 13, 2017)
  10. Tax tips from athletes in tax trouble — The sports' focus for the next month is on college basketball. But the young men playing in the March Madness NCAA basketball tournament — and all of us, in fact — can learn some important tax lessons from pro athletes who found themselves in trouble with tax collectors. (March 14, 2017)
  11. How does the AMT work? — The Alternative Minimum Tax (AMT) is a parallel federal tax system that was created almost 50 years ago to make sure rich taxpayers couldn't zero out their Internal Revenue Service bills. The AMT, revised in 2012 so that exemptions are now adjusted for inflation, has its own tax rates and limited deductions. Donald J. Trump had to pay more than $30 grand in AMT in 2005, but you don't necessarily have to be a millionaire to fall into its clutches. (March 15, 2017)
  12. 10 IRS notice tips — You definitely didn't want to see that envelope with an Internal Revenue Service return address in your snail mail box. But don't panic. It's probably one of the tax agency's basic notices seeking just a bit more information about your tax return. And in many cases, the matter can be quickly resolved. (March 16, 2017)
  13. Tax help for helping an elderly parent — Some senior citizens depend on help from groups like Meals on Wheels. Others get substantial support from their families. If you or an aging relative is in the family help category, make sure the caregiver checks out the possible tax breaks for taking care of mom or dad in their Golden Years. (March 17, 2017)
  14. Tax breaks for making your home energy efficient — A new, warmer season has arrived. That means it's time to spring into action when it comes to residential energy-saving tax breaks. There's the one for energy upgrades to your home that you might be able to claim on your 2016 return. For 2017 through 2021, certain solar energy systems get an even bigger tax credit. (March 20, 2017)
  15. Timing and your capital gains tax rate — When to sell? That's the key question investors always must ask in determining how to cash out at the most profitable time. But your asset selling time frame answer also affects how much tax you'll owe Uncle Sam. Generally, more patient investors will face a lower tax bill. (March 21, 2017)
  16. FSAs, HSAs and taxes — Medical expenses can take a big bite out of your wallet. However, a couple of special tax-advantaged accounts — flexible spending account (FSA) and health savings account (HSA) — are good remedies for both your doctor and tax bills. (March 22, 2017)
  17. Picking the proper Form 1040 — Form 1040 is the granddaddy of Internal Revenue Service documents. It's the one that millions of us complete to report our income and figure any associated federal taxes or refunds due. There are, however, three versions of 1040. Picking the one that best fits your tax situation will make filing easier and could save you money. (March 23, 2017)
  18. 6 tips for new taxpayers — Filing a 1040 for the first time? Don't panic. Here are six suggestions to help you make it through your initial contact (and future ones, too!) with the Internal Revenue Service. (March 24, 2017)
  19. Donating your RMD to charity — Do you have to take a required minimum distribution (RMD) from a traditional IRA or other tax-deferred retirement account? The tax code also offers a way to meet that mandatory withdrawal without owing tax. You can donate your RMD directly to a qualified charity. (March 27, 2017)
  20. Capital gains tax on collectibles not that low — You're thinking of selling that coin your numismatic grandpa gave you years ago. An internet search shows it's worth a decent amount. Even better, your profit will be taxed a lower capital gains rate. But it's not as low as you might think. Collectibles held for more than a year are taxed at a long-term capital gains rate of 28 percent instead of the commonly cited 15 percent or 20 percent rates. (March 28, 2017)
  21. Valuing deductible donated goods — You cleaned out your closet and are headed to your favorite charity to donate the items. So how much can you deduct? The Internal Revenue Service says the fair market value of any clothes or household goods that are in good or better condition. These valuation guides can help you arrive at the IRS-acceptable dollar amount. (March 29, 2017)
  22. Home repair or home improvement? — Not only are there differences between home repairs and home improvements, the designation makes a difference in your taxes. (March 30, 2017)
  23. Claiming the regular or simplified home office deduction — Maintaining an IRS-approved home office can help reduce your sole proprietor tax bill. But do so typically entails a lot of record keeping. Some small business owners, however, might find that the simplified home office deduction works just find for them. (March 31, 2017)

Want more tax tip goodness? You got it!

Below are links to all the 2017 monthly daily tax tips pages. So far, we've got January, February and here on this page March. When April arrives, that text below will be linked, too.

January 2017 Daily Tax Tips

February 2017 Daily Tax Tips

April 2017 Daily Tax Tips

Can't get enough tax tips? Check out Don't Mess With Taxes' continually expanding collection of year-round tax tips and money moves.

Weekly Tax Tip

  • End-of-year tax tips — 2019 is almost over! When you have some time between holiday parties and shopping, check out these business tax moves. Individual filers also will find in this post some links to year-end tax moves they should make, too. Happy holidays and smaller tax bills for all! (Dec. 7, 2019)

  • Tax Tip; click pencil for all tax tip links

  • Check out all the latest post-Tax Day tax advice in the 2019 edition of Weekly Tax Tips. Many of these once-a-week tips will focus on planning moves to cut your 2020 tax bill. If, however, you're working on a filing extension for your 2018 return, you can get a refresher of the 2019 Filing Season Tax Tips at their respective monthly pages: January, February, March and April.

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.

My Other Accounts

Sponsored Links

Tick ... Tick ... Tick

  • Tax Year 2019 Countdown
    It's over! The final 2018 tax year extended filing deadline has passed, unless you get more time because your filing was affected by a natural disaster like Tropical Storm Imelda. For most of us, though, the passage of Oct. 15 means it's time to focus on the tax return we'll file next year. We have until Dec. 31 this year to make moves that will reduce our already accruing 2019 tax bill. The countdown clock below will make sure you don't miss these crucial actions or any tax deadlines.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks


  • monthly tax moves


  • Ho, Ho, Ho! You better watch out.
    You better not cry. But you better make some year-end tax moves this December or April 15 could turn out to be the tax equivalent of Santa Claus putting coal in your stocking!

    Santa Claus is watching YOU!
    Click image to hear a musical Santa message from Bruce Springsteen.

    OK, St. Nick can't deliver a festively wrapped tax return for you (unless he's even more magical than I think!) to file next year, but he does have a tax connection. His tracking of naughty and nice boys and girls basically is the same method that the Internal Revenue Service uses. That's why we all need to be nice, especially to ourselves, in this final month of the year by making some important tax-saving moves.

    Dec. 1: Earlier this year, we made it through the first filing season under Tax Cuts and Jobs Act (TCJA) provisions.
    If things didn't turn out so well for you, now's the time to find a tax preparer who can help ensure your 2019 return filing goes more smoothly. By picking the perfect tax professional before the coming tax-filing season rush, your adviser can help make sure don't miss any year-end deadlines that could affect your final tax bill.

    Dec. 3: Did you get a part-time seasonal job to earn extra cash for the holidays?
    If you're paid as a contractor instead of as an employee, remember that you'll be responsible for income taxes due on the money, as well as any self-employment taxes. The same tax considerations also apply if you're part of the gig economy, but you'll also want to check out ways to maximize your side hustle earnings.

    Dec. 7: Medical itemized deductions survived the TCJA changes, but there's still a limit on how much you can claim on Schedule A. In 2018, that threshold was 7.5 percent of adjusted gross income. But unless Congress acts soon, you'll need to have health-related expenses of more than 10 percent of your AGI before you can claim them. Start tracking down those receipts now!

    Dec. 10: Does your job, either full-time or seasonal, include tips? If so and you received at least $20 in gratuities in November, use Form 4070 to report them today to your employer.

    restaurant check tip iStock
    Click image
    to calculate how much to leave your server.


    And don't forget to include the value of out-of-the-ordinary tips, such as event tickets or gift certificates that are common this holiday season.

    Dec. 13: What's scarier than Friday the 13th? Falling for one of these 13 tax scams. Remember, con artists are working every day to steal your identity and money. Be careful out there!

    Dec. 18: School may be out for winter break, but doing some tax homework now can earn you a top tax grade. Pay tuition for 2019 classes that will start in the first quarter of next year by Dec. 31 and you can use those costs to claim the American Opportunity Tax Credit.

    Dec. 21: It's the last weekend before Christmas! That means holiday treats, final decorations and frantic, crowd-fighting last-minute shopping! Or you can make some easy tax-favored gifts, like opening a Roth IRA for your child or grandchild who earned some money from a summer or after-school job.

    Dec. 24: Christmas Eve!
    No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!

    Santa Claus is on his way!
    Click image to watch
    Santa's delivery route as tracked by NORAD.


    Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
    Just enjoy the holiday and your family and friends.

    Dec. 26: Happy Boxing Day. This unofficial holiday on St. Stephen's Day is celebrated by additional giving. If you donate to your favorite charity on this day or any other by the end of the year, you can claim the itemized deduction when you file your return next spring … as long as you follow the IRS' donation tax rules.

    Dec. 31: This is it. The drop-dead deadline to make most 2019 tax moves. So do a quick check.

    Although the TCJA now limits — and eliminates — some itemized deductions, depending on your personal filing situation you might want to look at Schedule A options. It could still be worthwhile to make your January mortgage payment early so you can deduct the loan interest this tax year. Ditto with your property taxes if you're not near the $10,000 cap.

    Don't forget to zero out your medical flexible spending account (FSA) if your employer doesn't offer a grace period or rollover. And if you must take a required minimum distribution (RMD), do so — or directly donate it — by year's end.

    Done all that and more, like checked out all the deductions that don't require iteming? Great! Now go out and have fun at your New Year's Eve party.

    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.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

  • Numbers
    Taxes are all about the numbers.
    Check out these (mostly) weekly
    By the Numbers figures.

Advertisements

What are you looking for?

  • Looking for something in particular? Start with the Table of Contents.
    Or check out the Archives, where you can review posts by month and category. Or enter specific keywords in the box below to search
    Don't Mess With Taxes.

Search

Subscribe:
E-mail, RSS or both!

  • Enter your Email


    Powered by FeedBlitz
  • RSS

Mapping Your Tax Route

  • Do you get lost doing your taxes? Check out the Taxpayer Advocate Service's Taxpayer Roadmap.

    Taxpayer Advocate Taxpayer Maps 2019


    This publication, designed along the lines of a subway map, shows the many routes and detours of a taxpayer's journey through our elaborate Internal Revenue Code and the Internal Revenue Service's enforcement of our tax collection system.

Sponsored Links

  • The Truth
    About Paying Fewer Taxes
  • Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for all y'all.

    Look for it on bookstore shelves
    or order a copy (or two!) from
    Amazon or Barnes & Noble.

  • TruthAboutTaxes
  • Find out more about my book and excerpted chapters at the FT Press
    Truth About Paying
    Fewer Taxes
    Web page
    .

  • You can read more
    of Kay's tax insights in ...


  • Kay Bell helps you build
    a solid tax foundation in
    "Personal Finance: An Encyclopedia
    of Modern Money Management"




    Kay Bell breaks down taxes and
    estate planning for millennials in
    "Future Millionaires' Guidebook"



    A collection of Kay Bell stories
    is included in
    "The Gambler's Guide to Taxes:
    How to Keep More
    of What You Win"




  • Tax Reading Room
  • Don't Mess With Taxes
    is an Amazon Affiliate.

    If you click on the product links above and/or buy the items,
    I will be compensated.

Kudos Et Cetera

  • Association for Women Clarion Award Winner
    National Association
    for Women in Communications

    Winner, Best Personal Blog
    2012, 2014 & 2017

  • Plutus Award Winner
    Plutus Financial Bloggers Awards
    Celebrating the Best
    in Personal Finance

    Winner, Best Tax Blog
    2011 & 2013


Sponsored Content

I gotta tell ya ...

  • AKA Disclaimer:
    I am a professional journalist who has been covering tax issues since 1999.
    I am not a professional tax preparer.
    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.

©©©©© & ®®®®®

  • Don't Mess With Taxes®
    is a registered trademark
    of S. Kay Bell.

    All content on this site is
    © 2005-2019 S. Kay Bell
    dba Write Here, a division of
    SKB Editorial Services, LLC

  • And a bit of housekeeping.
  • Note 1: Some of the links on this site
    are affiliate links. That means that
    if you click through from
    a Don't Mess With Taxes link
    and then buy the product,
    I receive a commission.

    Note 2: Links to outside content
    might become inactive due to changes
    at the copy's originating website.
    If you discover dead links, please e-mail me the details. Thanks.

    Note 3: The banner art for the ol' blog
    is courtesy Pictures of Money
    via Flickr Creative Commons.
Blog powered by Typepad
Member since 11/2005

December 2019

Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        

..................................................



  • .................................................................


  • Don't Mess With Taxes •
  • Powered by Typepad
Top