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Keep Uncle Sam cranky!

  • It's no wonder Uncle Sam is not very happy here. His vault is empty.
    Don't Mess With Taxes aims to keep him cranky by providing tax and personal finance tips and advice that will put more money in your bank account, not the government treasury.

Tick, Tick, Tick

June 2012

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Time for Tax Tasks


  • monthly tax moves
  • June 1: Hurricane season starts today. Someone forgot to tell Mother Nature; she spawned two named storms – Alberto and Beryl – in late May. If those didn't prompt you to prepare for potential storms, do so now. And don't forget to take an inventory of your property. It could help if you need to file storm-related insurance or disaster tax claims.

    The countdown clock below can help you keep track of how many days until the Atlantic/Gulf of Mexico hurricane season ends on Nov. 30.



    June 5: Welcome to summer. OK. The hottest season doesn't officially begin for a couple more weeks, but some thermometers here in Texas have already hit the triple-digit mark. And a heat wave in the Northeast has many feeling like it's mid-July instead of early June. Since it won't get cooler for a while, get your home in energy efficient shape now.

    Unfortunately, the tax credit for relatively easy energy upgrades expired at the end of 2011. But if you want to install more extensive, and expensive, systems fueled by solar, wind or geothermal power, a generous energy upgrade tax credit is still available. If your residential improvement qualifies, you can get dollar-for-dollar tax credit savings on up to 30 percent of the energy-saving system's cost.

    June 11: Does your job include tips? If so and you received $20 in tips in May, use Form 4070 to report them today to your employer.

    June 14: Happy Flag Day. If you need to buy a banner to fly today, you might also get a tax break. Several states exempt the Stars and Stripes from sales tax. Check with your state's tax department to see if you can save on you patriotic display.

    June 15: If you're not paying your 2012 income tax through withholding, or will not pay in enough tax during the year that way, your second estimated tax payment of the year is due today.

    June 15 also is the deadline for U.S. citizens or resident aliens living and working outside the country, as well as military personnel stationed abroad, to file Form 1040 and pay any tax, interest and penalties due. If you qualify, you can file online using Free File. Or if you need more time, you can file for an extension, Form 4868, to give you until Oct. 15.

    June 17: Happy Father's Day!
    Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. If you also show your affection by providing for the bulk of dad's living expenses (or mom's, too, for that matter), be sure you claim him, her or both of them as dependents on your tax return.

    June 21: Are you a June bride? Since the withholding rates are different for couples, both newlywed wives and husbands should file new W-4 forms at work to reflect their now-married tax status. Also, if the new missus changed her name, she needs to contact the Social Security Administration to make sure her tax ID number matches her new moniker. These tasks are just a couple of ways that marriage affects your taxes.

    June 29: The year's half over.
    It's time to get rid of stuff you don't need but which is still useable; give these items to your favorite charity. If you itemize, your donations could be tax deductible. Just be sure to get receipts!

    Small Business Tax Calendar – June: Important filing, deposit and record keeping dates your company needs to know.

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A few words from the IRS

I gotta tell ya ...

  • AKA Disclaimer:
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. I strongly suggest that when it comes to filing your taxes, you get additional, professional, paid-for guidance from your accountant and other financial advisers who are familiar with your individual circumstances. In other words, don't blame me!

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Saturday, August 28, 2010

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Weekly Tax Tip

  • Appealing your property appraisal -- Real estate property tax assessments are hitting mailboxes nationwide. That means that many homeowners are readying their appeals of the valuations of their homes. A home's value is key to your ultimate tax bill. It's calculated by multiplying your your home's appraised value by your taxing jurisdiction's tax rate. An incorrectly high appraisal will mean an excessive property tax bill. So you need to gather the data to show the appeals board the correct value of your home. Make sure you don't miss the deadline for filing a protest of your appraisal. Since it will take some time to collect the data that you'll need to prove your case, you might find it worthwhile to hire a property tax appeal specialist. But pick your tax appeal rep carefully. And when it comes to the actual payment of your real estate taxes, also beware of firms offering to pay the overdue taxes in exchange for a note in the amount of taxes on the house, including loan fees and interest. In most cases, the interest rate is generally higher than market rate and if you miss a payment, a lien could be placed on your home. Instead, consider working with your original lender or tax office to settle your overdue tax bill.

  • Check out all of the 2012 post-filing season tips at Weekly Tax Tips.

    You also can get a refresher of the Daily Tax Tips posted earlier this year. You'll find the collections on special blog pages for the months of January, February, March and April.

State Tax Help

  • Don't forget your state taxes!
    Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

    State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

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    The Truth About
    Paying Fewer Taxes

    • Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for y'all.

      Look for it on bookstore shelves or order from Amazon and Barnes & Noble.


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    • Find out more about my book, read excerpts, even listen to a podcast at the FT Press Truth About Paying Fewer Taxes Web page.

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