November is here! Finally, some cooler, relatively speaking, weather and fall festivities. Some get-togethers still might need to be modified, at least a bit, because the COVID-19 pandemic just won't let go. Help change that by getting vaccinated! Info about the shots and where to find them is near the end of this column.
Regardless of whether you celebrate Thanksgiving in person with a group with whom you're comfortable or Zoom in the full family or decide to safely travel to your childhood haunts, enjoy your Turkey Day and be thankful.
Also, don't forget to take advantage of this month's cornucopia of tax tasks that could help lower your 2021 tax bill.
Nov. 1: It's a busy day for some
filers in Michigan and Mississippi who earlier this year endured major natural disasters. They were given until Nov. 1 to complete myriad duties.
Nov. 1 also the day for recipients of advance Child Tax Credit payments to opt out of the remaining monthly deliveries or
make income changes online that affect the credit amounts they'll get the rest of the year.
Nov. 2: It's Election Day across the country, with decisions to be made on
ballot issues and candidates for office.
Image by Element5 Digital via Pexels.comFind out how to vote where you live.Tax matters will be decided in many states, so be sure to vote.
Nov. 7: This first Sunday of November means we get an extra hour. Of course, we'll use the 60 minutes gained in our shift back to Standard Time on tax tasks, right?
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An easy but important tax move to make now is reviewing and adjust your payroll withholding. The goal is to avoid owing a lot or getting a refund next filing season. Tweaking withholding is an especially good idea if you have a gig work, either full-time or to supplement your wages that took a hit during the coronavirus pandemic.
Nov. 10: Many restaurants are welcoming patrons back to their dining rooms. Other eateries are sticking with curbside pickups and delivered meals. Whether you're able to dine in or still getting food brought to your house, remember to tip your restaurant server or delivery person.
If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.
As for servers who now are back on the job, remember that your
tips are taxable income. If you worked at least some of October at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use
Form 4070 to report your tips today to your employer.
Nov. 11: It is Veterans Day, one of the few federal holidays that isn't shifted to Monday. The date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. The commemoration eventually evolved into a day to recognize veterans of all armed conflicts.
On this federal holiday, honor veterans however you feel is appropriate. If you're a business owner, consider hiring a veteran. Adding a new
military-trained worker to your staff also might provide your firm a tax benefit thanks to the
Work Opportunity Tax Credit (WOTC).
Nov. 17: Speaking of work, it's been a tough earnings year for many. If you're looking for or have already landed a seasonal job to make up income you've missed due to COVID closures or to pick up a little extra holiday spending cash, pay attention to how you're paid.
How you are classified, either as an employee or contractor, makes a difference in your taxes. If you're unsure about your employment status, the Internal Revenue Service has some
guidelines on when each work status applies.
Nov. 22: Yes, it's Thanksgiving week. If you are able to be with your family, enjoy. Also think about those who can't, and if you can afford it, consider giving to the many charities, both national and those in your own neighborhood, that help the less fortunate. As long as the group is an
IRS-approved 501(c)(3) nonprofit, you might be able to claim your gifts on your taxes next year.
Nov. 25: Happy Thanksgiving!
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Take a break from taxes for turkey, football, and time with your family and friends. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court, real games — even the NFL is okay with betting now — remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
Nov. 30: Finally! The Atlantic and Gulf of Mexico hurricane season officially ends today. But don't be lulled into disaster complacency as the countdown clock below clicks down to zero.
Although November tropical storms tend to be less severe as the oceans cool down, even a weaker system can cause lots of damage. And all sorts of disasters occur worldwide and year-round. So stay prepared.
The ol' blog's special
Storm Warnings section can help. The multi-page collections of posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild.
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 Publication 509.
Very STRANGE that these defenders of Bush tax cuts for the WEALTHY are ignorant of the FACT, rich people don't create the jobs-they OUTSOURCE them overseas, so screw the Wealthy NOW!
Stimulate the middle-class or what is left of it from GOP incompetence, after the investment to middle & poor the economy will be stimulated & credit will be restored as they would be paid off immediately, Small Business will have seed or additional capital to hire & research & invest in their company, rather than HOARD it for interest accumulation from bank accounts for wealthy & Big Corporations. Middle Class & Poor WILL SPEND, we would spend on items that would keep economy going rather than buying just ELITIST priced products that don't stimulate much other than the RepubliCON Elitist items @ outrageous pricing.
Remove ALL American tax payer subsidies to Corporations that are OUTSOURCING American jobs, take property & wealth from those tax evaders & put those Billionaires & Millionaires & Big Corporations CEO's in PRISON for TAX EVASION and NEVER give Amnesty to those rich people AGAIN. How sad we tax payers are imprisoned for tax evasion or lesser crimes, but AMNESTY to wealthy, WHY? Don't they have the money to pay it, if not WHY not? Any American company that has corporation headquarters overseas should NOT be recognized as an American company, that is CROOKED & it is TAX EVASION! Halliburton for example HQ in Dubai!
I challenge any RepubliCON to this debate, YOU WILL LOSE. WHY? Because America has YET to see any rich people put American workers to work that is why we have such a HUGE Deficit and economical collapse, RICH people don't trickle down the wealthy(Reagan SCAM). The CEO's & Top Executives & Investors get rich, but the hourly workers pay has only stagnated or been OUTSOURCED, why then is our job loss reaching 18 million & only less than 3 million created under GOP & Bush for the past 8 years and GOP Big Corporations are still OUTSOURCING. Really patriotic, don't you think? And to hear GOP & Dems say those jobs will never come back, I say B.S, REMOVE the subsidies and TAX those outsourcing corporations, TAX them 80% & prior to allowing a company to file for Bankruptcy, force the TOP salaries to relinquish their pay to a minimum salary of $250,000 while the company recoups. Tax breaks for American Corporations that hire American workers and provide top benefits.
Our economy will come back, ASAP. WHY? RepubliCON run companies would rather LEACH off of the tax payer funding than rely on the pathetic pennies of investment, would we see the real picture of PROFIT vs LOSS.
Posted by: Government Corruption | Wednesday, August 25, 2010 at 03:18 PM
Jeff, I've gone through my comments section and I don't have any unposted comments from you. This is the first one that's shown up. I'm sorry you think I'm not posting comments. The only ones I ever disallow are unsupported rants and offensive comments. Maybe there was a glitch in the system. If you want to try again, I'll be on the lookout for your comments. Kay
Posted by: Kay | Friday, August 20, 2010 at 08:40 AM
You don't "really" want the discussion to begin. I have posted twice and you refuse to even allow my comments. Although my comments were correct and I don't think you could dispute them. But they didn't promote the democrat/socialist agenda.
Jeff Day EA
Evansville, IN
Posted by: Jeffrey A Day | Friday, August 20, 2010 at 07:15 AM
For the last 15 years I've worked as a software engineer in various small startups.
Every single one has been started or backed by a wealthy person who had funds to gamble on a risky startup. Most lost their money.
I've never been in a software company that benefited from any government largess.
Taking money that rich people could invest in startups and giving it to the government to be used mostly for retirement pay hurts me.
Posted by: Jim Howard | Thursday, August 19, 2010 at 03:36 PM