• Home
  • Table of Contents
  • Tax Tips
  • Credits
  • Deductions
  • Refunds
  • State Taxes
  • Politics/Laws
  • Tax Terms
  • Archives

Don't Mess With Taxes

Translating taxes into money-saving English

Home Table of Contents Tax Tips Credits Deductions Refunds State Taxes Politics/Laws Tax Terms Archives

October 2022 Tax Tips

Halloween isn't the only scary thing about October.
Millions face the final tax filing extension deadline 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 the Monday, Oct. 17 due date for the millions each year who get an extension to file their tax returns. Yes, it's a couple of days later this year than the usual Oct. 15 deadline. That's because the 15th is on Saturday, pushing the deadline to the next business day.

If you're still working on your 2021 return, I'll toss into the October tips mix a couple of items that ran earlier this year. The calendar pages flip, but when it comes to filing, the tax advice remains the same whether your deadline is in April or October.

And if you've had to deal with a major natural disaster, you'll find some info on how the tax code could help out, as well as new tax deadlines from the Internal Revenue Service.

Done with 2022, planning for 2023: October marks the start of the tax year's final quarter, making it a good time to make moves that can help reduce your already accruing 2022 tax liability.

You'll find some of those tax tips here this month, after they spend some time in the tax saving spotlight at the upper right corner of the ol' blog.

OK, are you ready? Then grab your pumpkin spiced beverage and let's get to them!

  1. Beware post-disaster relief, repair scams — Two things are for sure after hurricanes. First, the doctored social media posts of sharks swimming along flooded roads, and second, land sharks, aka predatory scammers, show up trying to take advantage of folks who just endured a disaster. Don't fall for either. Get real help, tax and otherwise. (Oct. 1, 2022)
  2. Don't fall for disaster charity scams — If you want to help with Hurricane Ian recovery efforts, make sure your charitable donations go to real nonprofits, not scam charities. (Oct. 2, 2022)
  3. 4 October tax moves — Yes, it's really October, the start of the fourth quarter of the year. It's time to enjoy fall's cooler temperatures, cheer your favorite football teams, and make some tax moves. Here are four tax tasks to consider in October 2022. (Oct. 3, 2022))
  4. 2/15/23 is new tax deadline for Hurricane Ian victims — As usual in major disaster situations, the Internal Revenue Service has granted tax relief to Floridians in the wake of devastating Hurricane Ian, as well to North and South Carolina residents since the deadline storm made a second landfall along the East Coast. The Sunshine State and Carolinas join Puerto Rico, which was hit by Hurricane Fiona; some Mississippians, who are dealing with Jackson's water crisis; and Alaskans who endured September storms and flooding in now facing a Feb. 15, 2023, deadline. (Oct. 5, 2022)
  5. Adjusting your withholding — With three months left in the tax year, it's a good time to adjust your withholding. Paycheck withholding miscalculations could mean a big refund (yay!) or owing Uncle Sam a lot (oops!). Either situation is not ideal. Your goal should be to have the income tax amounts taken from your regular paychecks to be as close as possible to your final liability. Whether you need more or less taken out each pay period, adjusting your withholding now will give you three months over which to spread the changes, so the effect on your paychecks won't be that dramatic. (Oct. 7, 2022)
  6. FBAR extended filing deadline is Oct. 17 — Do you have substantial amounts in non-U.S. accounts? Did you get an extension earlier this year to report that foreign money to Uncle Sam? Your time is almost up. The regular mid-October (Oct. 17 in 2022, since the 15th is on Saturday) tax filing deadline also applies to Report of Foreign Bank and Financial Accounts (FBAR). Get your Form 114 to Financial Crimes Enforcement Network (FinCEN) by Oct. 17 or face possible costly penalties on your international assets. (Oct. 11, 2022)
  7. 25 tax deductions without itemizing — Most taxpayers don't itemize, especially since tax law changes back in 2017 created much larger standard deduction amounts. But standard deduction filers, and itemizers, too, can claim some write-offs directly on Form 1040's Schedule 1. There are 25 possibilities, still referred to as above-the-line deductions, and they include popular write-offs such as educators' out-of-pocket expenses, contributions to IRAs, and a variety of self-employed breaks. (Oct. 12, 2022)
  8. Maximizing itemized tax deductions — Most taxpayers claim the standard deduction when they file their tax returns. In some cases, though, itemizing makes for more tax savings. Here's how to maximize the expenses you can claim on Schedule A. (Oct. 13, 2022)
  9. 12 common filing mistakes to avoid — To err is human. To err when doing your taxes also is all too common. Don't let your rush to finish your 1040 by the Oct. 17 extension deadline cause you to make any of these dozen tax errors. (Oct. 14, 2022)
  10. 9 last-minute extended tax filing tips — You put off filing your extended 1040 until the very last minute, but don't make the mistake of being in such a hurry now that you make costly tax errors. Here are some last-minute extended tax filing tips that could help you properly complete the job by Monday's Oct. 17 due date. (Oct. 15, 2022)
  11. Don't forget your state taxes — If you got an extension to file your federal tax return, you probably got one for your state taxes, too, since most U.S. taxpayers live in states that collect those (and local) levies each year. Most states follow the Internal Revenue Service lead in asking their residents to submit returns electronically. Most also offer free online state tax filing options. (Oct. 16, 2022)
  12. Disasters, deployment, and more delay Tax Day for millions — Most U.S. taxpayers who got a federal tax filing extension scrambled on Monday, Oct. 17, to meet the deadline. But not all. Those in major disaster areas, combat zones, and folks who aren't legally required to file a return get even more time. Their even-later deadlines are this coming November and February of next year. (Oct. 18, 2022)
  13. State tax might be due on some forgiven college debt — The Department of Education is now accepting online applications for full or partial discharge of student loans up to $20,000. That's good news for millions of people who got went into debt to go to college (but not all). And some of those whose higher education loans are forgiven will face state tax on the amount that's written off. (Oct. 19, 2022)
  14. Tax issues when tapping retirement accounts after a disaster — In some disaster circumstances, you've got to use retirement funds to make it through the rebuilding process. Just make sure you know what taking out nest egg money in an emergency will mean to your post-work financial future, as well as to your more immediate tax bill (Oct. 20, 2022)
  15. 2023 inflation adjustments, starting with next year's income brackets — Inflation is top of mind for most folks, including the IRS, which has released its annual inflation adjustments for the coming tax year. Here are the 2023 tax bracket adjustments, which mean more money for you, not the Internal Revenue Service. This first installment of the ol' blog's annual 10-part tax inflation series has a directory of the remaining 9 posts on next year's inflation changes. Those items also will periodically show up as tips through October, as well as into November and December. (Oct. 20, 2022)
  16. Halloween, and tax, scares — Sure, Halloween has a spooky reputation, but we all know that the scariest day of the year is Tax Day. If you're not up for John Carpenter's 1978 classic "Halloween" or similar traditionally scary flicks, check out these alternatives that include taxes (a little in some, a lot in others) in their plots. (Oct. 31, 2022)

*****

Scary jack o lantern carvings

*****

On a sugar buzz from eating all your kiddos' candy? Put some of that energy to good tax use by checking out the prior monthly tax tips. If you're checking before Oct. 17, you'll find tax tidbits to help you finish your 1040. If you perusing post-extension deadline, there are some tips to help make the 2023 filing season less of a hassle.

But if you're thinking of clicking on the two months yet to come, all you'll find on the November and December pages is a GIF of a man enthusiastically telling us to slow down, or as we say here in Texas, Whoa Up! 

I know you want to see him, so go ahead and click. Then come back later. That animated fellow will be replaced by timely tax tips when the calendar finally flips to those remaining 2022 months.

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

 

Advertisements

 

 

 

 

Today's Tax Tip

  • IRS TACs holding special Saturday hours for walk-ins — To help taxpayers who can't make a weekday appointment at an Internal Revenue Service Taxpayer Assistance Center (TAC), the tax agency will open some of them across the country on four upcoming Saturdays nationwide. The first Saturday TAC sessions will be this weekend, Feb. 11. The other special openings will be on March 11, April 8, and May 13. Best of all, no appointments needed at any of the TAC Saturdays. (Feb. 8, 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

Advertisements

  • *************

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 February, and ❤ to our new 2023 Valentine, the Internal Revenue Service. OK, maybe love for the IRS is a little much, but we at least want to make nice with Uncle Sam's tax collector this month as it goes into the first full, albeit short, month of the tax season. That means some taxpayers will be getting their refunds in February!

    via GIPHY

    With just 28 days, it will mean some full days for both IRS employees, some of whom are still trying to catch up on that lingering COVID-19 pandemic backlog, and all of us who'll file this month. So let's not waste anymore time, and get to some tax tasks for this shortest month of the year!

    Feb. 1: Employers and other third-party payers were to have issued us our W-2 and associated 1099 forms by Jan. 31. If you're still waiting, be patient and give them a tad more time. And don't forget to check your email, as many issuers sent out electronic notices of the online availability forms and other statements you need to file your taxes instead of relying on the U.S. Postal Service.

    Feb. 2: Happy Groundhog Day!

    Fat Groundhog; click image for Groundhog Day details

    The main reason to wait for the correct tax statements is to avoid getting caught in a Bill Murray kind of tax loop, where you have to file an amended tax return because you entered wrong info on your original 1040.

    Feb. 7: Black History Month is celebrated every day this month, commemorating the achievements by black Americans and recognizing the role of African Americans in U.S. history.

    The National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on this month, specifically on Feb. 12, 1909, the centennial anniversary of the birth of Abraham Lincoln, who issued the Emancipation Proclamation twice.

    One of the NAACP's key divisions is its Legal Defense and Educational Fund.
    If you want to support the Fund's work, during Black History Month or any day of the year, you can donate to it and, since it is a 501(c)(3) organization, claim your gift as a charitable tax deduction if you itemize. Sorry, filling out Schedule A is your only option this filing season, since Congress didn't renew the option to claim cash gifts of up to $300 for single filers or $600 for married filing jointly couples directly on Form 1040.

    Feb. 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.

    Feb. 12: Are your ready Chiefs, Eagles, and special television commercial fans? It's finally Super Bowl Sunday! Not only will today's 57th Super Bowl decide American professional football's champion, it's also the biggest single betting day of the year. The NFL, like the other professional U.S. sports leagues, have embraced betting. Just remember, if any of your wagers pay off, you owe tax on your winnings. Note, too, that even if your winnings are part of a fantasy sports bet, the associated taxes are very real.

    Feb. 14: Happy Valentine's Day! Do you and your better half file a joint return? Most married couples do. Remember to look over the 1040 carefully before you sign it. When both spouses sign their jointly filed 1040, each is jointly and severally liable for the entire tax amount due. I don't want to spoil your Heart Day celebration, but this means the IRS can come after either spouse for payment of a tax bill, even the husband or wife who is in more dire financial circumstances.

    Feb. 15: Today is the day that the Internal Revenue Service finally can issue refunds to filers who claimed the Earned Income Tax Credit (EITC) or additional Child Tax Credit. But don't spend the money just yet. Even if you're getting your tax refund directly deposited, the IRS' general processing time plus protocols of financial institutions receiving the refunds you’re your tax cash probably won't actually show up in your account until the end of this month.

    Feb. 20: Today is one of the reasons for tax refund delays. It's the Washington Birthday federal holiday, officially honoring George Washington, the Father of Our Country. Over the years, however, this federal (three-day, yay!) holiday has come to commemorate the contributions of all our Commanders in Chief, and is popularly known as Presidents' Day. That means we've got to give another shout out to Abraham Lincoln, who essentially was father of our income tax system, signing into law a tax on earnings to help pay Civil War costs.

    Feb. 24: You're ready to work on your tax return, but you're on a budget. No worries. The IRS and its Free File Alliance partners again offer no-cost online tax preparation and electronic filing to eligible taxpayers at the IRS' special Free File web page. 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.

    Feb. 28: Wow! February really did speed by, especially since we were having so much tax fun. Or maybe you weren't having any fun at all trying to do your taxes yourself, even with software's prompts, and have decided to turn to professional tax help. That's a smart move, and here are some tips on how to find the perfect tax professional for your filing and planning needs. Note, though, that at this point in the filing season, you're likely to be placed at the end of that tax pro's very long client queue, as reputable tax preparers' calendars fill up fast. So again, be patient. You're at least now in tax filing line.

    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.

What are you looking for?

  • Looking for something in particular? Start with the Table of Contents.
    Or check out the Archives, where you can review posts by month and category. Or enter specific keywords in the box below to search
    Don't Mess With Taxes.

Search

Subscribe:
E-mail, RSS or both!

  • Enter your Email


    Powered by FeedBlitz
  • RSS

Privacy Policy

  • Wondering what happens to your information once you subscribe? Don't worry. Don't Mess With Taxes respects your wish not to be a mere data source. Check the ol' blog's privacy policy at the Table of Contents page, as well as on the separate Privacy Policy page.

Sponsored Products

Affiliate Books

  • The Truth
    About Paying Fewer Taxes
  • Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for all y'all.

    Look for it on bookstore shelves
    or order a copy (or two!) from
    Amazon or Barnes & Noble.

  • TruthAboutPayingFewerTaxes
  • Find out more about my book and excerpted chapters at the FT Press
    Truth About Paying
    Fewer Taxes
    Web page
    .

  • You can read more
    of Kay's tax insights in ...


  • Kay Bell helps you build
    a solid tax foundation in
    "Personal Finance: An Encyclopedia
    of Modern Money Management"




    Kay Bell breaks down taxes and
    estate planning for millennials in
    "Future Millionaires' Guidebook"



    A collection of Kay Bell stories
    is included in
    "The Gambler's Guide to Taxes:
    How to Keep More
    of What You Win"




  • Tax Reading Room

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

  • JK Lasser 2023 Taxes
    JK Lasser 2023 taxes

  • Dealing With The IRS
    Dealing With the IRS

  • JK Lassers 1001 Deductions
    JK Lasser 1001 Deductions
  • ~~~~~~~
    Don't Mess With Taxes
    is an Amazon Affiliate.
    If you click on the product links above and/or buy the items,
    I will be compensated.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

  • Numbers
    Taxes are all about the numbers.
    Check out these (mostly) weekly
    By the Numbers figures.

Kudos Et Cetera

  • Association for Women Clarion Award Winner
    National Association
    for Women in Communications

    Winner, Best Personal Blog
    2012, 2014 & 2017

  • Plutus Award Winner
    Plutus Financial Bloggers Awards
    Celebrating the Best
    in Personal Finance

    Winner, Best Tax Blog
    2011 and 2013
    Lifetime Achievement Nominee 2020


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 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.

©©©©© & ®®®®®

  • Don't Mess With Taxes®
    is a registered trademark
    of S. Kay Bell.

    All content on this site is
    © 2005-2023 S. Kay Bell
    dba Write Here, a division of
    SKB Editorial Services, LLC

  • And a bit of housekeeping.
  • Note 1: Some of the links on this site
    are affiliate links. That means that
    if you click through from
    a Don't Mess With Taxes link
    and then buy the product,
    I receive a commission.

    Note 2: Links to outside content
    might become inactive due to changes
    at the copy's originating website.
    If you discover dead links, please e-mail me the details. Thanks.

    Note 3: The banner art for the ol' blog
    is courtesy Pictures of Money
    via Flickr Creative Commons.
Blog powered by Typepad
Member since 11/2005

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

February 2023

Sun Mon Tue Wed Thu Fri Sat
      1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28        

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.

..................................................



  • .................................................................
  • Don't Mess With Taxes •
  • Powered by Typepad
Top