You better watch out. You better not cry over taxes. Santa's watching you and all the tax moves you make in December.
Click image to watch
Santa's delivery route.
OK, maybe Santa doesn't really care about your taxes, but he does know if you're naughty or nice, so you'd better be nice when it comes to taxes!Dec. 2:
With 2014 winding down, you can make some nice tax moves that could cut your tax bill
… as long as you do so by Dec. 31. Dec. 5:
Did you get a part-time job to earn extra cash for the holidays? If you're paid as a contractor instead of as an employee
, remember that you'll be responsible for income taxes due on the money, as well as any self-employment taxes. Dec. 10:
Does your job, either full-time or seasonal, include tips
? If so and you received $20 in tips in November, use Form 4070
to report them today to your employer. And don't forget to include the value of out-of-the-ordinary tips
, such as event tickets.Dec. 12:
The stock market has been on a tear for much of 2014. But it did take some dives, too. Regardless of when you cashed out, your capital gains or losses mean you have some tax considerations. The profits you made will be taxed at, for most folks, a lower capital gains rate, but you can use your losses to reduce your taxable investment income
. You also might want to sell profitable holdings in order to reset your basis
If you itemize, take a look at your miscellaneous expenses. They must exceed 2 percent
of your adjusted gross income. If you're going to fall short of that number, consider setting up a bunching strategy
so that you can easily meet that and other deduction thresholds
, such as the 10 percent of adjusted gross income now required before you can deduct medical expenses
. Dec. 19:
Pay tuition now for 2015 classes that will start in the first quarter of next year. That way you'll be able to use those costs to claim the American Opportunity Tax Credit
. It could save you up to $2,500 on your tax bill, part of it refundable. Dec. 22:
It's Christmas week! Holiday treats! Decorations! Last-minute shopping!Dec. 24:
Christmas Eve! Early to bed, kiddies of all ages. Santa's on his way!Dec. 25: Merry Christmas!
Don't think about taxes today. Just enjoy the day and your family and friends.Dec. 26:
Happy Boxing Day
. This unofficial holiday on St. Stephen's Day
is celebrated by additional giving. If you give to your favorite charity on this day or by the end of the year, you can claim the itemized deduction when you file your return next spring.
Cash gifts are always welcome, but don't overlook more atypical charitable donations
. These include such things as appreciated stock, household goods, vehicles, and materials you bought or miles you drove in service of your favorite charity. All of these instances provide a way for you claim your noncash gifts as itemized charitable deductions. Dec. 31:
This is it. The drop-dead deadline to make most 2014 tax moves. So do a quick check.
You paid your January mortgage early so you can deduct the loan interest in 2013. Ditto with your property taxes. And you zeroed out your medical flexible saving account (FSA)
Great! Now go out and enjoy your New Year's Eve party.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