School is back in session.
Yes, those are the cries of joy from parents nationwide that you hear.
If your children are in college, do your homework to determine whether you (or your student) should claim the American Opportunity Tax Credit or Lifetime Learning Credit
If your youngsters are younger, now's also the time to prepare for their higher education. Stash money to pay for future college costs in a 529 plan
or Coverdell Education Account. The nice thing about a Coverdell is that you can use that money for some pre-college costs, too.Sept. 7: Happy Labor Day!
This celebration of workers' social and economic contributions to the country is a federal holiday.
In most employment situations, the workers are employees. Sometimes though folks are hired as contractors. The difference between a contractor and an employee
matters not only to businesses that hire the workers, but also to the worker. There are different tax considerations as an independent contractor
. Sept. 10:
Does your job include tips
? If so and you received $20 in tips in August, use Form 4070
to report them today to your employer. Sept. 11:
Today is Patriot Day
, the annual observance to remember those who were injured or died during the terrorist attacks in the United States on Sept. 11, 2001.
On this annual National Day of Service and Remembrance, you can find charitable remembrance activities in your area through the National Corporation for Community Service
, which grew out of the many commemorations of the 9/11 victims. You also can contribute to the nonprofit of your choice, either one that assists victims or in the name of someone you wish to honor.
Click image to visit
the Community Service
While your volunteer work is not tax deductible
, you might be able to deduct your donation of cash or goods
if you itemize. Sept. 13:
Happy Grandparents' Day!
If you're an older grandma or grandpa, pay attention to your overall earnings. The retirement supplement could cause your Social Security benefits to be taxed
If you're helping out an older parent, keep good track of all your financial contributions. You might be able to claim Mom and/or Dad as a tax dependent
It's estimated tax
time again. Your third voucher for the 2015 tax year is due today. Sept. 23:
Fall officially arrives today with the autumnal equinox
at 4:22 a.m. Eastern Time. If you haven't already, it's time to get you house is ready for the coming colder weather.
Folks who got an extension to file their 2014 returns might be able to claim a tax credit for energy efficient upgrades
, which was extended through 2014 and might be back on the books as part of the tax extenders
for the 2015 tax year.
Tax credit aside, you also can make home improvements
that could pay off later on your taxes.
September is usually the busiest month of the Atlantic hurricane season, which runs through Nov. 30.
If you haven't yet made your storm and financial preparations for any type of disaster
, do so now. The ol' blog's special Natural Disasters Resources
blog page can help.Small Business Tax Calendar:
Important filing, deposit and record keeping dates
throughout the year that your company needs to know. You also can view the full year's important business tax dates in IRS Pub. 509