☀️ Hello 🌞 June! ☀️
We are so happy to see your radiant face, bringing us the start of summer. Some brightness and warmth and a sunny attitude are definitely what we need to fully recover from tax season, even one that wasn't that bad.
June 1: Summer conjures dreams of lazy beach days. But for full-time coastal residents, June is less welcome. Today is the start of the Atlantic/Gulf of Mexico hurricane season. While there's a low pressure in the Eastern Gulf, at least we made it to opening day without an official system forming. That gives us time to prepare for hurricane season, a chance some folks got recently thanks to special sales tax holidays.
Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center expect 2023 to bring 12 to 17 named storms, with five to nine possibly becoming hurricanes. As many as four of those storms could reach major status, which is category 3, 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms.
You also might want to check out the ol' blog's special Storm Warnings.
These 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. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.
June 5: With school out, working parents need to make child care arrangements. Consider day camps. Not only do they offer some supervision of your kiddos while you're at the office, the activities' costs also count toward claiming the child and dependent care credit.
June 12: 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, 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 May, you must report the amount by today (it's usually the 10th, but since that was Saturday, it moves to the next business day) by using Form 4070
to let your employer the total of the tips you took in last month. June 14:
Happy Flag Day! It's not a day-off-work federal holiday, but Flag Day
has been an official day to celebrate the Star-Spangled Banner since 1949
. If you need to buy a U.S. flag to fly today, you also might get a tax break. Several states exempt the national symbol from sales tax
. Check with your state's tax department
to see if you can save on your patriotic display. June 15:
It's Tax Day, this time for U.S. citizens or resident aliens living and working abroad
, as well as military personnel stationed outside the United States.
This mid-June day also is the deadline for the second estimated tax
payment for the 2023 tax year. June 18: Happy Father's Day
Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. And if your father is getting on up in years, take the time when you visit to make sure he doesn't need some added help from you
. If you provide Pop a little, or even a lot of assistance, there's a chance you could get some help from a couple of tax credits
. June 19:
. This date marks when Texans finally received word that all slaves were free. And although it is our newest federal holiday, it is the oldest nationally celebrated commemoration of the ending of slavery in the United States. June 21:
It's official at 10:58 a.m. Eastern Time. Summer
is here, arriving on this longest day of the year.
Many charitable groups help people cope with the heat. If you itemize, your gift to such IRS-qualified nonprofits
could be tax deductible on next year's tax return. June 26:
If you missed spring cleaning, summer's also a good time to determine what you can do without. If that includes clothing or household items, you also can donate those and claim the fair market value
of the items. June 30:
If you got an extension to file back in April, or by June 15 if you're a taxpayer living overseas, remember that 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.
You can prepare and e-file as its name says at no cost if your adjusted gross income (AGI) is $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. 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
Just remember it's always easier to spend someone's else money on some program that you may Fancy
its the rich Person's money not yours!
Stop playing Robin Hood he was still a thief !!!! a thief is still a thief even if its the Government
spend only on what benifits all of society not some select group
and just because you claim it's the right thing to do Dosen't make it true a lie told over enought times unchallenged will eventuly be accepted as a truth that was unchallanged
Posted by: G.H. | Friday, December 17, 2010 at 06:54 PM
For those of us who care about Social Security, reducung the withholdings for it is a big mistake and only puts more pressure on the program........and the politician more ammo for messin' with it.
The rate should be slightly increased from the 6.2% and the salary cap taken off...so you pay on all your earnings....no matter how much you make. It's one of the few Gov.t programs that needs to stick around.
Posted by: Jim Plate | Friday, December 17, 2010 at 03:29 PM
I understand he had to compromise in order to get anything completed in a timely fashion. (Here it is 12/9 and nothing is official yet!). So while it's not perfect, I do applaud him for making some hard compromises in order to reach a deal.
Really, I'm just sick of the overall process. It appears that our government is not capable of getting things done in a timely fashion and when they do finally do something, it is short lived, reworked, tweaked and confusing for the rest of us who just want stability in our lives.
Posted by: Elizabeth R. | Thursday, December 09, 2010 at 06:25 AM
I wrote about this issue on my own blog a full 24 hours BEFORE Pres. Obama announced an agreement.
I use the word agreement very loosely as its still not passed/signed. Until both parts of Congress adopts the proposal and the President signs it, then its premature to celebrate.
I could announce that I found the key to World Peace, but no one sing my praises until I actually delivery World Peace.
I want results, not empty promises.
Posted by: Finance Diva | Wednesday, December 08, 2010 at 11:42 PM
Making work pay credit was more progressive & less punative to low income persons than the 2% cut in the F.I.C.A. tax rate, which is only defensible if it stimulates job growth (but do we really think a 2-year employer/employee 2% F.I.C.A. cut is unlikely to do anything to create jobs?).
Posted by: Ray in MD | Wednesday, December 08, 2010 at 08:52 PM