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March 2023 Tax Tips

Welcome to the lion's share of tax filing season.

Tax tip pencilRegardless of which animal persona March dons to arrive, this month is roaring with tax activity.

It's the last full month of the annual high tax season, which runs from late January through Tax Day, which this year is Tuesday, April 18. The extra days are thanks to the regular 4/15 date falling this year on Saturday, and the next business day, Monday, April 17, is Emancipation Day.

The extra time to complete our 1040s and, if we owe, come up with the money due Uncle Sam is always welcome. But wise taxpayers know better than to wait until the last minute. That's why millions get to work on their returns every March.

This month's tax tips, which are collected on this page after they have their featured time in the spotlight in the ol' blog's upper right corner, can help, whether you're a tax filing lion or lamb.

All of the tips will be collected here, after they have their featured time in the spotlight in the ol' blog's upper right corner. The tax tidbits can help all y'all tax lions aggressively hunting tax breaks, or timid tax lambs, who'll want to come back here (and the January and February pages, too!) once ewe (sorry, I couldn't resist) finally muster the courage to confront filing.

The tax tips also can help those who, in keeping (sort of) with the animal theme, connect with the Chinese New Year's speedy rabbit representation and have already filed. Some of the advice will help with 2023 taxes that started running when the Gregorian calendar's starting page was turned back in January.

Regardless of the type of tax creature that exemplifies your filing style, check them out to make sure you don't overpay either your 2022 or 2023 taxes.

Since I know you're raring (and, for many, roaring) to get at the advice, here are March's tax tips.

  1. Retirement tax moves to make by Tax Day — In most cases, once the new tax year starts, it's too late to do anything to reduce the prior year's tax bill. But there are some exceptions, particularly when it comes to tax-favored retirement accounts. With around six weeks left until Tax Day 2023, now's the time to make some tax moves that could pay off when you file your taxes, and also when you retire. (March 1, 2023)
  2. VITA and TCE sites offer free tax help — If you want more than tax software, but can't afford to hire a tax professional, check out Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE). These IRS-sanctioned, volunteer-staffed programs can help eligible taxpayers prepare and e-file their returns for free. (March 2, 2023)
  3. Decoding your W-2 — If, like most taxpayers, you have a salaried job, you need your W-2 wage statement to file your tax return. But this document also has lots of information in addition to how much you made and how much in various taxes you paid last year. Here's how to make sense of all those boxes on your W-2. (March 3, 2023)
  4. How to file without a W-2 — If you haven't received all your tax statements by now, you're right to be upset. They're more than a month late. Here's what you can do to get this crucial tax filing data so that you can finish your Form 1040. (March 4, 2023)
  5. Tracking down your tax refund — Most taxpayers, as soon as they file their annual returns, ask the same question: When will I get my tax refund? You can find the answer by using the Internal Revenue Service's Where's My Refund? online tracking tool. (March 5, 2023)
  6. IRS TAC walk-ins welcome on Saturday, 3/10 — Need some in-person tax help? Round 2 of the Internal Revenue Service's Taxpayer Assistance Center Saturday openings is this weekend, March 11. Taxpayers who can't make a weekday appointment at a TAC can walk-in to the open facilities — this time in 32 states, Washington, D.C. and Puerto Rico — from 9 a.m. to 4 p.m. local time. No appointments needed. (March 9, 2023)
  7. Taxes get their due in Oscar-nominated film — OK, not so much a tax tip, as a tip about a tax movie. "Everything Everywhere All at Once," a movie that's already won buttload of awards, including for its stars and directors (yes, plural), could take the top Academy Award prize, best picture. And it's centered around an Internal Revenue Service audit. Art imitating life — sort of; OK, not in the multiverse way, but… — in this zany movie. (March 12, 2023)
  8. Child care credit smaller, but still helpful — Parents got a bigger tax benefit for child care costs last year to help ease some COVID-related financial stress. Those enhancements are gone for 2022 tax returns, but the tax credit still can help working parents cover child (and other dependents') care costs. (March 13, 2023)
  9. Tax filing resources for U.S. service members — Being in the military is stressful enough, but the special tax considerations of service personnel can add anxiety at return filing time. Here are some tax tips and resources for U.S. armed forces members to help them make it through the filing season. (March 16, 2023)
  10. Ways to pay your tax bill — The Internal Revenue Service still accepts paper tax payments, like checks and money orders. However, it prefers that we use one of these 6 e-payment options to settle our tax liability. (March 19, 2023)
  11. 10 common tax filing mistakes to avoid — To err is human. To err when doing your taxes also is all too common. And potentially costly. Here are 10 tax errors to watch out for and avoid. (March 22, 2023)
  12. 10 often overlooked tax breaks — Are you still searching for tax write-offs? Here are 10 deductions and credits, including some that don't require itemizing, that too many taxpayers overlook every filing season. Missing them could be costly. (March 24, 2023)
  13. April 1 is RMD deadline for some. No fooling — Recent retirement law changes have made many changes to how taxes affect our nest eggs, but one remains. The April 1 required minimum distribution (RMD) deadline is still available for those septuagenarians facing their first required withdrawal. (March 27, 2023)
  14. Don't fall for these federal tax refund myths — You're getting a tax refund, so you filed early. And you're still waiting. Your frustration is understandable, but don't let it lead to you falling for these tax refund myths. They won't do anything to get you your cash sooner. (March 31, 2023)

*****

Clover patch

*****

I know, you want all the tax tips. Now. Despite the clover patch above, which might contain a few four-leaf ones, good luck with that.

Yes, you can click on April through December links below. They are live. But they don't have any tips yet because, well, those months aren't here yet.

Instead, you'll be greeted by an animated nay-saying fellow making good use of one of my favorite Texas sayings. Helpful Internal Revenue Service and tax code tips will replace that fun and folksy GIF as the months arrive.

So come back for those months of tax advice once Father Time finally does his thing.

Don't worry. The new months and tax tips will be here before you know it, and for many of us, before we're ready to file our 1040s! Time really does fly when you're having tax fun.

January July
February August
March September
April October
May November
June December

 

 

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Today's Tax Tip

  • Summer's arrival brings sales tax holidays in Florida and Texas — Memorial Day marks the unofficial start of summer. The long weekend also is the start of sales tax holiday season. Texas has three days of no taxes on certain energy- and water-saving products, starting May 27. In Florida, shoppers will start the holiday weekend with sales tax exemptions on hurricane preparedness products, followed season the Sunshine State's wide-ranging no-tax Freedom Summer. (May 27, 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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Tick ... Tick ... Tick

  • Tax Season 2023 Continues!

    Tax Day 2023 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 2022 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when it means we are taking the time to submit a complete and correct return.

    This tax focus shift means the ol' blog will continue to provide filing tips through the Oct. 16 extension deadline. Yep, it's a day later this year, since 10/15 is on Sunday. But I haven't forgotten my organized taxpayer readers, who are looking for ways to reduce their 2023 tax year bills. Yep, that amount already 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 now is in your sights.

    Those on extension should also 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. They'll speed by quickly when you're having tax fun, and aren't we always 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


  • 💐 May 💐 is 💐 here!!! 💐

    Those exclamation marks and emoji bouquets are sincere and deserved. I don't know about you, but I'm more than ready for May flowers.
    Plus, 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 Pick Strawberries Day, Be Millionaire Day (if only!), 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 adjust your paycheck withholding.

    May 5: ¡Feliz Cinco de Mayo!

    Feliz Cinco de Mayo

    Fiestas are always en vogue in Tejas, but the epitome of them is this Mexican holiday. No, it is NOT Mexican Independence Day, and May 5 tends to spur more festivities here north of the border, especially when it comes to imbibing margaritas. With every Cinco toast, remember that the cost of state and federal alcohol taxes are included in the mixing. Your state tax collector also will raise a glass to your fiscal contribution, since sin taxes usually are a revenue bright spot for many states.

    May 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, especially from those Cinco celebrants. But don't forget 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.

    And you, as the server or delivery person, must account for those tips. If you got at least $20 in gratuities in April, you must report the amount by today by using Form 4070 to let your employer the total of the tips you took in last month.

    May 14: Happy Mother's Day!

    Happy Mother's Day

    If you're just this year making up for pandemic paused family visits (side note: May 18 is Visit Your Relatives Day), 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 22: Just because you got an extension to file your 2022 tax return doesn't mean you have to wait until the Oct. 16 deadline to finish it. And you might be able to complete all those forms at no cost. Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance is still operational for, as its name says, free.

    This year, the income threshold is adjusted gross income (AGI) of $73,000 or less, regardless of your filing status. You should be able to find a software that works for you from the seven tax prep companies that are participating.

    IRS Free File; click image for details


    May 26: If you're heading out early today to further extend the already long Memorial Day weekend, be sure to plan for added costs, like the price of getting to your holiday destination. Most travelers this weekend that marks the unofficial start of summer will hit the highways, so even though gasoline prices are at the exorbitant levels they were this time last year, pump prices still will take a bite of travel budgets. Maybe that will get you to look more closely at getting an electric vehicle (EV) before your next road trip. Check out the tax rules to see if your new EV comes with a $7,500 tax credit

    May 29: This Memorial Day as you honor the military personnel 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 Tax Forms 2023 page.

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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.

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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

May 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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