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September 2021 Tax Tips

Season of change, but with tax continuity.

Tax tip pencilSeptember's arrival means that summer is over, at least unofficially after the long Labor Day weekend.

This ninth month of the year also brings back school days and daze, some back in classrooms if the Delta variant of COVID-19 can be held at bay, and eventually, hopefully cooler temperatures.

But one thing doesn't change.

There still are tax tasks to take care of as we move into fall.

Finally filing: Some procrastinators who earlier this year got an extension until Oct. 15 to file their 2020 tax returns will find time this month to finish up those 1040s.

Except for those folks hit hard by natural disasters. Storms, flooding, and fired in Tennessee, Michigan, and California mean later deadlines for many taxpayers in those states.

And, of course, as August was winding down, Hurricane Ida started her rampage from the Louisiana Gulf Coast to New York. The deadly system also produced major property damage.

All of the Pelican State's taxpayers now have until Jan. 3, 2022, to file. Expect similar relief to be granted soon to other locales in Ida's destructive path.  

Crossover tax tips: Even if you're done with your 2020 taxes, you still need to think about taxes. Specifically, now's the time to look into tax moves that can help cut your already accruing 2021 tax bill.

You'll find some ideas on how to do that here on this September Tax Moves page. The tips will be added as soon as they also are 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.

  1. 4 tax moves to make this September — Yes, it's September. Already! But instead of lamenting the end of summer, embrace the seasonal change. Just be sure to save at least a little hug for some tax moves this month that could pay off in a smaller Internal Revenue Service bill next filing season. (Sept. 1, 2021)
  2. 6 unemployment tax Q&A — It's 2021 and we're still dealing with COVID-19. That means many people also still are dealing with losing their jobs. The updated taxes and unemployment insurance questions and answers — yes, the $10,200 exemption situation is noted — in this post from this time last year still apply. (Sept. 6, 2021)
  3. Tax tips for the self-employed — If you run your own business, you probably didn't take Labor Day off this week. That's because being the boss, while rewarding, is a lot of work. That includes added tax tasks. This collection of tax tips for those in charge of other workers or simply running a one-person operation can help keep your company in good stead with the Internal Revenue Service. (Sept. 9, 2021)
  4. Remembering, honoring lives lost on 9/11 — Sept. 11 has been known as Patriot Day since terrorists hijacked four commercial airliners in 2001. They flew two into the Twin Towers in Manhattan, causing the landmark skyscrapers to collapse. A third crashed into the Pentagon outside Washington, D.C. The fourth didn't hit its intended target, as brave passengers forced it down in a vacant field in rural Pennsylvania, giving their lives so many more could live. On this 20th anniversary of that horrific and tragic day, you can honor those who died on Sept. 11, 2001 and help others by giving to charitable groups in their memories. (Sept. 11, 2021)
  5. Sept. 15 is the next estimated tax deadline — The due date for the third estimated tax payment of 2021 is almost here. If you don't pay (or get your snail mailed payment postmarked) by Sept. 15, you could face possible penalties and interest. That deadline could change in the future if a bill to tweak quarterly tax deadlines passes, but until then, make your estimated tax payments by the existing due dates, including the one arriving on Wednesday. (Sept. 13, 2021)
  6. Classifying workers as employees or contractors — Businesses depend on their workers, but they also create some tax requirements that can trip up companies. One that causes a lot of consternation is whether workers are employees or contractors. (Sept. 16, 2021)
  7. Charitable donation tax deduction changes — It's been a wild, and destructive, year so far. If you've been spared, relatively speaking, and can offer some help to those who weren't as fortunate, please do. Donating to charities that provide services to those in need is a good way to do that. And in 2021, tax law changes mean that donors, both individual and business, might be able to get some added tax benefit for their goodwill. (Sept. 22, 2021)
  8. Tax tips for lottery (and other gambling) winners — America has a new millionaire. And the Internal Revenue Service and New York tax collectors also have (or will soon) more money. For that lucky $432 million Mega Millions winner in the Empire State, here are some post-winning financial moves to make now, including tips on paying Uncle Sam his portion of the winnings. If you're a regular lottery player or gambler, you might want to bookmark these items, just in case. (Sept. 23, 2021)
  9. COVID-19 home tests are tax deductible — Not many taxpayers claim itemized medical expenses, primarily because you must have enough to exceed 7.5% of your adjusted gross income. But the Internal Revenue Service has added another expense that could help you get over that threshold: home COVID-19 tests The IRS decision also makes the tests reimbursable expenses for flexible spending account (FSA) and health savings account (HSA) claims. (Sept. 25, 2021)

Leaf seasonal progression in post insert divider-small


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 tax code tips.

I know you want to see him, so go ahead and click on September through December. I promise that tax info will replace that animated fellow when the calendar finally flips to those remaining 2021 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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    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:
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    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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