💐 May 💐 is 💐 here!!! 💐
Those exclamation marks and emoji bouquets are sincere and deserved. I don't know about you, but I'm more than ready for May flowers.
Plus, you've got to love a month that starts with a celebration.
May Pole Dance via GIPHY
After the May Day dances are done, the commemorative days just keep coming. There are well-known ones, like Cinco de Mayo, Mother's Day, and Memorial Day, as well as some more obscure ones, like Pick Strawberries Day, Be Millionaire Day (if only!), and my favorite, Eat What You Want Day.
But even with all these (and more!) celebrations, there's still time to make some money-saving May tax moves. Let's get to it!
May 1: While
May Day isn't a big holiday in the United States, globally the first day of May is a time for celebrating workers' contributions. But that can apply here, too, in connection with some employment-related tax tasks. If you got a big refund or owed more tax than you expected when you filed (or got an extension) last month, today's the perfect time to do
adjust your paycheck withholding.
May 5: ¡
Feliz Cinco de Mayo!
Fiestas are always en vogue in Tejas, but the epitome of them is this Mexican holiday. No, it is NOT Mexican Independence Day, and May 5 tends to spur more festivities here north of the border, especially when it comes to imbibing margaritas. With every Cinco toast, remember that the cost of state and federal alcohol taxes are included in the mixing. Your state tax collector also will raise a glass to your fiscal contribution, since sin taxes usually are a revenue bright spot for many states.
May 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you got lots of financial thanks for doing your job well, especially from those Cinco celebrants. But don't forget that those tips are taxable income.
Whether you're dining in or, still COVID leery and 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 you, as the server or delivery person, must account for those tips. If you got at least $20 in gratuities in April, you must report the amount by today by using
Form 4070 to let your employer the total of the tips you took in last month.
May 14: Happy Mother's Day!
If you're just this year making up for pandemic paused family visits (side note: May 18 is Visit Your Relatives Day), give your mom a longer hug on her special day. Love, flowers, and the best of health and happiness to every mother, from the new ones just discovering the joys,
tax and otherwise, of new parenthood to those gracefully maneuvering their Golden Years while getting some
tax-advantaged help from their families.
May 22: Just because you got an extension to file your 2022 tax return doesn't mean you have to wait until the Oct. 16 deadline to finish it. And you might be able to complete all those forms at no cost.
Free File, the online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance is still operational for, as its name says, free.
This year, the income threshold is adjusted gross income (AGI) of $73,000 or less, regardless of your
filing status. You should be able to find a software that works for you from the
seven tax prep companies that are participating.
May 26: If you're heading out early today to further extend the already long Memorial Day weekend, be sure to plan for added costs, like the price of getting to your holiday destination. Most travelers this weekend that marks the unofficial start of summer will hit the highways, so even though gasoline prices are at the exorbitant levels they were this time last year, pump prices still will take a bite of travel budgets. Maybe that will get you to look more closely at getting an electric vehicle (EV) before your next road trip. Check out the tax rules to see if your new EV comes with a
$7,500 tax credit May 29: This Memorial Day as you honor the military personnel who made the ultimate sacrifice, don't forget about their families. There are some
tax considerations offered survivors of lost soldiers, sailors, and air crew.
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.
I'm about fed up with California goverment. I will be moving to Nv. as soon as I get things packed....
Posted by: Dan | Thursday, March 04, 2010 at 11:34 AM
Shut up Romaldo Espinoza you fucking cry baby.
Posted by: sf | Sunday, February 07, 2010 at 10:34 AM
I AGREE
Posted by: pcbuddy13 | Friday, March 27, 2009 at 04:54 AM
Can I get a response from everyone who agrees that california Should pay us intrest on are take refund, they would do that to us. So please post a comment that just says " I AGREE "
Posted by: Romaldo Espinoza | Saturday, March 21, 2009 at 12:57 AM
You know something this is messed up. Im Expecting a nice California Refund and because of you know who is in the office as govenor i dont think im gunna see it anytime soon. Im only 25 years old but one thing i can say is someone dosent know how to use QUICKBOOKS maybe i should send my 5 year old son over to Sac. Town and teach them. One thing that is funny is if we the people are for one minute 1 day late on a payment to california wither its for are car reg. we get a late charge. or if we are 2 mos. late on a childsupport payment all H*#% brakes lose. Why should the goverment be any differnt. And shouldent to state of California be reported to some agency for CURRANCEY ABUSE, and something that i was thinking of theres all these tax cuts and budget cut were is Mr.A putting this money! Hummmm
Posted by: Romaldo Espinoza | Saturday, March 21, 2009 at 12:53 AM
If you expect any type of refund decrease your tax withholding for 2009. It will get you the money now and allow you to collect interest on it instead of allowing the gov. to make money off your overpayment.
The gov. would hate for everyone to do this since they will lose billions in interest but they are forcing us to not count on them.
Most people will not be disiplined enough to not spend it once they have it so they use their refund as a savings account. When you think about it you are getting a negative return on this "savings" account/refund.
Posted by: Ed | Sunday, March 15, 2009 at 06:08 PM
I am so disappointed in Calif. supposed to be a "Great place to Live" WRONG! I was on temp. disability in december, I did not received my disability check long after I went back to work, and the people in the office was really Nasty & Rude; she was so nasty, I was afraid to call again to find out how things are going with my check, now all my bills are backed up; I went on a water fast for a week because I did not had enough food to eat(trying to make the situation positive) I notice that the State of California does not hesitate to deduct from your wages; state disability, and State Income Taxes, they take your money, but do not want to return what is rightfully yours, almost like a "Thief" only organized. Now my bills are backed up, I can't even get my little refund. I guess its time to go on another fast. This is so Phoney, I am almost ashamed to let people know that I live in Calif. only because of the pity we will get. I guess we have to watch our own back from now on, the State does not care about their citizens.
Posted by: Frances | Tuesday, March 10, 2009 at 03:42 PM
do we get a new update everyday 30 days on the ftb site this is BS
Posted by: shanice love | Friday, March 06, 2009 at 09:48 AM
As I usually use my tax refund to pay the April installment of my property taxes, can I send an IOU instead of a check for my property taxes??? If I don't get my refund in time, I'm going to be charged interest and penalties on late payment of property taxes, if that happens I will be asking for a tax CREDIT from the state next year.
Posted by: JB | Wednesday, March 04, 2009 at 02:09 PM
I don't understand why some people are blaming the new administration for the California budget problems. After all, California has a Republican governor and these problems occurred during a Republican administration. People need to stop thinking about "me, me, me" and begin to think about taking positive action and contribute in ways to help others. If this country refuses to unite, we are all doomed.
Posted by: Laurie Riley | Tuesday, March 03, 2009 at 03:32 PM
even though some people say that if you filed before feb 1st, you will get the refund on time, I haven't received it even though I filed my taxes on 1/22/09. God save us all.
Posted by: Vijay | Tuesday, March 03, 2009 at 02:15 PM
My Husband lost his job dec 31st they closed the doors ... i was witing for iour refund to pay our bills now looks like we won't have that either ... can anything else possibly go wrong.
Posted by: Sedona | Tuesday, March 03, 2009 at 07:58 AM
I will stop paying any California State taxes until I get my refund! I will also file for an extension for the Federal taxes.
I need my refund not an IOU. Pay taxpayers first than your little pork projects.
Posted by: Gary | Monday, March 02, 2009 at 04:12 PM
Opps.. Correction State Tax not Sales tax
Posted by: Srinath | Friday, February 20, 2009 at 01:49 PM
Now that Budget has been passed and signed by Governor of Ca this week. Can we hope for speedy returns on the Sales Tax ?
Posted by: Srinath | Friday, February 20, 2009 at 01:47 PM