November 2024 Tax Tips

It's Turkey Time! But you don't want any tax turkeys this month that could haunt, and cost, you next filing season.

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. To be honest, that's every day in our house!

But you also need to ask taxes to the mix.

Since it's November, we're running out of time to make moves that could save us on our 2024 tax return filings next year. But if we do take advantage of some tax-saving moves this month, next April's Tax Day could feel like Thanksgiving all over again.

And since 2025 isn't that far off, we'll also look at some things to consider for that coming tax year, such as inflation adjustments for a slew of tax matters. Knowing what will change as far as your tax bracket, standard deduction amount, retirement benefits, and other areas can help with year-end tax planning.

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.

Nov. 1 is extended tax filing deadline for disaster-area taxpayers in 8 states — Mother Nature has been on a tear in 2024. Catastrophes all across the country have led to disaster declarations and federal tax relief, including later filing deadlines. Nov. 1 is the new due date for taxpayers in parts of 8 states who got extension to file their 2023 tax returns. (Nov. 1, 2024)
Older workers get biggest retirement benefits boost from law changes, inflation adjustments — 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. Tax law changes and new IRS inflation numbers on how much we can stash in tax-favored retirement plans in 2025 can help us reach our retirement goals. (Nov. 2, 2024)
Some tax penalties increase in 2025 due to inflation — Take your taxes seriously, especially when it comes to filing and paying on time, or you could end up owing the IRS more due to penalties. 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 2025. (Nov. 3, 2024)
Don’t overlook tax questions on ballots across the United States — The candidates’ aggressive politicking this election cycle might have distracted you from other things on your ballot, like a tax question. Here’s a roundup of local and state initiatives, with, of course, a focus on tax, you might see when you go to your polling place. (Nov. 4, 2024)
5 November tax moves — It’s November! First task this month is voting. If you’ve finished with that civic duty, then it’s time to get your tax ducks, uh, turkeys in a row. Some tax moves this month could keep you from running afoul (a-fowl? Sorry, not sorry.) of the tax code, and in fact could help you hatch some tax savings. Here are five tax moves to get you started. (Nov. 5, 2024)
2025 tax inflation series, Part 1 — 2024 is still around for a few more weeks, but it’s also a good time to look at 2025 tax planning. Some tax actions are based on inflation changes. A couple, tips number 2 and 3, already have made into this month's list. But here’s a look at which tax brackets next year’s income will fall. It’s also the start of the 10-part tax inflation series, with a directory at the end to the other nine posts. (Nov. 8, 2024)
Hiring veterans could get your company a nice tax credit — The Nov. 11 annual commemoration of all that military veterans have done for our country also is a good time to recognize what they still contribute to the U.S. economy. And companies that hire veterans might be eligible to claim the Work Opportunity Tax Credit (WOTC). (Nov. 11, 2024)
Second ERC VDP ends Nov. 22 — Did you discover you got an improper Employee Retention Credit (ERC) payment? You still have time — but not much! — to get out of the tax jam by letting the IRS know via its second ERC voluntary disclosure program (VDP). But you must do so by next Friday, Nov. 22. (Nov. 12, 2024)
EV tax credit on chopping block in Trump administration — If you want an electric vehicle, and more specifically the potential $7,500 tax credit for buying a qualifying auto, get to a dealership soon. The EV tax credit is on the chopping block in the second Trump Administration. (Nov. 14, 2024)
Estate tax planning tips as Trump 2.0 is set to take over — We’re still awaiting clarity on which campaign tax promises Donald J. Trump will fulfill when he returns to the White House next year, but we do know one thing. The estate tax exemptions will stay at historic levels. Some think that the so-called death tax might even be repealed now that the GOP has control of Capitol Hill. (Nov. 15, 2024)
Give up to $105,000 of your RMD as a QCD — Older, comfortable financially, and feeling generous? If you face required minimum distributions (RMDs), consider a Qualified Charitable Distribution (QCD). This donated amount from your traditional IRA can offset an RMD’s tax implications. In 2024, a QCD can be as much as $105,000. (Nov. 17, 2024)
Could higher property taxes in most large U.S. cities help spur SALT cap changes? — Property taxes since 2019 have increased in 48 of the 50 largest U.S. metro areas. Will that data help Congressional supporters who want to eliminate, or at least revise, tax reform’s $10,000 state and local taxes (SALT) federal tax deduction cap? (Nov. 20, 2024)
IP PIN adds taxpayer security, eases duplicate dependent claims — An Identity Protection Personal Identification Number, or IP PIN, is one way to stop identity thieves from filing fraudulent tax returns. It alerts the Internal Revenue Service of the potential fake filer who doesn’t know the legitimate taxpayer’s IP PIN. And during next year’s filing season, IP PIN use will help the IRS accelerate the issuance of tax refunds in cases of duplicate dependent returns. (Nov. 22, 2024)
Online security tips for holiday and tax seasons — As we go online to find the perfect holiday gifts, so do criminals with ploys to steal our financial and personal information. Many crooks then use that data when the new tax-filing season arrives to submit fake tax returns created to get fraudulent refunds. The IRS and its Security Summit’s annual National Tax Security Awareness Week has tips on how to protect ourselves now and at tax time. (Nov. 24, 2024)
Tax Turkey to Avoid #1: Neglecting to review, and adjust if necessary, your withholding — What better topic for Thanksgiving Week than tax turkeys and how to avoid them? None! So for the next five days, the ol' blog will examine some. This Turkey Day 2024's first tax turkey is not reviewing, and adjusting if necessary, your paycheck withholding. Holiday Bonus: five days of turkey photos! (Nov. 25, 2024)
Tax Turkey to Avoid #2: Not establishing a tax deduction bunching strategy — You have two main deduction options when you file, standard or itemizing. A tax deduction bunching strategy can help you decide which to use. By bunching, you gather itemized expenses into one tax year, either pulling them into the current one or pushing them into the next, so they can be maximized. Not establishing a bunching strategy means you’re not maximizing your tax deductions. It’s also this year’s second Tax Turkey to Avoid. (Nov. 26, 2024)
Tax Turkey to Avoid #3: Not using and therefore losing your FSA money — A medical flexible spending account (FSA) is a great tax-favored way to cover out-of-pocket healthcare costs. Unless you waste the money. That happens when you don’t use FSA funds by a specific deadline. That costly mistake is this year’s third Tax Turkey to Avoid. (Nov. 27, 2024)
Tax Turkey to Avoid #4: Overlooking alternative wasy to give to charity — When it comes to charitable donations, most people give cash, which includes gifts by credit card, paper check, or digital transactions. But there are other ways you can contribute to your favorite nonprofit. Overlooking these alternative charitable giving options is this Thanksgiving week’s fourth Tax Turkey to Avoid. (Nov. 28, 2024)
Tax Turkey to Avoid #5: Not exploring a Roth IRA conversion — If you have a tax-deferred traditional IRA, look into converting at least some of it to a tax-free Roth IRA. The conversion could be a wise tax and retirement move. On a sad note, no more turkey photos as this is 2024's fifth and final Tax Turkey to Avoid. (Nov. 29, 2024)

*****

I can't tell you how thankful I am that you want more tax tips. But we're not there — there being December 2024 — yet. If you click on the final month of the year, you'll just be greeted by a GIF of an energetic nay-saying guy, instead of helpful tax tips.

If, however, you're looking for the tax tips from the previous 10 months of 2024, then click away on the links from January to October. And rest assured December will be here soon, probably sooner that a lot of us slow holiday shoppers are ready for it to arrive!

Until then, enjoy the earlier 2024 tax tips and watch this November fill up with more seasonal tax advice.

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

Today's Tax Tip

Added summer income means more tax considerations — If you’re taking on added jobs this summer instead of taking a vacation, be aware of the tax implications. Students at their first paying job are encountering the Internal Revenue Service for the first time. And workers well past their school days but who are earning extra via summer gigs could face new self-employment tax challenges. (June 15, 2025)
The 2025 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!

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Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tax Year 2025 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 27, the IRS said it expected more than 140 million individual tax returns for tax year 2024 to be filed by April 15. When the month started, the agency was around 39 million short of that number. While many taxpayers no doubt got their 1040s in by Tax Day, million every year get an extension to file. That's fine.

In fact, the Internal Revenue Service appreciates some of us spreading out our tax submissions. It gives the agency time to process the surge of returns that arrive en masse on April 15.

But enough about Uncle Sam's tax collection 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 extended 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 2025 tax bill.

The monthly tips and reminders a little further down this column can help you finish up your extended 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 2025 tax bill.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

☀️ Hello 🌞 June! ☀️
Your radiant face, bringing us the start of summer, is long overdue. We need your consistent warmth and a sunny attitude to fully recover from tax season, even one that didn’t throw us too many curveballs.

via GIPHY

And let’s be honest. We’re not really in the mood for summer tax tasks. But there are some that do need attention, especially if you got an extension to file back in April. Taking care of these tax matters now can make the coming 2026 filing season go smoothly. Even better, some tax moves can mean you’ll owe Uncle Sam less. So grab your sun visor, and let’s get to them!
June 1: Summer conjures dreams of lazy beach days. But for full-time coastal residents, June also brings the start of the annual Atlantic (and Gulf of Mexico) hurricane season, which runs through Nov. 30. Federal forecasters once again are forecasting a more active than usual hurricane season. And while the tropical storm season heats up in August and September, now is the time to get ready.

Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 13 to 19 total named storms, which are those with winds of 39 mph or higher. Of those, six to 10 are forecast to become hurricanes, meaning winds of 74 mph or higher. Three to five of the storms this season could become 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 wreak havoc. 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 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.

June 6: With school out, working parents need to make child care arrangements. Consider day camps. I know, many filled up earlier this year, but check out the options in your area. Not only do day camps offer some supervision of your kiddos while you're at the office, the activities' costs also count toward claiming the child and dependent care credit.

June 10: 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 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, groceries and/or prepared meals, 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 May 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.

June 14: Happy Flag Day! It's not a day-off-work federal holiday, but Flag Day has been an official day to celebrate the Star-Spangled Banner since 1949. If you need to buy a U.S. flag to fly today, you also might get a tax break. Several states exempt the national symbol from sales tax. Check with your state's tax department to see if you can save on your patriotic display.

June 15: Happy Father's Day!

Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. And if your father is getting on up in years, take the time when you visit to make sure he doesn't need some added help from you. If you provide papa a little, or even a lot of assistance, there's a chance you could get some help from a couple of tax credits.

June 16: It's Tax Day again, this time for taxpayers living and working abroad. That includes military personnel posted outside the United States or Puerto Rico. This automatic filing delay until mid-June officially is on 6/15, but is a day later this year because the 15th was on Sunday.

Today, June 16, also is the one-day-later deadline for the second estimated tax payment for the 2025 tax year.

June 19: It's Juneteenth. This date marks when Texans finally received word that all slaves were free. And although it is our newest federal holiday, and is celebrated on June 19, not on a nearby Monday, it is the oldest nationally celebrated commemoration of the ending of slavery in the United States.

June 20: At 10:42 p.m. Eastern Time it’s official. Summer is here, arriving on this longest day of the year.

It’s also a dangerous season for many who don’t have air conditioning. Many charitable groups help people cope with the heat. If you itemize, your gift to such IRS-qualified nonprofits this summer — or any day in any season in 2025 — could be tax deductible on the tax return you file next year.

June 30: If you got an extension to file back in April, you don’t have to wait until the final Oct. 15 deadline to do so. You can get this tax task out of the way so you don’t have to think about it for the rest of the summer. You also might be able to file electroncally at no cost if your adjusted gross income (AGI), regardless of your filing status, is $84,000 or less by using the official IRS.gov Free File website.

Eight software companies are part of this year’s IRS-Free File Alliance partnership option at IRS.gov. They will be available through the Oct. 15 extension deadline, but again, you don’t have to wait. And if your income is too high, you still can file for free by using Free File's Fillable Forms option.

Small Business Tax Calendar: If you run your own company, you know there are myriad important filing, deposit and record keeping dates throughout the year that your company needs to meet. You also can track key business and individual tax deadlines in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-two states and D.C. collect personal income taxes. But even if you live in of the eight states without any 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 2025 page.

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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
It is 2025 and, yes, it's still an issue
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

June 2025

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Photo by Hans Isaacson on Unsplash
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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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