May 2023 Tax Tips

Make May merrier with these post-Tax Day filing, and 2023 planning, tax moves.

OK, maybe a merry tax month is a bit of a stretch. But if you made it through Tax Day without too much damage, then May indeed may be a month of celebration.

To borrow from Thomas Dekker's poem "The Merry Month of May" —

O the month of May, the merry month of May,
So frolic, so gay, and so green, so green, so green!

Sure, the Elizabethan dramatist and pamphleteer was talking about the flora emerging from winter in his poem, which first appeared in Dekker's 1599 play "The Shoemaker's Holiday."

But the green reference also can apply to money, notably for our purposes, tax dollars.

May can be the month you get the refund from your return filed in April.

Or it can be a month of budget tightening as you deal with a shortfall from having to pay the U.S. Treasury more than you expected on Tax Day.

May also can be the month you take steps to make sure this year's tax situaiton, and next year's filing, produce better results than this year.

The tax tips gathered here, after being first featured in upper right corner of the ol' blog, can help. You'll find pieces of advice for folks who missed Tax Day or whose tax deadline has been delayed due to a major disaster or who are done with 2022 taxes and are now working on reducing 2023's tax bill.

So that you may put them to use as early as possible this May, here goes.

Still haven't filed your taxes? Do this now! — Yes, you read this nag friendly reminder right after you missed Tax Day. Now weeks have passed, and the penalty charges, not to mention the 7 percent interest the IRS tacks on, are adding up. Daily. The only way to stop it is to file a return as soon as possible. That's one of 4 tax moves folks who didn't file a return on April 18 need to make. Now. (May 1, 2023)
May tax moves that can make for a merrier month — Sorry to interrupt your May merriness, but you might want to take a brief break to check out these four tax moves to make this month. They could help save you some tax dollars, and that's definitely a reason for merry-making. (May 2, 2023)
Toasting Cinco de Mayo and alcohol tax revenue — Yes, this post originally was published on a prior Margarita Day. But since that adult beverage also is part of Cinco de Mayo celebrations, at least here in Texas, the always animated in every sense of the word Sterling Archer's recipe and the associated federal and state alcohol tax info deserve a toast today. ¡Salud! (May 5, 2023)
Free File is open through Oct. 16 extension — If you got an extension to file, or just missed April 18 Tax Day, you still have no-cost filing options. Free File, the Internal Revenue Service's partnership with the tax software industry is open through the Oct. 16 extension deadline. This year, taxpayers with adjusted gross income of $73,000 or less can use one of the free preparation and e-filing options offered this year by 7 companies. Made too much to use the software? Check out the IRS' Free Fillable Forms. (May 7, 2023)
IRS TAC walk-ins welcome on Saturday, May 13 — Need some in-person tax help? The Internal Revenue Service's final walk-in weekend at selected Taxpayer Assistance Centers is this Saturday, May 13. Taxpayers who can't make it on a weekday should check out the TACs that will be open this coming Saturday. This last group is 45 TACs in 26 states, Puerto Rico, and Washington, D.C., open from 9 a.m. to 4 p.m. local time. No appointments needed. (May 9, 2023)
IRS to resume sending suspended tax notices — The IRS is getting back to business as usual, at least when it comes to notices. It plans to send millions of tax balance due notices related to 2022 filings starting at the end of the month. Then later this year, it will gradually resume delivery of other tax notices it suspended back in February 2022. (May 10, 2023)
10 tax notice tips — Nobody likes getting a letter from the Internal Revenue Service. But if you get one, then the first thing to do is pay attention. Ignoring the notice could get you in more, and more costly, tax trouble. Here are 10 things to do when an envelope with an IRS return address shows up in your U.S. Postal Service box. (May 11, 2023)
Get IRS online withholding help — Now's a good time to adjust your withholding. With more than half a year left, any changes to your paycheck — either more or less take-home pay — won't be so noticeable. The Internal Revenue Service can help you get your withholding just right. Use IRS.gov's Tax Withholding Estimator. Here's what you'll need to make sure the online tool's calculation is correct. (May 16, 2023)
State free e-filing options — If you have to file a federal tax return, you probably have to file a state one, too. Most states follow the Internal Revenue Service's lead in asking their residents to submit returns electronically. Most states also offer free online state tax filing options. (May 20, 2023)
HDHP, HSA inflation bumps for 2024 — Inflation has dropped a bit, but it's still enough to prompt the IRS to make adjustments to high deductible health plan (HDHP) and associated tax-advantaged health savings account (HSA) limits in 2024. (May 23, 2023)
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-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. (May 31, 2023)

*****

If you got an extension to file and are still working on your tax return, feel free to check out this year's earlier monthly tips. The January through April ones are available by clicking on the links below.

And yes, you also can click on the June 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 finally do arrive.

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

Today's Tax Tip

Later estimated tax deadline delayed for disaster-area filers — Sept. 16 is the deadline for most estimated tax payers to make 2024's third payment, but not all. Those who live in a location where tax relief has been granted because of a major disaster get more time. That’s the case 19 states and 2 U.S. territories. Some now have a Nov. 1 due date. Others have until Feb. 3, 2025, to meet their estimated and other tax obligations. (Sept. 13, 2024)
The 2024 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

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 2024 continues!

We made it. Tax Day 2024 is finally over. For most of us. An estimated 19 million taxpayers got an extension to file their 2023 tax year return. That's fine.
In fact, the Internal Revenue Service appreciates some of us spreading out our filings. It gives the agency time to process the surge of returns
that came in on April 15.

But enough about Uncle Sam's tax collector and its issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

The monthly tips and reminders a little further down this column can help you finish up your Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your still adding up 2024 tax bill.

Finally, keep an eye on the countdown clock below. It will help you track yet more days tick, tick, ticking off toward that absolutely final fall filing due date.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

🍁 Hello 🍁 September 🍁
🍂 Fall 🍂 is 🍂 here! 🍂

OK, fall’s not here yet, at least not here in Texas according to still quite-warm temperatures. But forecasters say cooler weather — like highs in the 80s; yes, everything, especially weather, is relative — is on its way, and that meteorological promise gives up hope.

via GIPHY

As we get ready for the promised bit of chill, September also is a great month to make some cool tax moves, like those listed below. So, grab a sweater (or not yet), and let's go!
Sept. 1: Today is Meteorological Fall, the three months from Sept. 1 through Nov. 30 when days get shorter and cooler, but not cold. It's also the start of the annual National Preparedness Month. This year’s theme is “Start a Conversation,” since it's important to talk with your loved ones about potential emergencies. It's also critical to be prepared, as the Atlantic and Gulf of Mexico hurricane season usually peaks in September.

We’ve already had three tropical systems do enough damage to prompt Federal Emergency Management Agency (FEMA) major disaster declarations. The 2024 tropical storm season’s second named storm, Hurricane Beryl, landed as “just” a category 1 on the Texas coast, but still took 38 souls and left Lone Star State residents facing an estimated $30 billion in damages.

Hurricane Debby made two U.S. landfalls, in the Big Bend area of Florida and then again in South Carolina before moving up the Eastern Seaboard, producing disaster declarations all the way up to Vermont. Tropical Storm Ernesto, followed, slamming the U.S. territories of Puerto Rico and the U.S. Virgin Islands, as well as spawning deadly rip tides along East Coast beaches as the storm moved toward Bermuda.

And, coinciding with Meteorological Fall, we’ve still got three months of the 2024 hurricane season to go!

That has coastal residents on edge, since Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 17 to 25 total named storms, which are those with winds of 39 mph or higher. Of those, eight to 13 are forecast to become hurricanes, meaning winds of 74 mph or higher. Four to seven becoming major hurricanes; that’s category 3, 4 or 5, with winds of 111 mph or higher.

Regardless of the count, it only takes one to wreck your world. If you haven’t already, get ready for not just tropical systems, but whatever dangerous weather that’s common where you live. The countdown clock above can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms. You also might want to check out the ol' blog's special Storm Warnings collection of special pages with posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild.

Sept. 2: Happy Labor Day! This annual celebration of workers' contributions is a federal holiday and day off for many.

When you get back to work after this three day holiday, take a few minutes to check the federal tax amount that’s coming out of your paychecks. If you need to adjust your withholding so that you have the most accurate amount of taxes withheld, now is the time to do that. Submitting a new W-4 early this month will mean any changes are spread over the last four months of the year, making any impact less noticeable.

Sept. 3: If you live in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, or Union counties in Ohio, today is your Tax Day. The Internal Revenue Service granted individual and businesses in those counties tax relief since they were declared major disaster areas following a tornado outbreak in March.

Sept. 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 get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

Whether you're dining at your favorite eatery or 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 if you got at least $20 in gratuities in August for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

Sept. 16: Today is the deadline to pay your third installment of estimated taxes. This tax is due on income that’s not subject to withholding, such as investment earnings or contract work. Most estimated tax filers make the payments four times a year. The September payment is for such earnings received in June, July, and August. It’s usually on the 15th, but since that was Sunday, the deadline is pushed to the next business day — today!

Sept. 23: Sept. 22: The Autumnal Equinox arrives today at 8:44 a.m. Eastern Daylight Time in the Northern Hemisphere, marking the first day of Fall for all us who don't follow the meteorological fall calendar. Adjust for your time zone, since the equinox occurs at the same moment worldwide. It's also a go-to day to think about home maintenance that will help you weather the coming colder weather. The Inflation Relief Act includes extension of older and addition of new energy-related tax breaks, including some for residential energy improvements.

Sept. 30: Wow! Where did September go? That’s a good question to ask if you got an extension to file your 2023 tax return earlier this year. The last day of this ninth month means that your absolutely final Oct. 15 due day is another month closer. So you might want to get to work on that Form 1040 now. The easiest way to do do is to use tax software and electronically file.

If your adjusted gross income is $79,000 or less, you should check into Free File, the no-cost online tax preparation and electronic filing program offered by the IRS and its Free File Alliance partners. It’s open through the Oct. 15 extension deadline. This year, eight tax software companies offer programs to qualifying taxpayers.

Note that the Free File $79,000 or less income threshold applies to all filing statuses. If your income is too high, you still can file for free by using Free File's Free Forms option.

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

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 2024 page.

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Taxes for Dummies 2024
Tax Savvy for Small Business

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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 interpretation and 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. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 and 2021 tax seasons.
These five Coronavirus (COVID-19) and Taxes pages have details:
March-July 2020
August-December 2020
January-December 2021
January-December 2022
…and so it continues into 2023
…and, alas, into 2024
You can find medical coronavirus resource links in the next section.

COVID-19 Resources

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

September 2024

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Photo by Kay Bell
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Tell it to the Hill

While it's easy to rail at the IRS, for the most part we can thank — or blame — Congress and the White House for our tax laws. 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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