June 1: For the first time in, well in all the many, many years I've been covering taxes, the official start of the Atlantic/Gulf of Mexico
hurricane season has arrived before our annual federal tax returns are due. In fact,
two named storms developed in May. This should be fun!
Uncle Sam's official
forecasters at the National Oceanic and Atmospheric Administration (NOAA) expect 2020 to bring as many as 19 named storms, with six to eight possibly becoming hurricanes. Three to six 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.
June 5: The Internal Revenue Service is among the many operations, both government offices and private sector businesses, that's
taken steps to slow the spread of the coronavirus pandemic. In addition, the tax agency has been sending out COVID-19 economic relief payments (EIPs) as direct deposits, U.S. Treasury
checks and
debit cards. Be on the lookout for snail-mailed paper checks and debit cards. They are real, not
scams, so don't throw them away thinking they're attempts by crooks to steal your other money or identity.
June 10: Most restaurants across the country closed earlier this year due to COVID-19. Now many are starting to open, at least partially. Some eateries also are continuing meal take-out and deliveries. Whether you're able to dine in or still getting food brought to your house, remember to tip your 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 May 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.
June 14: Today's celebration of the Stars and Stripes isn't a day-off 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: Today begins the one-month countdown — see the ticking Tax Day counter a bit higher up in this column — to the coronavirus-delayed
July 15 Tax Day. With just 30 days until you must file your federal
Form 1040 (or
extension request), it's time to act. Tax tips posted earlier this year on handy
January,
February,
March,
April,
May and the soon-to-come
June pages should help.
Remember, too, that the mid-July deadline is not just for filing your annual IRS tax return. It's also the due date for most
state tax returns.
And the upcoming new
Tax Day 2020 also applies to the two
estimated tax payments, the first and second quarter amounts that usually must be filed by April 15 and today, June 15. Now, with a month to go, it's a good time to think about how you're going to pay these
delayed 1040-ES amounts, as well as any 2019 tax due with your 1040.
June 21: 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 Pop 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 enough financial assistance, check into whether you can claim the Tax Cuts and Jobs Act's (TCJA)
$500 tax credit for other dependents.
June 25: If your youngsters are college age and you're looking for financial help to cover some school costs, you need to act fast. To be considered for federal student aid for the 2019-2020 year, you can still complete a Free Application for Federal Student Aid (FAFSA) by midnight Central Daylight Time on
June 30. Time is running short, but you can use the IRS' online tool to
help you complete the FAFSA.
June 30: OK, you've decided to get your filing over with now. The IRS can help you do that and save money.
Free File, the IRS/tax software industry partnership offers eligible taxpayers access to online tax preparation programs and federal return e-filing at no cost. It's available for taxpayers with adjusted gross income of $69,000 or less and it's still open for filers aiming to meet the July 15 deadline.
There are 10 software companies participating this year at IRS.gov's
Free File webpage. If you make too much to use the online software, look into using Free File's fillable forms.
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 almost forgot about Leona. $12M to her dog. At the 4% safe withdrawal rate, $12M can provide $500,000/yr in perpetuity. Enough to feed over 1000 people who would otherwise starve, all so one dog can be cared for. I'm not anti-dog, just anti-starving people.
Posted by: joetaxpayer | Sunday, January 09, 2011 at 01:26 AM