🎆 Happy 🎉 New 🥂 Year! 🎆 via GIPHY
Hello 2023! I cannot tell you how happy I am to see you! I know, I said that about 2021 and 2022, but I really, really mean it. And I'm hoping you reciprocate, you brand spanking new year, on the personal front by letting go of COVID-19, and, on the tax side, by making this the year that taxes also get back to normal. Don't laugh. A gal can hope!
Jan. 1: Once more for the official date — Happy New Year! One way to make things more enjoyable on the tax front is to get organized this month. Early this month. It will help you keep track of the myriad tax documents — W-2 earnings statements, 1099 forms, charitable donation receipts, year-end account statements — that will soon be on their way to your email or snail mail box. You'll need those (and more) to file your 2022 tax return as soon as the Internal Revenue Service starts accepting them.
Jan. 3: It's the first official work day of 2023. It's also a deadline for employers, including those who are self-employed, who took advantage of the COVID relief option in 2021 to defer the employer's portion of the Social Security payroll tax; that's 6.2 percent of each worker's wages. If you didn't remit thr taxes before the end of December, today is the absolute final due date for paying the balance of those postponed tax collections.
Jan. 6: It's Friday, the end of the first holiday-shortened work week of 2023. Even though most of us are thinking about filing our 2022 returns when the IRS opens filing season later this month, we also need to start our 2023 tax planning. Start with the inflation adjustments that apply to a variety of tax situations. You can find this year's figures in the ol' blog's 10-part tax inflation series.
Jan. 9: Tonight, TCU's Horned Frogs and Georgia's Bulldogs face off at SoFi Stadium in Los Angeles to decide the men's college football championship. Thousands of fans are rooting for their teams. Even more people with no personal connections are betting on the game, thanks to the Supreme Court's 2018 ruling to allow states to accept sports wagers. If you're one of those bettors and your pick pays off, remember that you'll owe taxes on your winnings. The good news is that you won't have to share your luck with Uncle Sam until you file your 2023 return next year. The better news is that there are ways to reduce your taxable winnings.
Jan. 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, but remember 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.
If you got at least $20 in gratuities in November, you must account for the tips today by using
Form 4070 to report last month's tips total to your employer.
Jan. 13: It's the first Friday the 13th of 2023. That might not worry you, but even non-superstitious folks are frightened a bit by taxes. However, on this or any other day, don't fear, or fall for, these
13 scary, but wrong, tax myths.
Jan. 16: Every
Martin Luther King Jr. Day, millions of people commit to a
day of service.
Click image to find out ways
you can volunteer on MLK Day. Taking time on the Rev. Dr. King's holiday to volunteer at a charity isn't tax deductible, but some costs associated with
volunteering could help reduce your tax bill if you itemize.
Jan. 17: Today is the due date for the final
estimated tax tax payment for the 2022 tax year. It's usually on the 15th, but that fell on Sunday. Then Monday was the federal MLK Day holiday. So the final estimated tax payment deadline was shifted to the next business day, Tuesday, Jan. 17.
Jan. 17: This date isn't firm yet, but the IRS and its Free File Alliance partners usually offer their no-cost online tax preparation and electronic filing program Free File around the middle of January. When the special
Free File website at IRS.gov is available, take advantage of it if you qualify.
Free File last year was open to taxpayers whose adjusted gross income was $73,000 or less, but that earnings limit should be bumped up a bit for the 2023 filing season. Whatever the amount, the income level applies to all
filing statuses.
Jan. 23: If you make too much to use Free File, and don't want to use its Free Forms option, you always can purchase your own tax prep software or high a tax pro to handle your taxes. If you looking to hire someone, get to it now. At this point, if you can
find a tax preparer taking new clients, you'll be at the end of the filings list. But at least you'll be on the list.
Jan. 27: It was this week last year that the IRS started accepting and, more importantly, processing tax year returns. If you plan to be among the earliest of filers, you need to make sure you have all the necessary information and documentation. Check out
this list of the statements, documents, and forms you'll need before you start work on your return.
Jan. 31: Wow! The first month of 2023 is over? Time really does fly when you're having tax fun. We'll keep it going here in this new year with new Tax Moves to Make each month, which you also can find on their monthly tax tips pages.
January already is filling up!
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.
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Posted by: Arkansas Tax Return | Thursday, November 24, 2011 at 05:24 AM
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Posted by: State Tax Retunr 2011 | Tuesday, November 15, 2011 at 05:34 AM
Although probably not a very popular topic it has certainly been coming for quite some time. Current state sales tax laws are just not addressing the way business is being conducted today and certainly missing a big portion of revenue.
Posted by: Accounting Business for Sale | Monday, November 14, 2011 at 07:55 PM
Int Retailer: I am not accusing anyone of not following the law. I personally think all sales taxes are regressive and believe progressive taxes on ALL income are the best way to go.
Trying to enforce State "use" taxes with taxpayers is virtually impossible, not gov't laziness.
Failing that, you're looking at a VAT that you'll be collecting & remitting to the IRS, which the Feds & States will share.
Posted by: Ray in MD | Sunday, November 13, 2011 at 11:13 AM
Ray - how is forcing an internet retailer to collect a tax owed by the buyer FAIR. We use NO local services, we would have the undue and until now illegal burden to collect taxes owed by the LOCAL USER. There are ways for the state and local governments to collect these taxes - through the payment processor. It can be seamless, easy, private and quick. Instead they prefer to ask Congress to make small business to collect and remit. This is a huge burden for the small business which is why it is illegal right now.
Internet retailers have a competitive advantage of being able to sell outside their local area. Local B&M business have the competitive advantage being able to sell right then and have the customer take the item home.
Internet retailers follow the law and don't collect USE tax for which the buyer has an obligation to remit. Trying to paint that as UNFAIR is misleading and wrong.
If government needs more money, then they should collect the taxes they are owed under the current laws. Try auditing a few people and then see how quickly people start remitting some of those taxes. Try working with the local CPAs and requiring them to file those returns for their clients. If there are consequences, then people will start paying.
Posted by: Int Retailer | Sunday, November 13, 2011 at 07:50 AM
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Posted by: State Tax Retunr 2011 | Sunday, November 13, 2011 at 01:43 AM
Politicians are looking at lobby $$, not fairness.
You buy online, you owe Use Tax. The 1930s Depression created Sales Tax laws (yes, States were cash strapped then too) Use Tax was a provision added for purchases made out-of-State. Agree or disagree that States have a spending problem, Use Tax is a Constitutional Upheld Law. Problem is, States have done little or nothing to enforce said law.
Worse is the lack of education, as over 60% of the public is unaware that such law exists.
This is a consumer issue, not one for online.
'Fairness' What a MYTH. B&Ms cry that every time a WalMart/Target moves in next door. Even if online did collect tax, they can still out price a B&M b/c of lower overhead. What would B&Ms want next? Fed. mandated price fixing? I think not.
Enough of my rants. The solution is simple. Have the CC Processors collect and remit Sales/Use tax directly to the States (States pay related fees. It's a win-win. States get instant funds, no privacy issues, no exemptions, paperless for online small/large sellers,and the system would work for B&Ms as well.
Simple.
Sadly, simple is a word Lawmakers don't know.
facebook.com/groups/stop.sales.tax.fees.now
Posted by: xcergy | Sunday, November 13, 2011 at 01:26 AM
Both are extremely bad reasons to change the tax law. First reason is that we already bailed out the banks with tarp. If states want to collect use tax, enforce the existing laws. Government being lazy is no reason to punish business. Business has no obligation to enforce use tax, only sales tax as an agent for the state. The level playing field is a bs argument. It's always been fair. Blame your government if they don't know how to collect use tax. This whole debate has been brick retailer vs online retailer when the fault has always been non enforcement by government. Now they want to add MORE laws when all that was required was enforcement.
Posted by: Sun | Saturday, November 12, 2011 at 03:51 PM
Folks won't like this, but it HAS to happen if (1) the states are ever going to balance their budgets, including pensions, and (2) local retailers are to compete on a level playing field.
Posted by: Ray in MD | Saturday, November 12, 2011 at 12:15 PM