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Tax moves to make in June 2014

How the heck did June get here already? I know I say that about almost every month, but the arrival this weekend of the year's sixth month means summer is upon us and I'm not quite there yet. Are you?

June_Tax_Moves_160What about your taxes? Are you ready to deal with the tax moves you should make in June?

That's right. Just because summer has arrived, at least as far as thermometers are concerned, for many of us and will be here officially for everyone in a few weeks, that doesn't mean we get a vacation from tax tasks.

So here are a few June Tax Moves to consider.

Tax weather watch: Long-time readers of the ol' blog know that I'm a weather freak. That penchant was increased the six years the hubby and I lived in Florida, where we went through three hurricanes -- Irene in 1999 and Frances and Jeanne in 2004 -- and many more tropical storms.

It's no surprise then that the first item on my -- and perhaps your -- June tax to-do list is to take the Atlantic/Gulf of Mexico hurricane season seriously. It started June 1 and runs through Nov. 30.

True, Austin is about three hours (around 200 miles) from the Gulf coast, but when Tropical Storm Hermine moved inland in September 2010, the Lone Star State's capital city and many surrounding communities sustained major flooding.

Water, in fact, causes more hurricane damage than winds. So don't think you're immune to a tropical storm's effects. And all types of calamitous weather can occur anywhere, at any time.

So get ready. Put together an emergency kit, do a pre-storm household inventory and get your finances in order. If the worst happens, look into possible special tax treatment for major disaster survivors.

OK. Weather alert over. Back to our run-of-the-mill summer tax matters.

Estimated tax time again: First up is your second estimated tax payment due this month.

The official deadline is June 15. But since that day is a Sunday this year, you have until June 16 to get your Form 1040-ES and payment to Uncle Sam.

Summer heat, tax savings: And it is, of course, prime air conditioning season. Get yours tuned up. If necessary, replace it.

Right now the home energy efficiency improvement tax credit that might help pay for a new A/C unit is not in effect; it expired Dec. 31, 2013. But it might be back in the tax code as part of tax extenders bills slowly working their way through Congress. Stay tuned.

Meanwhile, more extensive, and expensive, energy systems fueled by solar, wind or geothermal power are still eligible for an even more generous energy tax credit that is still in effect.

Be sure to also check out possible state and local tax and/or energy rebate programs that are available for individuals and companies.

You can find more June Tax Moves over in the ol' blog's right column under the heading of the same name.

Folks who are as hurricane conscious as I am also will find there a countdown clock that will help you keep track of how many days of hurricane watch we have left this year.


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