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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

  • Tips for first-time filers — Welcome to the tax paying club! The only initiation rite for this large society is filling out your first Form 1040. These tips for first-time taxpayers can make the process a little less intimidating. Even if you're a tax veteran, check them out; some of the advice applies to all us filers. (Jan. 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.

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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


  • 🎆 Happy 🎉 New 🥂 Year! 🎆

    via GIPHY

    Hello 2023! I cannot tell you how happy I am to see you! I know, I said that about 2021 and 2022, but I really, really mean it. And I'm hoping you reciprocate, you brand spanking new year, on the personal front by letting go of COVID-19, and, on the tax side, by making this the year that taxes also get back to normal. Don't laugh. A gal can hope!

    Jan. 1: Once more for the official date — Happy New Year! One way to make things more enjoyable on the tax front is to get organized this month. Early this month. It will help you keep track of the myriad tax documents — W-2 earnings statements, 1099 forms, charitable donation receipts, year-end account statements — that will soon be on their way to your email or snail mail box. You'll need those (and more) to file your 2022 tax return as soon as the Internal Revenue Service starts accepting them.

    Jan. 3: It's the first official work day of 2023. It's also a deadline for employers, including those who are self-employed, who took advantage of the COVID relief option in 2021 to defer the employer's portion of the Social Security payroll tax; that's 6.2 percent of each worker's wages. If you didn't remit thr taxes before the end of December, today is the absolute final due date for paying the balance of those postponed tax collections.

    Jan. 6: It's Friday, the end of the first holiday-shortened work week of 2023. Even though most of us are thinking about filing our 2022 returns when the IRS opens filing season later this month, we also need to start our 2023 tax planning. Start with the inflation adjustments that apply to a variety of tax situations. You can find this year's figures in the ol' blog's 10-part tax inflation series.

    Jan. 9: Tonight, TCU's Horned Frogs and Georgia's Bulldogs face off at SoFi Stadium in Los Angeles to decide the men's college football championship. Thousands of fans are rooting for their teams. Even more people with no personal connections are betting on the game, thanks to the Supreme Court's 2018 ruling to allow states to accept sports wagers. If you're one of those bettors and your pick pays off, remember that you'll owe taxes on your winnings. The good news is that you won't have to share your luck with Uncle Sam until you file your 2023 return next year. The better news is that there are ways to reduce your taxable winnings.

    Jan. 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 November, you must account for the tips today by using Form 4070 to report last month's tips total to your employer.

    Jan. 13: It's the first Friday the 13th of 2023. That might not worry you, but even non-superstitious folks are frightened a bit by taxes. However, on this or any other day, don't fear, or fall for, these 13 scary, but wrong, tax myths.

    Jan. 16: Every Martin Luther King Jr. Day, millions of people commit to a day of service.

     MLK Day logo
    Click image to find out ways
    you can volunteer on MLK Day.

    Taking time on the Rev. Dr. King's holiday to volunteer at a charity isn't tax deductible, but some costs associated with volunteering could help reduce your tax bill if you itemize.

    Jan. 17: Today is the due date for the final estimated tax tax payment for the 2022 tax year. It's usually on the 15th, but that fell on Sunday. Then Monday was the federal MLK Day holiday. So the final estimated tax payment deadline was shifted to the next business day, Tuesday, Jan. 17.

    Jan. 17: This date isn't firm yet, but the IRS and its Free File Alliance partners usually offer their no-cost online tax preparation and electronic filing program Free File around the middle of January. When the special Free File website at IRS.gov is available, take advantage of it if you qualify.

    IRS Free File; click image for details

    Free File last year was open to taxpayers whose adjusted gross income was $73,000 or less, but that earnings limit should be bumped up a bit for the 2023 filing season. Whatever the amount, the income level applies to all filing statuses.

    Jan. 23: If you make too much to use Free File, and don't want to use its Free Forms option, you always can purchase your own tax prep software or high a tax pro to handle your taxes. If you looking to hire someone, get to it now. At this point, if you can find a tax preparer taking new clients, you'll be at the end of the filings list. But at least you'll be on the list.

    Jan. 27: It was this week last year that the IRS started accepting and, more importantly, processing tax year returns. If you plan to be among the earliest of filers, you need to make sure you have all the necessary information and documentation. Check out this list of the statements, documents, and forms you'll need before you start work on your return.

    Jan. 31: Wow! The first month of 2023 is over? Time really does fly when you're having tax fun. We'll keep it going here in this new year with new Tax Moves to Make each month, which you also can find on their monthly tax tips pages. January already is filling up!

    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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  • 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

  • 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

January 2023

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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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