September: Seasons change, but taxes continue unabated
Maybe the double dose of seasonal change will finally mean cooler temperatures.
But one thing isn't changing this September. There still are lots of tax tasks to take care of as we move into fall.
Finally filing: Some procrastinators earlier this year got an extension until to file their 2021 tax returns.
Even though this year they have until Oct. 17, two extra days since the regular 10/15 deadline is on Saturday, there's no need to wait until the last minute (again). The Internal Revenue Service will gladly take your 1040 in September.
Disasters looming: The Atlantic/Gulf of Mexico hurricane season has been unexpectedly quiet this year. In fact, the first hurricane of the year, category 1 Hurricane Danielle, didn't get her name until 11 a.m. Eastern Daylight Time on Friday, Sept. 2.
Danielle also is unusually far to the north in the Atlantic, about 885 miles west of the Azores Islands. In fact, it's one of the most northeasterly locations on record for a season's first hurricane to form.
Lucky for us here in the United States, we won't get any adverse weather from Hurricane Danielle, but this tropical lull is not likely to last. September traditionally is a busy ocean storm month, so if you haven't prepared, do so. Now. That includes being aware of the tax help available in the wake of a major natural disaster.
Crossover tax tips: September also is a good month for folks who are through with their annual tax filing task to make some moves to lower their current year's liability.
You'll find some ideas on how to do that here on this September tax tips page. The seasonal pieces of tax advice will be added as soon as they also are highlighted in the upper right corner of the ol' blog.
And don't worry if you miss one on its featured day. When you're ready to work on your 1040s or make other tax moves, this month's tax tips below will be here to help.
- 4 tax moves to make in September — It's a new month, finally bringing us cooler Fall temperatures. OK, it's still pretty hot in a lot of places. But seasonal change is coming. One thing that isn't changing, however, is the need to make some tax moves this September. Here are 4 suggestions. (Sept. 1, 2022)
- Student debt forgiveness could create state tax bills — College can be fun. Paying for it, not so much, especially when you have to take out loans. But now millions of student borrowers are getting loan relief. The White House college loan forgiveness is tax-free at the federal level, but it could create tax bills in a dozen or so states. (Sept. 2, 2022)
- Tax-favored retirement options for student debt money — If you'll soon be seeing some extra cash because your student loan has been forgiven, consider putting that money into retirement savings. In addition to building a nest egg, these retirement vehicles offer tax advantages, too. (Sept. 3, 2022)
- 12 common filing mistakes to avoid — To err is human. To err when doing your taxes also is all too common. These dozen tax errors that too many of us make all too often also could be costly. (Sept. 4, 2022)
- Labor Day salute to entrepreneurs — Many workers got Labor Day off, but those who are their own bosses probably didn't. Being a business owner is a lot of work, usually 24/7, 365 days a year. This Labor Day, we salute their entrepreneurial spirit and offer some tax tips for these bosses. (Sept. 5, 2022)
- Educator expenses tax deduction rises (finally!) to $300 — Students and their parents aren't the only ones who spend when it comes to school supplies. Most teacher also use their own, unreimbursed dollars for items that will enhance their students' classroom experiences. Now up to $300 of those expenses can be deducted. (Sept. 10, 2022)
- NFL bets pay off? That's taxable income — It's the first Sunday of the 2022 National Football League season. Have you placed your bets? Millions have (or will), and the Internal Revenue Service wants its portion of that taxable income from any of those winning wagers. Here's how to report gambling winnings, along with myriad other income, on Form 1040 Schedule 1. (Sept. 11, 2022)
- Estimated tax deadline is Sept. 15 — The third estimated tax payment for tax year 2022 is Thursday, Sept. 15. That means it's time for folks who had side hustle income or other earnings not subject to payroll withholding to send the IRS their latest 1040-ES. (Sept. 13, 2022)
- Hurricane season is heating up. Get ready! — If you put off getting ready for hurricane season because the tropics in 2022 have been unusually quiet, it's time to get in gear. Tropical Storm Fiona is taking aim at Puerto Rico, and possibly beyond. Prepare now, both physically and financially, including taking taxes into consideration. (Sept. 16, 2022)
- 18 states are sending their residents cash this fall — The COVID-19 pandemic has subsided a bit, but it's still tough economically for many folks. Now it's inflation taking bites out of budgets. So 18 states are offering their citizens some relief, in the form of tax refunds, rebates, or stimulus payments. The reasons vary as much as the names, but the cash, regardless of what it's called, will be welcomed by all who get any of it. (Sept. 19, 2022)
- Tips are taxable income — If your job is as a server at a restaurant, or at any other establishment where tips from customers are part of your compensation, don't forget that those gratuities, pooled or directly to you, are taxable income. They must be counted as earnings when you file your Form 1040. You also must report them to your boss if you get $20 or more in tips in a month. (Sept. 21, 2022)
- 1st hurricane of 2022 season heading toward Florida. Get ready! — It's late September, but the United States' mainland finally could face its first hurricane of 2022. Forecasters expect Ian to reach category 2, and possibly 3, before making landfall somewhere along Florida's west coast. If you put off getting ready for hurricane season because the tropics had been quiet, now's finally the time to get in storm prep gear. Prepare now, both physically and financially, including taking taxes into consideration. (Sept. 24, 2022)
- Sept. 30 is deadline to avoid COVID-related late filing penalty — The IRS is refunding penalties charged on 2019 and 2020 tax returns that were filed late due to COVID pandemic problems. It also will waive the penalty for those tax years' COVID-delated returns not yet filed, as long as the 1040s are submitted by Sept. 30. (Sept. 26, 2022)
Looking for more tax tidbits? All the monthly tax tip page links below are live. If, however, you click on one in the last quarter of 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.
I know you want to see him, so go ahead and click on October through December. I promise that timely tax info will replace that animated fellow when the calendar finally flips to those remaining 202w months.
You also might want to click on the January through August tips pages, too, especially if you're still working on your extended 2021 tax return. Of if you have some time to kill after you've finished raking all the fall leaves in your yard.