Saturday (or Sunday) Shout Out 2020

Shout it out loud: A new year and decade has arrived!

You know what that means. It's time for a brand new bunch of Saturday or Sunday Shout Outs for the 2020 tax year.

As in its earlier iterations, this feature allows me to share good tax info from other places and gives me a bit more free time each weekend.

Hey, if it ain't broke, don't fix it. So I'm just going to keep on sharing and shouting.

Enjoy these articles/posts and your weekends!

Boxing Day 2020 giving ideas and tax tips (Dec, 26, 2020)
Some bad and good tax advice from the pros (Dec. 19, 2020)
Surprise! Congress reaches agreement on handling of unexpected medical bills (Dec. 12, 2020)
Yes, Virginia, you'll probably pay tax on your Christmas tree (Dec. 5, 2020)
A tax return clue in the D.B. Cooper mystery (Nov. 28, 2020)
IRS won't provide blanket tax relief for penalties assessed during COVID-19 (Nov. 21, 2020)
Working from home is an advantage that should be taxed, says report (Nov. 14, 2020)
Tax ballot issues 2020 results (Nov. 7, 2020)
Halloween tax scare: state taxation of candy and other food (Oct. 31, 2020)
In the wake of disasters & COVID-19, will the IRS be ready for the 2021 tax season? (Oct. 24, 2020)
Trump, GOP claims about Biden's tax plan are wrong (Oct. 17, 2020)
Tax lessons from an indicted millionaire for the rest of us (Oct. 10, 2020)
Garage sale proceeds typically aren't taxable (Oct. 3, 2020)
Work from home pros, cons and home office tax tip (Sept. 26, 2020)
Thank you, RBG. RIP (Sept. 19, 2020)
Third estimated tax payment due Sept. 15 (Sept. 12, 2020)
529 plans, other tax breaks help cover education expenses, even during a pandemic (Sept. 5, 2020)
Treasury clears up Trump's payroll tax order. Just kidding! (Aug. 29, 2020)
IRS stops sending nonpayment tax notices until it clears COVID snail mail backlog (Aug. 22, 2020)
COVID-19 sports consequences and gambling costs, even on the fantasy sports front (Aug. 15, 2020)
COVID-19 is screwing up sports and complicating some professional athletes' taxes (Aug. 8, 2020)
Remembering land value tax advocate Mason Gaffney (Aug. 1, 2020)
Rep. John Lewis' efforts, including for tax justice, remembered (July 25, 2020)
COVID-19 relief phase 4: Provision previews and predictions (July 18, 2020)
Crazy tax deductions: When they don't - and do! - work (July 11, 2020)
Not yet independence, freedom or justice for all in America on this July 4th (July 4, 2020)
Summer job 2020 prospects + 12 tax tips if you do get hired (June 27, 2020)
TIGTA says IRS needs to get tougher on delinquent tax pros (June 20, 2020)
Positive audit burdens and other tax readings (June 12, 2020)
Trump vs. Biden on taxes, a 2020 election preview (June 6, 2020)
Sweet tax dreams with Tax Code Coma tape (May 30, 2020)
Expat tax break could net larger COVID-19 relief payment (May 23, 2020)
New cinematic take on most famous U.S. tax cheat (May 16, 2020)
Sharing mom's love with good causes on Mother's Day (May 10, 2020)
COVID-19 payments going to foreign students, as well as dead people (May 3, 2020)
Don't fall for these 4 common COVID-19 payment scams (April 26, 2020)
States also are taking COVID-19 financial hits (April 18, 2020)
July 15 now the deadline for most tax actions (April 11, 2020)
Don't forget 'normal' tax matters during COVID-19 tax season (April 4, 2020)
Compare COVID payments using 2019 or 2018 tax return (March 28, 2020)
Taxes' critical role in times of crisis (March 22, 2020)
Tax Day still is (for now) April 15, but IRS has new coronavirus tax webpage (March 15, 2020)
Tennessee tornado victims' tax deadlines extended to July 15 (March 7, 2020)
Leap Day poses potential tax withholding issues (Feb. 29, 2020)
The wide range of state and local taxes (Feb. 22, 2020)
Ways to work around the end of the stretch IRA (Feb. 15, 2020)
Dealing with a wrong tax statement (Feb. 8, 2020)
Super Bowl rooting reasons and tax residency implications (Feb. 1, 2020)
Timing differences in Vanguard's issuance of 1099s (Jan. 25, 2020)
How Prohibition made us more reliant on the income tax (Jan. 18, 2020)
IRS gig economy tax tips for all side hustlers, even TV stars (Jan. 11, 2020)
Progressive tax rates help ease tax bite on income increases, minimum wage or otherwise (Jan. 4, 2020)

You can read more of the whys and wherefores of the Shout Out idea in the original post about the one-weekend-day posts. There you'll also find all of 2017's Shout Outs.

And if you interested in who got tax-related hollers in the last two years, you'll find them on the 2018 and 2019 pages.

Thanks and I'll say it again, enjoy your weekends with a little bit of taxes on the side. I know I will!

Advertisement

Weekly Tax Tip

Reporting your winnings to the IRS — Uncle Sam apparently is Lady Luck's cousin. Your lottery jackpot, other gambling winnings and prizes, too, are taxable income. Here's how to report them to the Internal Revenue Service on Form 1040's Schedule 1. (Jan. 11, 2021)
Check out all the latest post-Tax Day tax advice in the 2020 edition of Weekly Tax Tips. Many of these once-a-week tips will focus on planning moves to cut your 2020 tax bill.
If, however, you got an extension and are still working on your 2019 return, you can get a refresher of the 2020 Filing Season Tax Tips at their respective monthly pages:
January, February, March, April, May, June and July.

COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 tax season.
This Coronavirus (COVID-19) & Taxes page has details.

All About Kay

OK, some about Kay

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

My Other Accounts

Tick ... Tick ... Tick

Tax Season 2021 is here!
Happy New Tax Year! Are you ready to file your 2020 tax return? Me neither. With all the delays last year due to COVID-19, it seems like that prior tax season just finished. But time and taxes wait for no taxpayer. The Internal Revenue Service, which started 2021 by delivering more coronavirus economic relief payments, says it will be ready for our returns. So let's get prepared, too. The monthly tips and reminders a little further down this column should help us focus on our taxes and make the filing of them by go more smoothly. Also keep an eye on the countdown clock just below. It will help us keep track of how much time we have until Tax Day on April 15, just in case some of us want to put things off until the final hours. .
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Oh, 2021. I cannot tell you how happy we are to see you. You will be better than 2020, right? Right?!?

via GIPHY

And just so there's no confusion, that's a question New Year 2021, not a challenge. So don't you dare try to outdo the just-past Year of COVID-19 and its many, many complications, including in the tax world.

Jan. 1: While there's some good news with vaccines going out to fight the coronavirus pandemic, we'll still be dealing with it for a while. The Internal Revenue Service is delivering the second round of relief payments and the commissioner promises that the agency will start the 2021 filing season as usual later this month. I hope that's correct, but we shall see.

Jan. 4: If your job made it through the tough last year, good for you and your company and welcome to the New Year's first work week. It's the perfect time to refine your payroll withholding. This is particularly applicable true for federal employees, including members of the military and even IRS personnel, whose withholding was suspended that last few months of 2020. That money must be paid to Uncle Sam, but a new late-year law says the repayment isn't due until the end of 2021. Adjustment withholding now will give you 52 weeks to spread it across, making the per-paycheck bite less painful.

Jan. 7: The IRS' online withholding assistant or your tax pro can help you with your withholding amount and other tax numbers, but it's also a good idea going into a New Year to have an idea of your tax bracket and income tax rate. The rates tend to hold steady (until Congress starts fiddling!), but the brackets are adjusted annually for inflation. You can check out the 2021 income brackets (and 2020's for comparison) in the first post in the ol' blog's annual inflation series. At the end of that item, you'll find a directly to the other nine inflation items.

Jan. 11: Continuing coronavirus precautions mean some restaurants are still closed for in-house dining. Other eateries are managing with take-out meals and deliveries. Whether you're able to enjoy table service in or getting food brought to your house, remember to tip your server or delivery person.

If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.

As for servers who are still on the job, remember that your tips are taxable income. If you at least $20 in job-related gratuities last December, you need to account for them today by using Form 4070 to report your tips today to your employer.

Jan. 13: Did some of those tips come from a side hustle? That's just one of the tax matters to think about when you are part of the gig economy. In these freelance or contractor situations, you'll need to pay estimated taxes.

Jan. 15: The final estimated tax payment for the prior year, 2020 in this case, is due today. The other three payments are for earnings in 2021 that aren't subject to withholding and are due on April 15, June 15 and Sept. 15. And be sure to account for your self-employment tax in figuring your estimated amounts.

Jan. 18: Many people spend Martin Luther King Jr. Day each year as a day of service.

Click image to find out ways
you can volunteer on MLK Day.
Taking time on 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. Most filers, however, claim the standard deduction and a new tax law gives them a tax break, too. On your 2020 return, you can claim up to $300 in donations directly on your Form 1040. In 2021, the $300 amount remains, but is doubled for couples who file jointly.

Jan. 21: If the IRS meets its usual timetable, the annual tax-filing season will start soon. If you can get your tax material together, then there are several good reasons to file your return early.

Jan. 25: Millions of filers find electronic tax options are great ways to get returns to the IRS as soon as possible. The tax agency agrees. In fact, for almost two decades, the IRS has partnered with the Free File Alliance to offer eligible taxpayers access to online tax software and e-filing through the aptly named Free File site at IRS.gov.

Last year, Free File was available to filers with adjusted gross income of $69,000 or less, regardless of filing status. That threshold has been bumped up to $72,000 for this filing season. If you're eligible, be ready to log-on when Free File officially opens, which usually around this time.

Jan. 29: Of course, regardless of how you file your taxes, you can't do so until you all the necessary documents, such as W-2 and 1099 forms. Employers have until the end of the month (or Feb. 1 this year since Jan. 31 falls on Sunday) to get the to you, so be on the lookout for all the documents you need to file.

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

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 Fiesta! 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

Mapping Your Tax Route

Do you get lost doing your taxes? Check out the Taxpayer Advocate Service's Taxpayer Roadmap.

This publication, designed along the lines of a subway map, shows the many routes and detours of a taxpayer's journey through our elaborate Internal Revenue Code and the Internal Revenue Service's enforcement of our tax collection system.

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

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

Kudos Et Cetera

National Association
for Women in Communications
Winner, Best Personal Blog
2012, 2014 & 2017
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
© 2005-2021 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.

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.

Blog powered by Typepad
Member since 11/2005

January 2021

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

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

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	29	30
31