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May 2020 Tax Season Filing Tips

2020: When May became the new tax season's February.

Tax tip pencilNormally, this tax tip page would be full of post-filing advice. But, as we all know all too well by now, the coronavirus pandemic has made 2020 an incredibly abnormal tax season.

April 15 came and went without a frenzy of individual tax return filings. Those 1040s and lots of other tax tasks that the Internal Revenue Service previously has demanded be done by mid-April are now delayed until July 15. 

That effectively means that with ten weeks until Tax Day 2020, May is the new February. And that means that many of us are really just now getting into gear when it comes to filing our taxes.

Tax time vs. more freedom: This unusual situation where May is part of the active tax season also coincides with some COVID-19 changes.

Some states that had enforced stay-home orders to help slow the spread of the pandemic now are letting up on the lock-down.  That means, we hope, things will start returning to normal, or at least a new normal outside our houses.

That's good, as long as we follow Dr. Anthony Fauci's recommendations are are still cautious and diligent about social distancing!

But it also that means more chances for us to get distracted. If we're not careful, July 15, like the April 15 it's temporarily replaced, will suddenly be bearing down on us.

Taxes 2019 and 2020: So this May, we still need to make some tax moves so that we'll be ready when the filing due date arrives. Or before. As with the regular deadline, the IRS will gladly take your Form 1040 earlier.

We also need to be thinking about what the changes in our lives and jobs mean for our 2020 taxes. This month some of the tips will focus on those moves.

Either way, taxes are still here so here are the ol' blog's first ever May of filing season, not post-filing season, tips.

As with its predecessors, these May pieces of  tax advice are highlighted in the upper right corner of the ol' blog. And as is routine, after each tip's time in spotlight, it will join all the May tips here on this page.

Let's get to them!

  1. 5 COVID relief payment myths — There's no need for a mayday alert, on May Day or any other day, as long as you don't fall for these 5 coronavirus stimulus myths. (May 1, 2020)
  2. May the Tax Fourth Be With You: COVID-19 sequel — In a galaxy very close to home, taxes are always critical. This year, coronavirus considerations offer some different takes on the annual Star Wars' inspired May the Tax Fourth Be With You sequel. (May 4, 2020)
  3. Charitable tax guidelines, COVID-19 changes — The tax rules for donating, along with myriad (and out-of-the-ordinary) ways to give provide philanthropic and tax-saving options for donors beyond May 5's special #GivingTuesdayNow. (May 5, 2020)
  4. May 13 is COVID-19 relief direct deposit deadline — If you want your COVID-19 economic relief payment directly deposited in your bank account act now. Or at least by May 13. That's the deadline to use the Internal Revenue Service's online Get My Payment tool to provide your financial institution info so your coronavirus cash goes there instead of coming to you as a mailed Treasury check. (May 9, 2020)
  5. 6 reasons your COVID-19 payment was short — You got your COVID-19 economic impact payment (EIP). Yay! But it was less than you expected. Boo! Here are some reasons why that might have happened and how you might get the rest … but not until next year. (May 11, 2020)
  6. FSA, other benefit changes under COVID-19 — COVID-19's disruptions continue, this time affecting people's tax-favored workplace-provided benefits. To help ease those problems, the IRS has issued a couple of notices that allow changes to things like medical spending accounts and dependent care assistance programs. The goal is to give employees more flexibility to adjust benefits in this uncertain time. (May 12, 2020)
  7. Homeowner's insurance is tax deductible in some situations — Owning a home is costly. But one of those expenses, your property's hazard insurance, might be at least partially tax deductible. That's the case if you're self-employed and work from home. (May 14, 2020)
  8. Hurricane prep time is here — The 2020 Atlantic hurricane season is off to an early start, just like happened last year. Fortunately, Tropical Storm Arthur didn't cause many problems to U.S. coastal residents. But the early storm is a good reminder that we need to prepare now. Here are some disaster kit tips, as well as financial and tax issues to consider, along with this year's storm names. (May 17, 2020)
  9. File beyond 7/15 with IRS' OK — Tax Day 2020 is three months later than usual thanks to COVID-19 complications. Still, some folks will find they need more time as July 15 nears. No worries. You can still use Internal Revenue Service Form 4868 to get an extension until Oct. 15. (May 19, 2020)
  10. Tax-free COVID payments in most states — Across most of the United States, the federal COVID-19 economic relief payments aren't taxable at any level. However, a handful of states' tax laws mean their residents could see these stimulus amounts taxed at the state level. Some of those states now are taking action to ensure that doesn't happen. (May 20, 2020)
  11. Inflation increase for high deductible medical savings plans — Looking for medical insurance with lower premiums? A high deductible health plan (HDHP) could be just the thing, especially when you add a health savings account (HSA). Here are the IRS' annual 2021 adjustments to this tax-favored medical option. And don't forget you also still have time to up your 2019 contributions. (May 21, 2020)
  12. Some COVID-19 payments are on debit cards — Don't have a bank account? No worries, says the Treasury Department. It's sending out a star-spangled debit card with your qualifying COVID-19 economic relief payment amount loaded on it. So look for the unmarked envelope from MetaBank in your snail mail box and don't throw away the card! (May 22, 2020)
  13. Expat tax break could increase COVID-19 payments — Living in Paris and getting a larger COVID-19 relief payment than you would have if you worked in the United States? That's the deal for some expats, and not just those in The City of Light, thanks to a special foreign income tax exemption. (May 23, 2020)
  14. HSAs mean tax savings & more filing tasks — High deductible health plans (HDHP) and associated health savings accounts (HSA) can help you save medical tax dollars. The health care choice, however, requires another tax task. You'll have to file Form 8889. (May 26, 2020)
  15. Form 1040-X going digital this summer — Good news for taxpayers who want to amend a tax filing mistake: the IRS will accept some 1040-X e-filings later this summer. It's only for 2019 tax corrections, but it's a start. (May 28, 2020)

*****

Just getting started on your taxes? No problem. You can find the previous months' collected tax wisdom by clicking the links below.

And yes, you can click on May, June and June, too, but you'll just find a guy telling you to whoa up. We're not there yet. Rest assured, those tips will be added as those months arrive.

January 2020 Filing Season Tax Tips

February 2020 Filing Season Tax Tips

March 2020 Filing Season Tax Tips

April 2020 Filing Season Tax Tips

June 2020 Filing Season Tax Tips

July 2020 Filing Season Tax Tips

Coronavirus Caveat & More Information
In 2020, we're all dealing with extraordinary circumstances,
both in our daily lives and when it comes to our taxes.
The COVID-19 pandemic and efforts to reduce its transmission
and protect ourselves and our families means that,
for the most part, we're focusing on just getting through these trying days.

But life as we knew it before the coronavirus will return,
along with our mundane tax matters.
Here's hoping that happens soon!
In the meantime, you can find more on the virus and its effects on our taxes
by clicking Coronavirus (COVID-19) and Taxes.

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Today's Tax Tip

  • 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)

  • 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
    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 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 ☘ March.
    Your 2023 arrival is welcome, officially bringing us spring and getting us closer to the end of the main tax filing season. In fact, it's even closer, since this third month of the years also has us spring forward into Daylight Saving Time. So let's not waste any more precious hours and, ahem, march right into this month's tax tasks.


    via GIPHY


    March 1: It's the last full month of the tax-filing season, so that's a good reason to come at our taxes in the proverbial like a lion March entry mode. The first thing to attack like the feline king is the gathering of all the tax statements you'll need to fill out your 2022 return. This includes the paper ones that you tossed on a stack when they arrived, as well as those sent electronically and that you need to download or at least look at.

    March 6: Official tax statements aren't the only things you'll need to help you file. Other documents have information that's relevant to your tax return. So are the answers to some basic life questions. This tax checklist can help guide you as you work on your return. And don't forget about your previous tax return. That prior tax year filing is a good template, especially if your tax life hasn't changed that much.

    March 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.

    March 12: Feeling a bit tired after losing an hour of sleep earlier this morning? I'm right there with you. But I do love the extra end-of-day sunshine.

    Daylight Saving Time clock springs forward

    We can use that late-day natural light to work on our tax returns, including state filings if you, like most U.S. residents, live where state (or District of Columbia) personal income taxes are collected.

    March 15: This date is more than a literary reference. The Ides of March apply each year to many business taxpayers. Today is the tax filing deadline for partnerships (Form 1065 with K-1 or K-3 schedules) and S corporations (Form 1120S, again with the K schedules).

    March 17: Erin Go Bragh and
    Happy St. Patrick's Day!

    via GIPHY

    Enjoy this day, but don't trust lucky charms to get you through tax filing season. Double check your 1040 to ensure you haven't overlooked any tax breaks or made any common filing mistakes.

    March 20: Spring has sprung!

    Spring; click image for the Farmer's Almanac take on the vernal equinox

    That means it's time for spring cleaning. Your gifts won't help with your current tax return, but they could pay off next year as charitable donation deductions if you itemize.

    March 27: If you have a tax-deferred retirement account, such as a traditional IRA or workplace regular 401(k), and are in your 70s, you could be facing a required minimum distribution (RMD) due date in just more than a week. If you turned 72 last year and didn't take your initial RMD by Dec. 31, you must do so by April 1. A quick planning note, too, for septuagenarian savers not yet facing RMDs. These mandatory distributions this year kick in when you celebrate your 73rd birthday, thanks to the new SECURE 2.0 retirement law.

    March 31: This is it. March is over, which for taxes means you best shed your out like a lamb attitude and get to work on your Form 1040. The IRS recommends we file electronically, which will speed up processing of returns and issuance of any refunds. The tax agency also urges taxpayers to check out Free File, the no-cost online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. 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.

    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 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:
    CDC Vaccines
    CDC Booster Shots
    HHS Combat COVID
    USA.Gov COVID Info

March 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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