July 1: You're halfway through the year. Now's the perfect time to make some midyear tax moves that could cut your 2009 IRS bill. If your life has changed significantly since the beginning of the year,
adjust your withholding to more accurately reflect your new life, and tax, situation. Just give your employer a new
W-4.
July 4: Happy Independence Day! Celebrate your independence from future tax hassles. Hire a
tax professional now to help get your tax life in shape while there's still plenty of time to plan.
July 10: Does your job include
tips? If so and you received $20 in tips in June, use
Form 4070 to report them today to your employer.
July 17: Are your kids at
day camp while you work? You might be able to use that expense to claim the
child and dependent care credit to cover some of the costs.
July 21: It's been summer for month. How's your air conditioner holding up? If you need a new one, make sure it's energy efficient; that way on your 2009 tax return you can
claim a tax credit for 30 percent of the cost, up to $1,500. Other energy-saving home improvements also qualify. Get the details at
EnergyStar.gov.
July 31: If you kids are older and working summer jobs, make sure they understand their tax responsibilities. You also can help your youngster get a nest egg head start by helping him or her
open a Roth IRA with some of those summer earnings.
Small Business Tax Calendar -- July: Important
filing, deposit and record keeping dates your company needs to know.
Today the Administration released a fact sheet outlining what is sees as remedies to help homeowners who are in over their heads.
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