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Daily Tax Tips January 2015

Tax_tip_icon_pencil_point Here we are yet again, welcoming in a new tax year.

The good thing about the 2015 tax year and the new filing season is that most of the tax laws we're familiar with are still in place.

Sure, there are a few new tax bumps on 2014 tax returns that are due by April 15. And the tax extenders were renewed only for 2014, which is good for filing now, but not for 2015, which is not good for this year's tax planning.

But that's what the Daily Tax Tips feature is for!

Most of the tax tips in January are aimed at early filers planning to take advantage of the 2015 filing season as soon as it opens on Jan. 20.

As 2015 rolls along, the February, March and April tips will cover more complicated filing matters -- that's why many of us put off filling out those 1040s! -- along with some advice on how to save on 2015 taxes.

As most of the ol' blog's readers know, I am contributing tax editor and chief tax reporter for Bankrate.com. And as most of the ol' blog's readers also know, I'm all about working smarter, not harder, especially when it comes to taxes.

So all of this year's tips will be courtesy of Bankrate's annual tax guide.

In an effort to ease the crush of emails to readers, Bankrate has decided it will send out only a weekly tax newsletter this year. That once-a-week mailing will include the previous week's daily tips.

But if you want to see a new tax tip Monday through Friday, you're in luck! You can find them featured in the upper right corner of the ol' blog.

Weekday tips only: There is one tax tip change on the ol' blog this tax season. In addition to being lazy a more-efficient tax journalist/blogger, I also made one New Year's resolution for 2015: to better balance personal and work, that is, tax, life.

So I've resolved to spend more time this year (and beyond) with the hubby, especially on weekends. That means no special Saturday and Sunday tax tips this year.

Sorry, super tax geeks. But consider my end-of-week tax tip break as an opportunity to put the previous daily tips into practice.

Special monthly tax tip pages: What is staying the same is that you'll be able to find all of the 2014 daily tips on special blog pages for each month. That way if you miss a tax tip on the day it's featured on the ol' blog's home page or simply want a refresher, bookmark this page and come back at your leisure to check out the January list o' tax tips.

You'll also find at the end of the completed January tips list links to the tax tips for February, March and April 2015 as those months arrive.

That's all the housekeeping I have. It's off to the January 2015 Daily Tax Tips list!

  1. 10 top tax issues that matter in 2015 -- You're focusing on filing 2014 taxes right now, but you also should check out these 10 tax issues that could affect your 2015 taxes. (Jan. 6, 2015)
  2. What's your tax IQ? -- Before you tackle your 1040, find out how much you know about filing taxes with these 10 multiple choice tax quiz questions. (Jan. 7, 2015)
  3. 7 ways to get organized for the tax year -- Tax filing can be less frustrating and less time-consuming when you're ready for the task. (Jan. 8, 2015)
  4. Income tax brackets, 2014 and 2015 -- The same seven tax rates still apply, but the taxable income that falls into each in 2015 is adjusted for inflation. Remember, 2014's tax brackets apply to your return that is due this April 15. The 2015 information is for this year's tax planning. (Jan. 9, 2015)
  5. Tax-filing requirements -- Do you have to file a tax return? Probably. Most of us do. But some folks escape this annual task. Here are the rules that release them from the Internal Revenue Service's grip. (Jan. 12, 2015)
  6. 2014 standard deduction amounts -- Most taxpayers claim the standard deduction. Here are the inflation adjusted amounts for 2014 tax returns. (Jan. 13, 2015)
  7. The skinny on paying estimated taxes -- Your final 2014 estimated tax payment is due Jan. 15. Miss it and you could end up owing more in late- and underpayment penalties and interest charges. (Jan. 14, 2015)
  8. Picking the perfect tax preparer -- Most taxpayers nowadays rely on professional tax help to complete and file their annual returns. Here's a look at your tax pro choices and how to pick the one that is perfect for your tax needs. (Jan. 15, 2015)
  9. Potential Obamacare tax credit problems -- The good news is that millions of people now have health insurance. The bad news is that the Affordable Care Act advance premium tax credit, the government subsidy they got to help them buy coverage, could cause trouble at tax-filing time. (Jan. 16, 2015)
  10. What's your filing status? -- It may sound like a simple question, but the correct answer could make a difference in your tax bill. (Jan. 19, 2015)
  11. Tax return filing starts Jan. 20 -- Ready to file your 2014 tax return? The Internal Revenue Service is ready to take it, either electronically or on paper. Free File got a head start, opening on Jan. 16. And don't forget about your state taxes! (Jan. 20, 2015)
  12. Your many e-filing options -- The Internal Revenue Service received almost 126 million e-filed returns last year. If you want to add to that ever-increasing number, you have lots of options. There's Free File for eligible taxpayers, and its free fillable forms for those who make too much (more than $60,000) to use the IRS/tax software partnership option. You can load tax software onto your own computer or use the companies' online filing programs. Or you can hire a tax professional who will e-file your return for you. (Jan. 21, 2015)
  13. 6 tax filing tips for new taxpayers -- Filing a 1040 for the first time? Don't panic. Simply being organized, picking the best way to file and checking out possible tax breaks are just a few of the ways to successfully submit your first 1040. Check out all the tips to help make your initial filing experience painless and less costly. (Jan. 22, 2015)
  14. Tax refund loan alternatives -- The Internal Revenue Service is warning that tax refunds might be delayed. But don't let that possibility lead you to take out a costly refund anticipation loan (RAL). You have other options and your tax patience could really pay off. (Jan. 23, 2015)
  15. Your three tax return choices -- Picking the proper 1040 to file doesn't seem like a big deal. After all, there are only three tax return options, the 1040, 1040A or 1040EZ. But choose carefully. Your pick could save, or cost, you money. (Jan. 26, 2015)
  16. Tax documents are on the way -- Before you can file your tax return, you need some basic information. Most of it the necessary filing data comes to you via a variety of tax forms that should arrive soon. So keep an eye on your snail and email boxes. (Jan. 27, 2015)
  17. Winning bets are taxable income -- Whether you placed a sizable bet with a Las Vegas sports book or simply dropped a few bucks into the office Super Bowl pool, if your team comes out on top in the NFL championship game, you'll owe Uncle Sam taxes on your winnings. (Jan. 28, 2015)
  18. No 1099s? No problem -- Non-wage income, such as investment earnings or independent contractor work, is typically reported on a 1099 form. You need these documents to file, but as long as you know the amounts of taxable income they contain, you can make do without 1099s. (Jan. 29, 2015)
  19. What to do if you don't get a W-2 -- If you have a wage-paying job, you can't file your tax return without your W-2. So what do you do if your employer doesn't get you your annual wage statement? It's not ideal, but you can work around this missing tax document. (Jan. 30, 2015)

And January is a wrap. But don't despair. February's tax tips are now live!

February 2015 Daily Tax Tips

March 2015 Daily Tax Tips

April 2015 Daily Tax Tips

Can't get enough tax tips? Check out the rest of the news and advice at Bankrate's Tax Guide, as well as Don't Mess With Taxes' ever-growing collection of year-round tax tips and money moves.

Today's Tax Tip

  • Don't be a tax fool — Don't be a tax fool on April 1 or any day of the year by not falling for any of these 10 tax myths. (April 1, 2023)

  • Tax Tip; click pencil for all tax tip links

  • The 2023 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

  • OK, some about Kay
    Open sign
    Kay Bell — Native Texan
    (the blog title totally makes sense now, right?). Professional journalist. Tax geek.

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Tick ... Tick ... Tick

  • Tax Year 2023 Countdown!

    Happy New Tax Year! Are you ready to file your 2022 tax return? Me neither. But at least this year we're getting some extra time to file and pay any tax we owe. Even better, it's not COVID-19 pandemic related. Tax Day 2023 is Tuesday, April 18. This later date is because April 15, 2023, is on Saturday, and the next business day, Monday, April 17, is Emancipation Day.
    When this Washington, D.C., holiday falls on the day our federal taxes are due, it bumps Tax Day nationwide to the next business day. So this year, we have until Tuesday, April 18, to finish our federal forms and, if we find we owe, come up with the money for Uncle Sam. The states that follow the federal tax calendar, which is most of them, also tend to abide by this date change.

    The countdown clock below should help us from missing out on making important tax-saving moves the rest of this year. Plus, the Tax Moves below the counter will list some timely tasks to take care this first month of 2023, and each of the remaining 11 when they arrive. They'll speed by quickly when you're having tax fun!
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • No April 🃏 Fooling!
    Tax Day is fast approaching,
    and millions of us have put off dealing with our 1040 forms. So we definitely are not in the mood for tax pranks or jokey misinformation.

    April Fool's Day drawing


    That's why we're going to get down to just the tax facts in the following tax tasks to take care of over the next 30 days.

    April 1: The first day of April definitely is not a day to fool around if you must make a required minimum distribution (RMD). This year's deadline is for folks who turned 72 in 2022 and decided to delay that first RMD. Retirement law changes enacted late last year upped the RMD age to 73, despite the wrong notices that some septuagenarians got earlier this year.

    April 3: You made it through April 1 unscathed, but tax misconceptions persist year-round. Don't fall for any of these 10 tax myths as you work on finishing your return. Also make sure you don't make any common filing mistakes, or overlook any tax breaks.

    April 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.

    restaurant check tip iStock
    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 March, 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.

    April 11: Tax Day is just a week away. You really tried to do your taxes yourself, but you've realized you need help. It's probably too late to find a tax professional who'll do your taxes by April 18. Sorry. They tend to book up earlier in the tax year. But there's still help available, especially if you're older or don't make a ton of money. Check into Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs in your area. These IRS-trained volunteers are happy to help eligible taxpayers fill out and file returns at no- or low-cost.

    And, of course, there's Free File, the no-cost online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. This year, seven tax software companies are participating.

    IRS Free File; click image for details

    The Free File income threshold this year remains at adjusted gross income (AGI) of $73,000 or less, regardless of your filing status.

    April 18: Tax Day 2023 is here, on schedule, sort of, a few days later than usual for the third consecutive year.

    via GIPHY

    If you discover that you just can't complete all the necessary tax paperwork today, make sure you file Form 4868 to get an automatic six-month extension. Also be sure to pay any tax you owe. The extension only gets your more time file your forms, not extra time to pay your tax bill.

    Remember, too, that April 18 also is the deadline for several other tax tasks. They include:

    Making your first 2023 tax year estimated tax payment. There's no extension allowed here.

    Contributing to contributing to an IRA. Putting money into a traditional IRA by today also could give you an immediate above-the-line tax deduction on your current return.

    You also can contribute to a Roth IRA and have it count toward the prior tax year. While a Roth isn't deductible, when you max out your annual contribution amounts you'll have a bigger retirement nest egg. Plus, your contributions to either retirement account could help you qualify for the Saver's Credit.

    And if you didn't file a 2019 tax return back in 2020 and were due a refund three years ago, file that old 1040 by today or kiss your unclaimed refund money goodbye.

    April 21: Whew! Now that filing is done (except for tax procrastinators on extension) and you've had a few days to get settled, it's time to take care of your tax records. You need to hang onto some filing paperwork just in case the IRS has follow-up questions.

    April 24: If you got or are expecting a big refund or ended up owing Uncle Sam a lot when you filed your return, now's the time for a paycheck checkup to see if you should adjust your withholding.

    April 28-30: Congratulations! We made it through the biggest month of tax season. This calls for a tax-free weekend. No fooling! Enjoy!

    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.

State Tax Help

  • Don't forget your state taxes!
    Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

    State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

  • Tax Forms
    Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2023 page.

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I gotta tell ya ...

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    I am not a professional tax preparer.
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

  • COVID-19
    Coronavirus has wreaked havoc
    on the 2020 and 2021 tax seasons.
    These three Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020,
    August-December 2020,
    January-December 2021, and
    January-December 2022
    You can find medical coronavirus resource links in the next section.

COVID-19 Resources

  • COVID-19
    Need help finding a coronavirus vaccine in the United States?
    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
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    USA.Gov COVID Info

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Tell it to the Hill

  • DMWT Politics Posts
  • While it's easy to rail at the IRS, for the most part we can thank — or blame — our tax laws on Congress and the White House. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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