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Friday, June 20, 2014

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Weekly Tax Tip

  • Reporting retirement plan rollovers -- You completed a trustee-to-trustee transfer of that former workplace retirement plan to an IRA. Smart move. That rollover kept the 401(k) cash out
    of your hands so you won't face any taxes on the transfer. But wait? What's with this 1099-R you got? No worries. This third-party reporting form keeps
    the Internal Revenue Service apprised of your retirement savings move. You have to report what you did, but as the form should note, there was no taxable money involved. And that will help
    keep your retirement plans on track. (Sept. 17, 2014)

  • Tax Tip; click pencil for all tax tip links

    Check out all the latest post-April 15 advice at Weekly Tax Tips 2014.

    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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Counting Down to Tax Day

Time for Tax Tasks


  • monthly tax moves

  • Sept. 1: Happy Labor Day! This celebration of workers' social and economic contributions to the country is a federal holiday.

    Labor Day red white and blue graphic

    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. 7: Happy Grandparents' Day! If you're an older grandma or grandpa, pay attention to your overall earnings. Any supplemental retirement income 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.

    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.

    United We Serve
    Click image to visit
    the Community Service
    Facebook page.

    While your volunteer work is not tax deductible, you might be able to deduct your donation of cash or goods if you itemize.

    Sept. 15: It's estimated tax time again. Your third voucher for the 2014 tax year is due today.

    Sept. 22: Fall officially arrives today with the autumnal equinox at 10:29 p.m. Eastern Time. Although it still feels like summer here in Texas, cooler weather will be here soon. I hope! Get ready for the coming chill by checking out ways to make your home more energy efficient. Note that the energy-efficient home improvement tax credit expired Dec. 31, 2013, but it's possible that Congress might renew it as part of the tax extenders package.

    Sept. 26: Classes are finally back in session across the whole country this month. Among the tax code provisions to help with schooling costs is the Coverdell Education Savings Account. This money can be used tax-free to pay for school expenses at the kindergarten through grade 12 levels. If your kids are in college, check out the educational tax breaks that are still available for post-high school classes.

    Sept. 30: September is usually the busiest month of the Atlantic hurricane season, which runs through Nov. 30.



    If you haven't prepared for the possibility yet, 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.

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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Kudos Et Cetera

  • Association for Women 2014 Clarion Award Winner
    National Association
    for Women in Communications
    Best Personal Blog, 2014

  • Plutus Award 2013 Award Winner
    Plutus Financial Bloggers Awards
    Best Tax Blog, 2013

  • Association for Women 2012 Clarion Award Winner
    National Association
    for Women in Communications
    Best Personal Blog, 2012

  • Plutus Award Winner
    Plutus Financial Bloggers Awards
    Best Tax Blog, 2011


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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.

I gotta tell ya ...

  • AKA Disclaimer:
    I am a professional journalist who has been covering tax issues since 1999.
    I am not a professional tax preparer.
    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. In other words, specifically the words in Treasury Circular 230 Notice, any U.S. tax advice on this blog is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any transaction or matter addressed on this blog. That's why when it comes to filing your taxes,
    I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax professional who is familiar with your individual tax circumstances.

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