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October 2021 Tax Tips

Halloween isn't the only scary thing about October.
Millions face the final tax filing deadline of the year (and more!) this month.

Tax tip pencilBoo! Are you ready for thrills, chills, and downright scariness? Then October is your month, and I'm not even talking about Halloween.

Sure the last day of this month is when ghouls and goblins — OK, youngsters in costumes and their sometime sillier attired parents — take over neighborhoods. But before we get there, there are myriad tax deadlines that must be met in October.

The biggie, of course, is one the Oct. 15 deadline for the millions each year who get an extension to file their tax returns.

More deadlines, including one early this month, were created by new tax laws written to provide economic relief as the COVDI-19 pandemic persisted into a second year.

And then there are all the added delays due to major natural disasters.

It's important to meet any deadlines that apply to your personal tax situation. If you miss them, it could cost you.

Done with 2021, planning for 2022: Also, since October marks the start of the tax year's final quarter, it's time to make moves that can help reduce your 2022 obligation to the Internal Revenue Service.

You'll find some ideas on how to do that here on this October Tax Moves page. The tips will be added here as soon as they are, as usual, highlighted in the upper right corner of the ol' blog.

So don't worry if you miss one on its featured day. You'll find them and their links below.

Now, let's fearlessly kick off October's tax tips!

  1. October tax deadlines you can't afford to miss — October is here, but even scarier than Halloween is knowing there are some tax deadlines you must meet. There's the Oct. 15 extended filing due date, of course. But COVID-prompted tax law changes also have created a new — and soon, like Oct. 4 soon — deadline for those who no longer want to get Advance Child Tax Credit payments. Then there are all the major disaster date changes. The calendar alerts and more are among the October Tax Moves to make. (Oct. 1, 2021)
  2. Stop October Advance Child Tax Credit payments now — You've determined that if you keep getting monthly Advance Child Tax Credit payments, you'll have to pay the money back when you file your taxes next year. So stop them. And to end the October through December deliveries, you need to do so by Monday, Oct. 4. (Oct. 3, 2021)
  3. Don't make any of these 12 tax filing mistakes — Yes, you are experiencing tax déjà vu. But since millions of taxpayers got extensions to file their 2020 returns back in May and then put off doing so until the final Oct. 15 due date nears, these reminders bear repeating. As you finally fill out your Form 1040, don't make any of these dozen tax filing errors. (Oct. 5, 2021)
  4. Tax breaks that don't require itemizing — Most taxpayers claim the standard deduction, especially since 2017's Tax Cuts and Jobs Act almost doubled the amounts. But these filers still have the chance to claim many added deductions without itemizing. So check out these 23 tax breaks and claim them if you qualify. Even better, they're available to every taxpayer, even those who do itemize on Schedule A. (Oct. 9, 2021)
  5. Filing tips for tax procrastinators — Have you put off filing your extended 2020 tax return? It's due Oct. 15. Yes, the end of this week. This Friday. Don't panic. These six questions (and answers) can help procrastinators finish filing their 1040s by the deadline. (Oct. 11, 2021)
  6. Free File open through Oct. 15 — Finishing up your extended 2020 tax return this week? If your income is $72,000 or less, check out Free File. It's still operational through the Oct. 15 extension filing deadline, with nine tax software companies offering no-cost electronic tax preparation and e-filing. If you make too much to use the online software, look into using Free File's fillable forms, which also is available through Oct. 15. (Oct. 14, 2021)
  7. Oct. 15: Tax Day for procrastinators — If you got an extension to file, this is Tax Day. Get your return filed, either electronically or in the mail with an Oct. 15 postmark, or you could face late-filing penalties. (Oct. 15, 2021)
  8. Oct. 15 is NOT filing extension Tax Day for some — Some taxpayers who got extensions to file their returns don't have to get them to the IRS today, Oct. 15. They get more time due to major disasters or their combat zone military service. (Oct. 15, 2021)
  9. Employee benefits that offer tax savings — It's workplace benefits enrollment season for many workers, the chance to make any changes to workplace enticements such as health insurance, child care, and more. Take time to assess what your company offers. Many popular office benefits have tax advantages, too. Asking these open enrollment questions can help you make better benefits choices. (Oct. 20, 2021)
  10. More, and possibly taxable, Social Security payments in 2022 — The good news for Social Security beneficiaries is that the amount they'll receive in 2022 is increasing. The bad news for retirees is that they might owe federal income tax on some of their benefits. (Oct. 26, 2021)
  11. Nov. 1 is a big tax deadline — You're not in a tax time warp. Nov. 1 is the extended filing deadline for some Michigan and Mississippi taxpayers who endured major disasters earlier this year. It's also the day for recipients of advance Child Tax Credit payments to opt out of the remaining monthly deliveries or make income changes online that affect the credit amounts. (Oct. 30, 2021)

Halloween_Pumpkins_lighted_black-background_cropped


Looking for more tax tidbits? All the Tax Tip page links below are live. If, however, you click on a month later in the year, you'll be greeted by a fun GIF of a man enthusiastically telling us to slow down, or Whoa Up! as we say here in Texas, instead of finding Internal Revenue Service and Don't Mess With Taxes tax tips.

I know you want to see the animated fellow, so go ahead and click on November or December and enjoy his enthusiastic way of conveying there's nothing (but him) to see. For now.

But he'll gladly relinquish his position to more tax info when the 2021 calendar finally flips to those remaining months.

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

 

 

 

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Today's Tax Tip

  • 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)

  • 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.
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Tick ... Tick ... Tick

  • It's the final
    2023 tax countdown!


    It's over! We cleared 2023's extended filing deadline, unless you get more time because your filing was affected by a major natural disaster, military service, or some other Internal Revenue Service recognized special situation. If that's you, be sure to check out all the ol' blog's earlier Tax Tips, listed by month just under the old-school No. 2 yellow pencil tip atop this column.

    For most of us, though, the passage of Oct. 16 means it's time to focus on the Form 1040 that we'll file next year. In most cases, we have until Dec. 31 to make moves that will reduce our still accruing 2023 tax bill.

    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 of in each of these final 2½ months of 2023.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • Ho 🎅 Ho 🎅 Ho!
    December is here!

    You better watch out. You better not cry. But you better make some year-end tax moves this December or next April 15 could turn out to be the tax equivalent of Santa Claus putting coal in your stocking.

    Santa Claus is watching YOU!
    Click image to hear a musical Santa message from Bruce Springsteen.

    St. Nick can't deliver a festively wrapped, already prepared tax return for you (unless he's even more magical than I think!) to file next year, but he does have a tax connection. Santa's tracking of naughty and nice boys and girls basically is the same method that the Internal Revenue Service uses. That's why we all need to be nice, especially to ourselves, in this final month of the year by making some important tax-saving moves. Let's get to it!

  • Dec. 1: This last filing season was more-or-less back to pre-COVID-19 pandemic normal, but if your own personal filing circumstances remained a mess, it's time to act. Maybe you realized you need professional tax help. If so, now is the time to find a tax preparer who can help ensure your return filing next year goes more smoothly. You have lots of options.There's also a December bonus. If you hire a tax pro this month, you might get some year-end tax tips!

    Dec. 4: Are you taking on a variety of gig work to make some extra holiday cash? Those added jobs mean you're an independent contractor. And that means you're responsible for paying income taxes due on the money, as well as any self-employment tax. Now is the time to start gathering those records and tallying this taxable income so you're not surprised at filing time.

    Dec. 11: If your job, over the holidays or full-time, 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 extra seasonal financial thanks this month for doing your job well. Remember, though, that those tips are taxable income

    restaurant check tip iStock
    Whether you're dining at your favorite eatery, or during the coronavirus pandemic discovered you really like 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 November 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.

    Dec. 15: Christmas is just 10 days away! If you're still shopping for gifts, you're probably searching for the perfect present online. But beware and be wary. Internet crooks also are logged on, looking to steal your money and identity, using many of the techniques they employ in tax scams. Any personal information they get now can be used at tax time to file a fake return in your name and claim a fraudulent refund. So be careful out there, now and next filing season, and, well, unfortunately all the time.

    Dec. 18: Many of us are trying to concentrate this final work week before Christmas. As far as taxes go, it's a good time to revisit your estimated tax situation, especially if you got some money from those previously mentioned gigs. Since these amounts typically aren't subject to withholding, you'll need account for the December earnings in your January 2024 final 1040-ES amount for 2023.
    Better to know that amount now, than on Jan. 16's due date.

    Dec. 22: It's Christmas Weekend! That means holiday treats, final decorations — or first, if you wait until the very end to get a tree — and frantic last-minute shopping! Rather than worry about how you'll get the perfect gift under the tree on time, consider instead some easy tax-favored gifts. Open a Roth IRA for your child or grandchild who earned some money this year. Or pay tuition for classes that will start in the first quarter of 2024 by Dec. 31. Those college costs then can be used to claim the American Opportunity Tax Credit.

    Dec. 24: Christmas Eve!
    No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!

    Santa Claus is on his way!
    Click image to watch
    Santa's delivery route as tracked by NORAD.


    Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
    Just enjoy the holiday and your family and friends.

    Dec. 26: Happy Boxing Day. This unofficial holiday on St. Stephen's Day is celebrated by additional giving.
    If you donate to your favorite charity on this Boxing Day or any other day by Dec. 31, on your 2023 taxes you'll have to itemize your gifts on Schedule A to claim them. The option to claim a limited amount directly on your Form 1040 expired at the end of 2021. What didn't expire is the IRS' tax donation deduction rules.

    Dec. 31: This is it. The drop-dead deadline to make most 2022 tax moves. A quick and easy action today is to zero out your medical flexible spending account (FSA) by buying over-the-counter medications for which the funds can be used. This is especially important if your employer doesn't offer a grace period to use the money or let you roll it over into 2024. Without those alternatives, you'll lose any FSA funds you don't use.

    Done? Great! Make sure the champagne is chilling and settle in for your New Year's Eve party or a cozy night at home with your friends and loved ones. Either way, cheers and Auld Lang Syne as the ball drops at midnight.

    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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  • Tax Reading Room

    You also might enjoy these other tax tips from some of my tax-writing colleagues:

  • JK Lasser 2023 Taxes
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  • AKA Disclaimer:
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    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

  • COVID-19
    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

  • 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:
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December 2023

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  • Christmas presents phot by Isaac Martin on Unsplash
    Photo by Isaac Martin on Unsplash


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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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