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Weekly Tax Tips 2016

 

Whew! Finally. Tax Day 2016, which was pushed to April 18 this year -- the 19th for you filers in Maine and Massachusetts -- has come and gone. 

Tax_tip_icon_pencil_point2Wait. You say you're not done yet? That you got an extension to file your return?

Me, too.

But we're all OK because when we sent in our Form 4868, we paid any tax we guesstimated we owe. Right? Right.

And we also have a couple of more days to meet our new, six-months-later deadline. Since the regular Oct. 15 due date this year is on a Saturday, we have until Monday, Oct. 17, to complete our 1040 forms.

So take a breath. But not too deeply or for too long.

I've postponed my own filing until the very last minute before, but I don't recommend it. Just because you have until mid-October to file, you don't have to take all that time.

As soon as you're energized and ready to finally tackle your filing, the 2016 edition of Weekly Tax Tips is here to help.

As in previous years, a new piece of tax advice will be featured each Wednesday in the upper right corner of the ol' blog. 

Many of the items will be aimed at helping those of us who've yet to file. Others focus on ways to reduce our already accruing 2016 tax bills. Either -- or both! -- ways, stick with the ol' blog. The tips will continue through Dec. 28, the last Wednesday of the year.

A stray weekly tip or two also might show up in the opening week/weeks of January 2017 before I transition to the New Year's tax filing season and the return of the 2017 Daily Tax Tips.

Sorry. Didn't mean to rush us through the next eight months. Let's get back to this year and the 2016 Weekly Tax Tips.

  1. 3 costly tax penalties -- Did you miss the April 18 (or the 19th if you live in Maine or Massachusetts) tax-filing deadline? If so, you could face one (or more!) of these tax penalties. (April 20, 2016)
  2. Dealing with a wrong refund -- Your refund finally arrived, but it's not what you expected. Now what? If it's larger than you expected, you're probably fine spending it. If it's less than you calculated, the Internal Revenue Service should send you a notice detailing the adjustments. (April 27, 2016)
  3. Tax record keeping tips -- You're done with your taxes for another year. Now it's time to get your tax records in order. (May 4, 2016)
  4. Don't fear these 6 tax terrors -- Taxes can be scary, not just on the upcoming Friday the 13th, but every day. Here's how to take the fear out of six frightening tax situations. (May 11, 2016)
  5. Getting tax credit for day camp costs -- School's out for the summer! Kids' joy, however, poses day care problems for mom and dad. Day camp could be a solution that makes everyone happy. Plus, the costs could be used to help you claim the child and dependent care tax credit. (May 18, 2016)
  6. 10 states with highest gas taxes -- Memorial Day weekend marks the start of the summer vacation season. If you'll be traveling by car, be ready for higher pump prices in these 10 states with the highest combined federal and state gasoline taxes. (May 26, 2016)
  7. Tax help for disaster losses -- June 1 is the official start of hurricane season. If you sustain damages from a tropical system this summer or any other major natural disaster year-round, you might be eligible for special tax consideration. (June 01, 2016)
  8. Reporting gambling winnings -- The Belmont Stakes is this weekend. The NBA and NHL championship games are under way. And let's not forget the still growing Mega Millions and Powerball jackpots. If you buy a lottery ticket (or two or …) or bet on sporting events, any winnings are taxable income. (June 08, 2016)
  9. How to adjust your withholding -- If this filing season you end up owing the IRS a lot or getting a big refund, it might be time to adjust your payroll withholding. It's easy to do. (June 15, 2016)
  10. 9 tax tips for members of the military -- Members of the armed forces face many challenges, including filing taxes. These tips could help make the tax job easier. (June 22, 2016)
  11. Tax breaks for life's big events -- Were you a June bride? Weddings, as well as babies, job changes and other major changes to your life usually have tax implications. (June 29, 2016)
  12. Kids, summer jobs and taxes -- Summer employment is a time-honored coming-of-age tradition. It also could have tax consequences for young workers. (July 06, 2016)
  13. 10 money-saving midyear tax moves -- With the year half over, now's the perfect time to take some tax steps that could lower your 2016 IRS bill. (July 13, 2016)
  14. Summer is sales tax holiday time -- This year, 17 sales tax holidays are scheduled, spanning anywhere from a couple of days to more than a week. Most are in August and hyped as back-to-school shopping events. But be careful, or you could pay more than you get in sales tax savings. (July 20, 2016)
  15. Tax benefits of short-term rentals -- Planning to rent your vacation home or primary residence? Lots of folks become short-term landlords during special events, like music festivals or major sports matches. The rent you collect in these cases could be tax-free if you follow IRS rules. (July 27, 2016)
  16. 5 higher taxes for wealthy taxpayers -- It's not a good time to be rich when it comes to taxes. Wealthy taxpayers now face several higher taxes thanks to special tax law changes. (Aug. 3, 2016)
  17. Sports, gambling and taxes -- Sports offer gamblers myriad ways to place bets, including the growing online fantasy sports games. But regardless of how you wager on athletic events, winnings count as taxable income. (Aug. 10, 2016)
  18. A quick lesson on education tax breaks -- College costs increase every year, but your Uncle Sam can help you pay for some of those expenses with tax credits and deductions. Some education tax breaks even cover pre-college school costs. (Aug. 17, 2016)
  19. Deducting moving expenses -- Uncle Sam will help pay some of your moving costs if you relocate for work and follow Internal Revenue Service rules. (Aug. 24, 2016)
  20. Tax benefits of a Coverdell account -- This oldie-but-goodie tax break doesn't offer a lot of tax dollar savings, but it's one of the more flexible education tax breaks. (Aug. 31, 2016)
  21. Child and additional child tax credits -- Your children can be a credit to you literally at tax-filing time. But this tax claim also could delay issuance of your refund in 2017. (Sept. 7, 2016)
  22. Expect earned income tax credit refund delays -- Lower and middle income workers might be eligible for this refundable tax credit. But beginning with the 2017 filing season, EITC filers will have to wait longer for their money. (Sept. 14, 2016)
  23. When it's OK to tap your IRA -- Sometimes you need to take money from a retirement account before you hit retirement age. Here are instances when the IRS will let you do so without paying an early distribution penalty. (Sept. 21, 2016)
  24. Fix tax mistakes with amended return -- You filed your taxes months ago, but you just discovered a mistake on your return. You can fix it by filing Form 1040X. (Sept. 28, 2016)
  25. Taxable Social Security benefits -- Many older Americans rely on federal retirement benefits. But if you have other income, some of your Social Security, like Vice President Joe Biden's benefits, might be taxed. (Oct. 5, 2016)
  26. 10 common tax mistakes -- The final 2015 tax return filing deadline is almost here; that's Oct. 17 for most procrastinating taxpayers, unless you're in some presidentially declared disaster areas. If you're pushing this deadline, be sure you don't make one of these errors. (Oct. 12, 2016)
  27. How to get tax help for disaster losses -- Thousands are cleaning up after Hurricane Matthew. The tax code offers special help for them and others in major natural disaster areas. (Oct. 19, 2016)
  28. Don't let candy taxes scare you -- Halloween is almost here. Do you have enough treats to fend off tricksters? Depending on where you live, you might need to budget a few more bucks to cover the sales tax on candy. (Oct. 26, 2016)
  29. Seasonal work tax considerations -- The holiday shopping season is a good time to get a temporary job. It means extra cash to pay off debts or splurge on gifts. But it also can mean extra tax issues depending on whether you're hired as a contractor or employee. (Nov. 5, 2016)
  30. Tax tips for members of the armed forces -- As we honor our former military members on this Veterans Day, here are some tax tips for the men and women still in uniform and on active duty. (Nov. 11, 2016)
  31. 12 year-end tax moves -- Another year is almost over, but there are still some tax tasks to take care of by Dec. 31. Here are a dozen that might help you save some money at filing time or before! (Nov. 16, 2016)
  32. Tax help for helping an aging parent -- Take time over the Thanksgiving holiday to check on aging parents. If you discover mom and dad need assistance, there are some tax breaks that could help you help them. (Nov. 23, 2016)
  33. Charitable donation, tax deduction rules -- After giving our personal thanks on Thanksgiving Day comes the season for sharing our bounties. With the holiday giving season now underway, be sure you know the current tax rules for giving and getting a deduction for your donations, and the possible changes ahead. (Nov. 30, 2016)
  34. 5 tax security tips -- The Internal Revenue Service and its Security Summit partners are hoping you can take a break from holiday shopping and celebrating for a week full of early tax season security tips. Plus, some of the ways highlighted during the inaugural National Tax Security Awareness Week to protect yourself from tax scammers and identity thieves also work for your online shopping security. (Dec. 8, 2016)
  35. Comparing HRAs, HSAs and FSAs -- Some folks might soon be able to utilize a Health Reimbursement Arrangement, or HRA, thanks to the enactment of the 21st Century Cures Act. Here's a look at that health care account and how it compares to two other tax-related medical acronyms, the Health Savings Account, or HSA, and Flexible Spending Account, or FSA. (Dec. 15, 2016)
  36. Avoid these 8 investment tax mistakes -- Annual evaluation and realignment of your portfolio is a good idea. But these eight tax mistakes could undermine your investment strategy and cost you earnings and taxes. (Dec. 21, 2016)
  37. 4 popular tax breaks end Dec. 31 -- There are fewer tax extenders, those temporary laws that Congress must renew (or extend, hence the name), this year. Many extenders were permanently put in the tax code last December. But some popular, and tax-saving, extenders for homeowners and students will expire this Dec. 31. Will they make it into expected 2017 tax reform or disappear forever? (Dec. 28, 2016)

Did you miss some tips posted earlier this year? No worries. You can find all the 2016 Daily Tax Tips on their monthly pages: January, February, March and April. They're also collected in handy weekly tip roundups.

And the new batch of Daily Tax Tips will return when the 2017 tax filing season arrives next January.