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

Tax tips for newlyweds — Everyone loves love! Even the tax man. If you and your beloved have or will tie the knot, here are some tax to-do's to take care of after you say "I do." And, of course, after the honeymoon! (Sept. 25, 2023)
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

Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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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

Hello 🍂 September
Fall is here! OK, not yet, at least not temperature wise, here in Texas anyway. But forecasters say they're on the way, and that promise of cooler days and nights gives up hope.

via GIPHY

As we get ready to literally chill a bit, September also is a great month to make some cool tax moves, like those listed below.
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. The devastating wild fires in Hawai'i and Hurricane Idalia's landfall in Florida's Big Bend as a category 3 storm underscore the need to be/get ready for whatever disaster Mother Nature may bring. In September, that's likely to be more tropical systems. The ninth month of the year generally is the most active of the Atlantic/Gulf of Mexico hurricane season, which runs through Nov. 30.

In fact, today the National Oceanic and Atmospheric Administration (NOAA) National Hurricane Center (NHC) issued an alert for Tropical Storm Gert, bringing up closer to the Climate Prediction Center's updated forecast of 14 to 17 named storms 14 to 17 named storms, with 6 to 11 of those possibly becoming hurricanes.. As many as 5 could reach major status, which is category 3 (like Idalia), 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below 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.
These multi-page collections of posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.

Sept. 4: Happy Labor Day! This celebration of workers' contributions is a federal holiday and day off for many.

via GIPHY

Unemployment rates have dropped and many workers have had success this year negotiating better deals. Continued options to work from home are among the wishes of many employees. But take note that such hybrid arrangements — some days working from home, others at the office — could produce tax complications for workers. One of them is the unwelcome realization that as employees, a home office is not tax deductible.

Sept. 11: If your job is 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. Remember, though, that those tips taxable income

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 if you got at least $20 in gratuities in August for doing a good job 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. 15: It's Tax Day if you're among the millions who must pay estimated taxes. The amount for earnings in June, July, and August that weren't subject to withholding is due. Some estimated tax payers, however, do get more time to make this third quarter payment, but the reason is not one any of would want. Their deadline is delayed because they live in major disaster areas.

Sept. 23: The Autumnal Equinox arrives today at 2:50 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 improvements.

Sept. 30: It's the last day of September. That means if you got an extension back in April to file your tax return, that new Oct. 16 deadline is just weeks away. I get that procrastination is your thing, often with good tax reasons, but you don't have to wait until the very last minute. Again. You can use this last weekend of September to finish up and file your 2022 return.

The easiest way to file any time of the year is electronically. And if your adjusted gross income (AGI) is $73,000 or less, regardless of your filing status, check out Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. It's still operational.

This year, you can select from seven tax prep companies participating in Free File so that you can, as the name says, prepare and e-file your return at no cost.

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 2023 page.

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You also might enjoy these other tax tips from some of my tax-writing colleagues:
JK Lasser 2023 taxes
Dealing With the IRS
JK Lasser 1001 Deductions
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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

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
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 2023

Tell it to the Hill

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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Just in case,
backup countdowns.

Filing Extension Time Left
Hurricane Season Ends In
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