The 2013 tax season certainly will be a bit more challenging since Congress took so long to finalize the 2012 tax laws. But not to worry.
To help make your tax tasks easier, you'll find a Daily Tax Tip over there in the ol' blog's right column each day, weekends and federal holidays included, through the April 15 filing deadline. And if you miss a day, check out the full 2013 daily tips list.
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Monday, January 07, 2013
Today's Tax Tip, 2013 filing season
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Weekly Tax Tip
- Allowable early IRA withdrawals -- You've done a good job saving for your retirement, but sometimes life just happens. And that could mean that you need to pull some money out of your IRA. But because of the tax advantages afforded these accounts, both traditional and Roth accounts, you need to be careful. The good news is that sometimes it's OK to tap your IRA. Two key instances when IRA withdrawals aren't penalized involve using the retirement funds to pay some schooling costs or to buy a first-home. There also are hardship situations where early IRA distributions are allowed. Remember, though, that even if you don't have to pay a 10 percent penalty for taking out your retirement money before you turn 59½, you still could face tax on withdrawal amounts where the tax was deferred. (May 15, 2013)
Check out all of the 2013 post-April 15 hints at Weekly Tax Tips.
You also can get a refresher of the Daily Tax Tips posted earlier this year on their respective monthly collection pages: January, February, March and April.
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Time for Tax Tasks
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!
Before you raise a margarita, check out these five smart, and easy, post-filing tax moves:
1) Adjust your withholding.
2) Contribute to your IRA.
3) Finish spring cleaning and give items you no longer need to charity.
4) Rebalance your portfolio.
5) Set up your tax record keeping system.
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 12: 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.
May 22: Improving your home's energy efficiency also could get you up to $500 in dollar-for-dollar tax credit savings. Tax credits for a variety of relatively easy improvements were extended through 2013. More extensive (and expensive) upgrades employing solar, wind energy and geothermal systems could provide even more tax savings.
May 27: If you're hitting the road on the Memorial Day holiday to kick off summer, be on the lookout for bargain gasoline. State, local and federal 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 2012 tax year task. And hiring a tax pro now will definitely help you get a head start on your 2013 return.
Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know.
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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Posted by: Kay | Monday, April 08, 2013 at 04:55 PM
Goodness gracious I was beginning to panic! You have saved me thank you!
Posted by: Tulisaa | Monday, April 08, 2013 at 01:20 PM
Great tips here! If I had one quick tax tip to give this season, it would be to look for discounts on H&R Block, Tax Act, and TurboTax. Here's some that we put together: http://www.financialsprout.com/best-turbotax-discount-codes-and-coupons/
Posted by: Rob | Wednesday, March 27, 2013 at 11:18 AM
Thanks so much for this. And the previous comment about ringing a town bell...that is awesome! Unfortunately we don't have that, but if we did, i would most certainly go and ring it!
Posted by: comprehensive insurance | Monday, March 18, 2013 at 05:01 AM
I can use all the help I can get with taxes... I just wish I had found this a little earlier!
Thanks for sharing.
Posted by: Simon | Monday, March 11, 2013 at 06:41 AM
Thanks so much for the information.
MCX Tips
Posted by: cheap jerseys | Monday, March 04, 2013 at 12:13 AM
All Tax Tips are helpful for us. I have used credit card mostly, I have searched in net “how to save income by using credit card or any credit card tax benefit tips? However, I did not found any such good information, can you help me?
Posted by: Shawn @ Finance | Wednesday, February 27, 2013 at 10:53 PM
Commodity tips
I've looked information on this very subject and I'm happy that I've found it here. I'll be back.
Posted by: Tips_commodity | Wednesday, February 20, 2013 at 02:56 AM
I've been looking for information like this for quite a while and found your blog post. Thanks so much for the information.
MCX Tips
Posted by: Tips_commodity | Saturday, February 16, 2013 at 12:34 AM
Sun, I'm not exactly sure what issues you're having with the mobile links, but here's the joint vs separate filing link: http://www.bankrate.com/finance/money-guides/tax-filing-for-couples.aspx?ic_id=nwsltr_taxtip_20130214
Posted by: Kay | Friday, February 15, 2013 at 10:11 AM
When I go to your marriage tax article on my iPhone safari keeps taking me to the home page weird... Thanks your articles are timely and well written. I was curious about filing joit vs filing separately and bam there it was :)
Posted by: Sun | Friday, February 15, 2013 at 09:15 AM
Krista, the IRS says it plans to start processing returns claiming education credits on Thursday, February 14, 2013
Posted by: Kay | Friday, February 08, 2013 at 02:10 PM
When can this aoc tax credit be filed for 2012?
Posted by: krista | Friday, February 08, 2013 at 12:56 PM
Do you ever ring a bell when you finish your taxes? My town has a good sized one over by South Park Centre. People are supposed to ring it whenever they've done an accomplishment. Finishing my taxes is accomplishment enough for me, so I get to ring it then.
Posted by: billshields2 | Tuesday, January 15, 2013 at 08:35 PM