Dec. 1: This last filing season was more-or-less back to pre-
COVID-19 pandemic normal, but if your own personal filing circumstances remained a mess, it's time to act. Maybe you realized you need professional tax help. If so, now is the time to
find a tax preparer who can help ensure your return filing next year goes more smoothly. You have lots of
options.There's also a December bonus. If you hire a tax pro this month, you might get some year-end
tax tips!
Dec. 4: Are you taking on a variety of gig work to make some extra holiday cash? Those added jobs mean you're an
independent contractor. And that means you're
responsible for paying income taxes due on the money, as well as any
self-employment tax. Now is the time to start gathering those records and tallying this taxable income so you're not surprised at filing time.
Dec. 11: If your job, over the holidays or full-time, is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you get extra
seasonal financial thanks this month for doing your job well. Remember, though, that those tips are taxable income

Whether you're dining at your favorite eatery, or during the coronavirus pandemic discovered you really like getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.
And if you got at least $20 in gratuities in November for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use
Form 4070 to let your employer know the total tips you took in last month.
Dec. 15: Christmas is just 10 days away! If you're still shopping for gifts, you're probably searching for the perfect present online. But beware and be wary. Internet crooks also are logged on, looking to
steal your money and identity, using many of the techniques they employ in tax scams. Any personal information they get now can be used at tax time to file a fake return in your name and claim a fraudulent refund. So be careful out there, now and next filing season, and, well, unfortunately all the time.
Dec. 18: Many of us are trying to concentrate this final work week before Christmas. As far as taxes go, it's a good time to revisit your
estimated tax situation, especially if you got some money from those previously mentioned gigs. Since these amounts typically aren't subject to withholding, you'll need account for the December earnings in your January 2024 final 1040-ES amount for 2023.
Better to know that amount now, than on Jan. 16's due date.
Dec. 22: It's Christmas Weekend! That means holiday treats, final decorations — or first, if you wait until the very end to get a tree — and frantic last-minute shopping! Rather than worry about how you'll get the perfect gift under the tree on time, consider instead some easy tax-favored gifts. Open a
Roth IRA for your child or grandchild who earned some money this year. Or
pay tuition for classes that will start in the first quarter of 2024 by Dec. 31. Those college costs then can be used to claim the
American Opportunity Tax Credit.
Dec. 24: Christmas Eve!
No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!

Click image to watch
Santa's delivery route as tracked by NORAD.Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
Just enjoy the holiday 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 donate to your favorite charity on this Boxing Day or any other day by Dec. 31, on your 2023 taxes you'll have to itemize your gifts on Schedule A to claim them. The option to claim a limited amount
directly on your Form 1040 expired at the end of 2021. What didn't expire is the IRS'
tax donation deduction rules.
Dec. 31: This is it. The drop-dead deadline to make most 2022 tax moves. A quick and easy action today is to zero out your
medical flexible spending account (FSA) by buying
over-the-counter medications for which the funds can be used. This is especially important if your employer doesn't offer a
grace period to use the money or let you
roll it over into 2024. Without those alternatives, you'll
lose any FSA funds you don't use.
Done? Great! Make sure the champagne is chilling and settle in for your New Year's Eve party or a cozy night at home with your friends and loved ones. Either way, cheers and
Auld Lang Syne as the ball drops at midnight.
Small Business Tax Calendar: Important
filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS'
online calendar page and view the full year's important business and individual tax dates in
IRS Pub. 509.
appreciating your reviews, helpful those who really no much about tax like me. i have a small business and i want to open in my home basement, what do you think is this a good idea. i have a website to run.
Posted by: Virtual Office Birmingham | Thursday, May 24, 2012 at 08:33 AM
Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and regularly:
as your principal place of business, or
as a place to meet or deal with patients, clients or customers in the normal course of your business, or
in any connection with your trade or business where the business portion of your home is a separate structure not attached to your home.
Posted by: New York Office Space | Saturday, November 05, 2011 at 04:58 PM
Thanks for explaining this matter, I want to know better about tax in home office because I'm planning to have one. thanks for this valuable post.
Margarette Smith
Posted by: virtual office | Friday, August 28, 2009 at 02:12 AM
Thanks for enlightening me about tax deductions for home office work. I learned something new today.
Have you ever came across the Young Entrepreneur Society from the www.YoungEntrepreneurSociety.com. It is a great resource for home entrepreneurs.
Posted by: Donahue | Saturday, February 09, 2008 at 09:53 AM
There's another component in the deduction called "employer convenience." If you are an employee who also works at home, you must meet the same home office standards as do self-employed taxpayers. However, as an employee, your use of a home office to do your job must be for your employer's convenience.
There are no hard-and-fast rules when determining whether your home's business use is for your employer's convenience. It depends on all the facts and circumstances.
The bottom lime: The way the work world has changed is not always accurately or adequately reflected in the tax code. We'll just have to keep bugging our lawmakers to catch up with us!
Posted by: Kay | Wednesday, January 23, 2008 at 10:33 AM
I do appreciate your explanation of this system. As a Vancouver real estate agent I`m thinking of split my duties to perform some at home which means that I would spend 3 days at home 3 in the office. Do you think that exist any tax deduction considering this case? I`ve read through so many articles dealing with the topic and allegedly there should be another allowences for example if you rent a house you should have another favourable deals on your bills. etc.
Posted by: Vancouver realtor | Wednesday, January 23, 2008 at 06:03 AM