May 1: Happy
May Day! This international holiday celebrating workers is a perfect time for employers of household help to review their tax responsibilities. You don't want to end up with facing
nanny tax trouble!
May 5: ¡
Feliz Cinco de Mayo!
Take time on this fifth day of the fifth month to get your tax material in order. You need a
tax record keeping system for your 2012 taxes, as well a filing system for your 2011 return material in case the Internal Revenue Service has questions.
May 8: Those tax records you just organized will let you know whether you need to
adjust your withholding. It's a good move, whether you owed the IRS a lot or got a big refund.
May 10: Does your job include
tips? If so and you received $20 in tips in April, use
Form 4070 to report them today to your employer.
May 13: Happy Mother's Day! Make sure today is a special one for your mom. And if you're a mother, or about to be, be sure to check out the
tax joys of parenthood.
May 16: With the arrival of warmer spring weather come home improvement projects, such as the planting of May flowers and
bird-friendly plants.
Such home work will help
increase your basis in the property and that could help reduce any potential
home sale tax bill.
Advanced home energy home upgrades also could get you dollar-for-dollar tax credit savings this tax year. These include the more costly
solar, wind energy and geothermal systems.
May 21: Set up your
bunching strategy. This method of collecting enough deductible expenses so that you can itemize works better when you get started as early as possible in the tax year.
May 26: If you're hitting the road on the Memorial Day holiday to kick off summer, be on the lookout for bargain gasoline. State and local
fuel excise taxes can really ramp up pump prices.
Regardless of how you travel, if part of your trip is business related, Uncle Sam might be willing to
pick up some of those costs when you file your tax return.
May 31: Was this the last filing season you want to go it alone at tax time? Then start searching for a tax professional now. You have more time to thoroughly investigate and
pick the perfect tax pro.
If you filed for an extension, he or she could help you finish up this 2011 tax year task. And hiring a tax pro now will definitely help you get a head start on your 2012 return.
Small Business Tax Calendar -- May: Important
filing, deposit and record keeping dates your company needs to know.
Does this mean there will be "Blade IV - Vampires in Jail"?
Seems most tax evaders avoid paying 25% of their income in taxes then spend 25% of their time in jail. Not a good trade.
Posted by: Ernesto | Monday, January 14, 2008 at 02:36 PM
People who don't want to pay taxes had also better plan on walking everywhere. Roads are one of the prime examples of how we all benefit from tax dollars. Maybe not everyone uses schools, libraries, social services, etc, but most people use roads somehow.
Posted by: Mrs. Micah | Monday, January 14, 2008 at 01:33 PM