Turkeys take top billing this month, but you definitely don't want to make
any tax turkey moves that could cost you.
November has arrived. This penultimate month of the year, like everything else in life, is jammed with things that must get done.
During these next 30 days we have holidays, both official like Thanksgiving and Veterans Day, and unofficial like National Doughnut Appreciation Day on 11/5, and which I thought was every day!
But you also need to ask taxes to the mix.
And since it's November, we're running out of time to make moves that could save us on our 2023 tax return filings next year. In fact, the savings could be enough to make next April's Tax Day feel like Thanksgiving all over again.
We are, however, getting close to 2024. So, as usual on tax tips pages, this November collection of advice also will provide some suggestions that will help next year, too.
And as always, the tips will be added here as soon as they are highlighted in the upper right corner of the ol' blog. That way you don't have to worry if you miss a few on their featured days. You'll find them and their links below.
OK, let's get to dishing out some items from our feast of November tax tips menu.
- November tax moves — Get your tax ducks, uh, turkeys in a row this month. These four November tax moves could keep you from running a-fowl (sorry, not sorry) of the tax code. Others could help you hatch some tax savings. (Nov. 1, 2023)
- Tax-favored retirement savings get COLA boost in 2024 — Most of us want to eventually retire. More to the point, we want to spend our post-work days on our terms. That means we need to save before the last day on the job. The Internal Revenue Service has released new numbers on how much we can stash in tax-favored retirement plans in 2024 to help us reach our retirement goals. (Nov. 2, 2023)
- Tax matters on Nov. 7 ballots — Voters in Texas, Colorado, and Louisiana will decide the fate of various tax matters on Nov. 7. In addition, other ballot questions, while not strictly dealing with specific taxes, require voters' OK on how public funds are used. (Nov. 5, 2023)
- Tax credit helps businesses hire veterans — Times are tough for businesses looking for staff. Hiring military veterans is one personnel option. Not only could these workers help keep your company operating, the staffing move also could let you claim the Work Opportunity Tax Credit (WOTC). (Nov. 10, 2023)
- Helping veterans return to civilian life — Nov. 11 is a solemn day to honor military veterans. If you want to do more than attend a Veterans Day ceremony, consider donating to a group that helps service men and women adjust to civilian life. Your gift might also be tax deductible. (Nov. 11, 2023)
- 2024's wider tax brackets — Inflation has dropped, but we're all still complaining about it, except when it helps our taxes. The IRS this month announced a wide range of tax amounts that will go up in 2024 due to inflation, including wider income tax brackets that could lower some filers' tax bills. (Nov. 14, 2023)
- Standard tax deduction amounts get inflation bump for 2024 — Most filers claim the standard tax deduction, especially since 2017's tax reform changes. Here are the 2024 standard deduction amounts that are bumped up by inflation, along with as a look at itemized expenses and exemptions. (Nov. 15, 2023)
- Tax-reducing deductions, credits, & exclusions in 2024 — There's one fun (OK, not totally terrible) part of filing taxes: claiming all the various tax breaks you can. How much tax-reduction help they provide depends in part on amounts that are adjusted each year for inflation. Here are the 2024 tax year figures. (Nov. 16, 2023)
- Tax-related medical costs get an inflation bump in 2024 — Medical costs seem to go up every year (or more often!). The annual inflation adjustments to tax-related provisions in the Internal Revenue Code might be able to help. Here's a look at the changes coming in 2024 to a variety of health-related tax law amounts. (Nov. 17, 2023)
- Inflation eases tax bites in 2024 on capital gains, estates, and other wealth-related income — Money earned from money, such as investment income or a bequest from dear old Dad, is taxed differently than money you make from your job. But inflation also affects this so-called unearned income. Here's what 2024's inflation adjustments mean to the taxes on capital gains, kiddies' income, estates, gifts, and more. (Nov. 19, 2023)
- AMT, household help, & payroll tax inflation changes in 2024 — The Alternative Minimum Tax (AMT) isn't as onerous as it used to be, thanks in large part to the fact that the exemption amount is now indexed for inflation. Here are those 2024 increased amounts, as well as inflation's effect on the nanny tax, and another quick look at next year's Social Security wage base. (Nov. 20, 2023)
- Inflation adjustments that will apply to Americans abroad in 2024 — You can move around the globe, but if you're an American & making money, you can't escape the U.S. tax collector. But some annual inflation adjustments and special housing cost considerations can help with your worldwide tax bill. Here are 2024's changes. (Nov. 22, 2023)
- Form 1099-K reporting is delayed yet again — The Internal Revenue Service has given millions of people whose earnings are paid through third-party settlement orgs (think Venmo, PayPal, etc.) an early Christmas present. The new lower $600 transaction trigger to issue 1099-K forms is on hold for another year, now not until January 2025. Even better, there's a $5,000 reporting phase-in amount set for tax year 2024. (Nov. 24, 2023)
- Tax penalties could add to your IRS bill — No one likes to pay the Internal Revenue Service more than necessary, but that happens when you're hit with tax penalties. So take your taxes seriously, especially when it comes to filing and paying on time, or you could end up owing Uncle Sam more due to these add-ons. Some tax penalties are set, but others face changes every year due to inflation. Here's a look at what's ahead on the tax penalty front in 2024. (Nov. 25, 2023)
- Getting an IP PIN a smart security move — The IRS has made progress in thwarting identity thieves who file tax returns using stolen Social Security or Individual Taxpayer Identification Numbers. One way to stop this crime is for taxpayers to protect their filing identity by using an Identity Protection Personal Identification Number, or IP PIN. (Nov. 30, 2023)
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I see you looking for more Tax, as opposed to Turkey, Day dessert. Well, you've come to the right place, as long as you're trying to find a tax tip from the first 10 months of 2023.
True, you can click on any of the monthly links below, but unless we're beyond or in that month, you'll just be greeted (again) by that GIF of the energetic nay-saying guy, instead of helpful tax tips.
But not to worry. We're in the home stretch of the 2023 tax year. This November page will fill up quickly, all the other seasonal chores notwithstanding. 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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