September brings two autumnal arrivals, along with lots of tax tasks.
After this summer's heat wave — it was the hottest summer on record for the Northern Hemisphere — I am definitely ready for September and its promise (hope) of cooler temperatures.
If that sounds distressingly familiar, it's because it is. Just last year weather records across the globe were shattered.
Another thing that repeats annually is taxes. So, with the start of a new season, let's get going on September tax moves.
Taking care of filing and more: Sure, the main season was January 1 through April 15. But millions of us got filing extensions, making our Form 1040 due date in mid-October.
That means we should at least start thinking about completing that return this month.
Then there's our 2024 taxes, which have accruing for eight months.
Most taxpayers take care of the bulk of our federal tax bill via payroll withholding. But you need to double check it now, especially if when you did file you got a big refund or owed an unexpected tax bill. Of if your tax circumstances changed. All these things are indicators you might want to adjust your withholding.
Lots of us also must make estimated tax payments. The third one for 2024, covering earnings in June, July, and August that weren't subject to withholding, is due Sept. 16 this year since the 9/15 regular deadline is on Sunday.
And some filers get more time to file their 2023 extended returns or make the September estimated tax payment because they live in places that were hit by major disasters.
2024 tax planning, too: Finally, since we're on the downhill side of the tax year, we all need to look into moves we can make in the next few months to lower our 2023 tax liability.
You'll find some ideas on how to do that here on this September tax tips page. The seasonal (0r, in many cases, year-round) pieces of tax advice will be added as soon as they are highlighted, as is the standard practice, in the upper right corner of the ol' blog.
So, don't worry if you miss a tax tip on its featured day. You'll find them all below.
- Be prepared, for taxes and potential natural disasters — Sept. 1 marks the start of the annual National Preparedness Month. This year’s theme is “Start a Conversation,” since it's important to talk with your loved ones about potential emergencies. It's also critical to be prepared, as the Atlantic and Gulf of Mexico hurricane season usually peaks in September. And we still have three months of official hurricane season to go! (Sept. 1, 2024)
- Saluting, and offering tax tips to, entrepreneurs on Labor Day — Many Many workers get Labor Day off, but those who are their own bosses typically don't. Being a business owner is a lot of work, usually 24/7, 365 days a year. So we salute you entrepreneurs, offer you some boss tax basics, and remind you that you deserve to occasionally give yourself a literal break now and then. (Sept. 2, 2024)
- September tax moves — Meteorological Fall arrived on Sept. 1, but it's still pretty darn hot across much of the United States. But as we await the crisp chill of autumn, here are four cool tax moves to make this month. (Sept. 3, 2024)
- Don't miss next week's Sept. 16 estimated tax deadline — Tax Day comes four times a year for those who must make estimated tax payments. The next deadline for the tax due on taxable income not subject to withholding is next week, Monday, Sept. 16. Get this third estimated tax payment of the 2024 tax year in if you pay electronically, or postmarked if you’re mailing a Form 1040-ES, by Sept. 16, or you could owe even more. (Sept. 9, 2024)
- Tax benefit of volunteering on 911 Day and beyond — On this Patriot Day 2024, volunteer efforts honor those who died or were injured during the terrorist attacks in New York City, Pennsylvania, and Washington, D.C., on Sept. 11, 2001. The value of the time you give to a nonprofit, on 911 Day or any time, is not tax deductible, but some associated expenses might be. (Sept. 11, 2024)
- Later estimated tax deadline delayed for disaster-area filers — Sept. 16 is the deadline for most estimated tax payers to make 2024's third payment, but not all. Those who live in a location where tax relief has been granted because of a major disaster get more time. That’s the case 20 states and 2 U.S. territories. Some now have a Nov. 1 due date. Others have until Feb. 3, 2025, to meet their estimated and other tax obligations. (Sept. 13, 2024; Updated Sept. 18, 2024)
- What to do if you missed the estimated tax deadline — Uh oh. The estimated tax deadline came and went without you making your payment. Here's what to expect from the Internal Revenue Service, and what you should do next to at least lower the added late-filing charges you’ll likely face. (Sept. 18, 2024)
- Pennsylvania filers join 2/3/25 disaster deadline group — The Internal Revenue Service has added taxpayers in four Pennsylvania counties to the Hurricane Debby disaster area tax relief list. That makes it taxpayers in 20 states and two territories who get more time, specifically until Feb. 3, 2025, to make September estimated tax payments and take care of other disaster-related tax matters. (Sept. 19, 2024)
- Special capital gains tax rate on collectibles — See a penny, pick it up. All the day, you’ll have good luck. But if you collect a lot of pennies and other coins that are valuable, you need more than luck. You need to know the tax implications if you sell your collectibles. You could owe a higher — 28 percent — capital gains tax rate than what applies to other types of capital asset sales. (Sept. 22, 2024)
- Beware Offer in Compromise mills — An Offer in Compromise (OIC) to the Internal Revenue Service is one way to handle a humongous federal tax debt. But beware aggressive promoters who run OIC mills offering outrageously beneficial deals. In many cases you end up paying a big fee for a lower-tax deal you could have cut on your own. (Sept. 24, 2024)
- IRS needs to clamp down on tax prep software info sharing — The Treasury Inspector General for Tax Administration (TIGTA) says the Internal Revenue Service needs to improve online tax software providers’ compliance when it comes to taxpayer clients’ information. TIGTA says the software manufacturers are not following the same taxpayer information sharing rules met by other approved e-filing agents, and the IRS needs to get the online software companies in line. (Sept. 26, 2024)
- How to deal with an ERC denial letter — The COVID pandemic has long been officially over, but fall-out from the coronavirus-prompted Employee Retention Credit (ERC) continues. The Internal Revenue Service is now sending out ERC denial letters. If you get one disallowing your business’ claim, here’s what to do next. Meanwhile, keep an eye on Congress. U.S. senators are variously seeking to eliminate the ERC or expedite its processing. And if you find yourself in the worst case scenario, here are some ERC audit tips. (Sept. 28, 2024)
- Tax shelter advice leads to Florida adviser’s indictment — Looking for a way to save tax dollars is not a crime. But setting up a bogus tax shelter is. That's what federal investigators accuse a Florida man of doing, along with a few other things, in a grand jury indictment unsealed this week. This Tax Felon Friday item also is a good reminder to not fall for purported tax-saving schemes that seem a bit too good to be true. (Sept. 30, 2024)
*****
*****
Not to be repetitive, but September already? Really? If you've adjusted to the new month and season better than I, and are looking for more tax tidbits, we've got you covered.
Just click on the January through August links below. They're full of advice to help you file your 2023 return if you got an extension, are looking for advice to save on your 2024 taxes, or you've just got some time to kill after you've finished raking all the fall leaves in your yard.
What, you ask, about the October, November, and December links? They, too, are live. But if you click on a month in the last quarter of the year, you'll be greeted by that 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 2024 months.
January | July |
February | August |
March | September |
April | October |
May | November |
June | December |
Advertisements
🌟 Search Amazon Business and Money Books 🌟
The text link above is an affiliate ad. If you click through and then buy a product, I receive a commission.