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Don't Mess With Taxes

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Natural Disasters: Preparing for disasters

No place in the world is disaster proof. Mother Nature unleashes her horrors globally and year round via hurricanes, tornadoes, wild fires, floods, blizzards and more.

This special Natural Disasters Preparation Page, part of the overall Storm Warnings collection of Don't Mess With Taxes blog posts about disasters and the associated tax implications, provides information on what you should do to get ready when Mother Nature is about to turn into Mommy Dearest.

Storm-Warning-Severe-Weather-Warning

So, since time is of the essence when a natural disaster is bearing down on you, here goes with ways to get ready for the various catastrophes that many of us will face at some point in our lives.

 

Preparation

Being prepared is the absolute best first move. Trust me, the hubby and I have been through a couple of hurricanes and our pre-storm planning made dealing with the aftermath much more tolerable.

The National Hurricane Center says when preparing for the natural disaster on which it focuses, you need to develop a family plan, have a place to go to ride out the storm, secure your home and have a pet plan.

All of those apply to every type of disaster.

On the physical front, make sure you family members in potential harm's way know what y'all plan to do in case of a storm.

Where will you go? Stay at home or go to relatives' homes or a shelter? Which relatives? Where is the nearest shelter? Does it accept pets?

Make sure every family member knows his or her role in storm preparation and recovery. Also make clear the steps each takes if your family is separated, for example at work or school, when the disaster hits. Also give every family member a list of important telephone numbers.

For disasters that could require you to do without electricity for a while, have an emergency kit that includes shelf-stable food and plenty of water, not only for drinking but also sanitary use. Don't forget that hand-held can opener! And lots of batteries or converters that can plug into your car's lighter or special outlet for radios and TVs as well as your cell phone.

You also need a financial disaster kit.

Have a credit card with a large enough credit balance to cover an extended stay at a motel if you have to leave your home and friends and family can't take you in, at least for the full term of your displacement.

Have some cash on hand. Your temporary relocation site might not be near a fee-free ATM. If power is out, retailers won't be able to process credit or debit transactions.

Have your insurance documents, for bother your home and auto coverages, handy. Make sure you have your insurance cards and numbers of your agents in case you need to make a claim. And don't forget your medical insurance material in case, God forbid, you need treatment during or after the disaster.

Round up all your other financial documents, such as bank statements, credit card bills, family records (birth, marriage, death certificates), photocopies of credit and identification cards and an inventory of your home, including both the items inside and your surrounding property.

Tax records definitely should be in your financial disaster go-kit. If you do have to file claims for disaster damage, this data will help.

Don't Mess With Taxes posts that have more details are below, with newer ones listed first:

  • Don't be lulled by slow 2022 hurricane season. Prepare now (Sept. 5, 2022; Updated Sept. 15, 2022; Nov. 7, 2022; and Dec. 16, 2022) 
  • Not-Alex provides 2022 tropical storm season warm-up for disaster and tax preparations (June 4, 2022)
  • With Agatha already arrived, it's time to get ready for the rest of 2022's hurricanes (May 31, 2022) 
  • Hurricane Ida is on her way. Get ready NOW! (Aug. 28, 2021) 
  • 6 hurricane prep tips for businesses (Aug. 11, 2021) 
  • Tax-free shopping starts Memorial Day weekend in TX & FL (including storm prep items) (May 26, 2021) 
  • Atlantic hurricane season starts early for 7th straight year (May 22, 2021) 
  • Disaster season 2021 is here. Get ready! (March 24, 2021) 
  • Florida's hurricane prep sales tax holiday runs May 29-June 4 (May 29, 2020)
  • Hurricane season 2020 early start means it's time to prepare (May 17, 2020)
  • A pre-disaster inventory can pay off when filing insurance or tax claims (April 28, 2020)
  • Sales tax holidays still on in Missouri and Texas despite COVID-19 concerns (April 23, 2020)
  • Massive, potentially dangerous storm system underscores need for safety, financial and tax preparations (Jan. 10, 2020)
  • 7 tips to ensure your pets' safety during a disaster (Aug. 31, 2019)
  • IRS and other government resources can help you deal with a natural disaster (Aug. 28, 2019)
  • 4 tax and financial tips on the eve of Hurricane Season 2019 (May 30, 2019)
  • Getting ready, physically & fiscally, for natural disasters (May 21, 2019)
  • Hurricane season 2018 is over, but disasters don't follow calendars so be ready year-round (Dec. 1, 2018)
  • 5 disaster preparedness moves for businesses (Sept. 12, 2018)
  • LA, TX hold tax holidays over Memorial Day weekend (May 24, 2018)
  • Texas sales tax holiday encourages emergency preparedness (April 26, 2018)
  • Snowbound businesses get more time to file tax extensions (March 13, 2018)
  • Alabama kicks off 2018's hurricane sales tax holidays (Feb. 24, 2018)
  • Tropical Storm Otto threatens Central America (Nov. 21, 2017)
  • 4 things to do now as Hurricane Irma approaches U.S. (Sept. 5, 2017; updated Oct. 8, 2018)
  • Catastrophe Savings Accounts (CSAs) offer homeowners in Alabama, Mississippi and South Carolina tax-advantaged way to prepare for storm recovery (June 20, 2017)
  • Texas' emergency preparedness sales tax holiday coincides with 2017 hurricane season's early start (April 22, 2017)
  • Get ready for Hurricane Matthew NOW! (Oct. 5, 2016)
  • Prepare for Hurricane Matthew hit and aftermath (Oct. 4, 2016)
  • Already active hurricane season 2016 is finally official (June 1, 2016)
  • Wet Memorial Day weekend in advance of official hurricane season. Time to get ready for more storms (May 29, 2016)
  • Virginia, Louisiana drop end-of-May hurricane prep tax holidays (May 28, 2016)
  • Texas' April 23-25 emergency preparation sales tax holiday is too late for some Lone Star State shoppers (April 22, 2016)
  • Tax prep before disaster strikes (June 17, 2014; Bankrate.com)
  • Tornadoes. Again. Be prepared, physically and on tax front (June 17, 2014) 
  • Preparation is key as severe weather seasons overlap (July 7, 2014) 
  • Tax holidays on tap for hurricane prep, Energy Star appliances  (May 23, 2014)
  • California wildfire season has arrived, reminding us that it's time to prepare for it and other natural disasters (May 3, 2013) 
  • Tax records at top of one Superstorm Sandy survivor's evacuation list (Nov. 13, 2012) 
  • Last-minute hurricane prep tips (Oct. 28, 2012)
  • Take a pre-disaster inventory of your home (May 27, 2012; updated May 25, 2018)
  • TS Alberto threat fizzles, providing time to get ready for 2012 hurricane season (May 21, 2012)
  • Hurricane season 2012 arrives early as Alberto forms off South Carolina coast (May 19, 2012)
  • Fire break, or getting a "go bag" ready (Sept. 6, 2011)
  • Get disaster help from the IRS; Before storms strike, prepare! (June 1, 2011) 
  • Insurance tips for storm season (Aug. 21, 2008)
  • Time to prepare for Mother Nature's less maternal side (May 24, 2006)     

Looking for more or other disaster info? Check out the separate Storm Warning pages on steps to make your recovery smoother and quicker, how to donate to groups that help disaster survivors, general storm stories and information and additional disaster resources.

 

 

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Today's Tax Tip

  • 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)

  • 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.

My Other Accounts

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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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    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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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  

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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