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Daily Tax Tips March 2015

The arrival of March means we've got six short weeks until the April 15 filing deadline.Tax_tip_icon_pencil_point

The March 2015 Daily Tax Tips will help you meet that due date regardless of whether you attack your taxes like a lion or put them off because you're the timidest of tax lambs.

Regardless of your traditional March animal persona, you'll also find this month some advice on how to make your 2015 filing less taxing, too.

As with the January and February tax tips, you'll find a new piece of tax advice featured each March weekday in the upper right corner of the the ol' blog.

Also like the last two months, March's daily tips will be collected on this special page in case you miss a daily posting or simply want a filing refresher.

So with the 2015 tax season winding down, let's not waste any more tax filing and/or planning time.

  1. Determining your tax dependents -- Taking care of someone is expensive. But if those folks qualify as tax dependents, they could help save a bit of money on your taxes. Dependents typically are minor children, but they also could be your aging parents or even that deadbeat girl- or boyfriend who's been living with you. (March 2, 2015)
  2. Child and dependent care credit -- Working? Have kids? Uncle Sam can help families cover some child care costs. (March 3, 2015)
  3. Hobby or business? -- If you're earning regular money on your recreational pursuit, you might save some tax money by turning it into a job. (March 4,  2015)
  4. Simpler home office deduction for some workers -- Working from home is great. Getting a tax break for your home office is even better. What's not so good is the hassle of filling out the deduction claim form. But if you don't have a lot of home office expenses, the Internal Revenue Service offers an alternate, simplified way to claim home office costs. (March 5, 2015)
  5. Avoid these 10 common tax mistakes -- Thanks to tax preparation software, we're making fewer filing mistakes. But just one slip up, either via computer submission or a hand-completed 1040, could be costly. So watch out for these 10 common tax errors. (March 6, 2015)
  6. The many capital gains tax rates -- Some tax reformers want to eliminate capital gains taxes. Until that happens, here's a look at the many capital gains taxes that are in the Internal Revenue Code in addition to the popular long-term lower rates of 15 percent and 20 percent enjoyed by most investors. (March 9, 2015)
  7. Tax benefits of capital losses -- When it comes to bad assets, be sure to take tax advantage of capital losses. They can eliminate any taxable capital gains you might have. If you have more losses than gains, you can use up to $3,000 to offset ordinary income. Then be sure to get a new investment manager! (March 10, 2015)
  8. Writing off worthless stock -- Investing in stocks can be good or not so good. But when a holding totally tanks, there is some tax help. You can write off the bad asset as worthless. (March 11, 2015)
  9. Reporting your investment income -- The Internal Revenue Service is copied on your investment earnings. That's why it's critical to properly report and figure your taxes on this unearned income. (March 12, 2015)
  10. Watch out for these 5 terrible tax surprises -- No one likes surprises at tax time, especially when they could cost you money. Don't let these five -- alimony, unemployment payments, forgiven debt, prize winnings some Social Security benefits --sneak up on you. (March 13, 2015)
  11. Alternative Minimum Tax issues -- Inflation indexing has eased a major Alternative Minimum Tax (AMT) problem. But if you're still subject to AMT, here are the rules for this potentially costly parallel tax. (March 16, 2015)
  12. Education tax credits -- College costs go up every year. The American Opportunity and Lifetime Learning credits offer many students and their parents tax help meeting education expenses. (March 17, 2015)
  13. Maximizing medical deductions -- To claim itemized medical deductions your expenses must be more than 10 percent of your adjusted gross income. Age note: if you're 65 or older, the 7.5 percent threshold still applies through 2016. Here are some ways to clear that hurdle. (March 18, 2015)
  14. Tax break bait and switch -- There are lots of tax breaks out there, but some are not quite as easy to claim as they first sound. When you get the full story, you might just find they do you little or no tax-saving good at all. From gambling losses to charitable donations to medical costs, check out some tax breaks that aren't always as advertised. (March 19, 2015)
  15. Obamacare tax forms -- Almost all taxpayers must deal with Affordable Care Act provisions for the first time this filing season. For most filers, it's simply a new line on their 1040, 1040A or 1040EZ form. For others, it means new informational statements, more paperwork to fill out and added calculations. (March 20, 2015)
  16. A dozen small business tax deductions -- If your business is booming, you'll want to check out these 12 deductions that could help reduce what you'll owe the Internal Revenue Service. (March 23, 2015)
  17. Don't you dare deduct these expenses! -- Deductions are a good way to reduce your eventual Internal Revenue Service bill. But while there are lots of thing you can write off on your tax return, don't go overboard. These 10 instances are not good deduction options. (March 24, 2015)
  18. Unemployment and taxes -- If you're out of work, you still could face tax issues. Some tax laws, such as deductible job search expenses, might help ease an out-of-work patch. Others, however, could cost you. (March 25, 2015)
  19. Rich? Watch out for these 5 taxes -- It's not a good time to make big bucks when it comes to taxes. Wealthy taxpayers now face several higher taxes thanks to recent tax law changes. (March 26, 2015)
  20. Retirement plan distribution deadline nears -- Retirement plan distribution deadline nears -- Mandatory withdrawals, known as required minimum distributions or RMDs, must be made from IRAs and other deferred-tax retirement plans by April 1. No joke. This deadline applies to first-year RMD recipients; that's folks who turned 70½ the year before. Another RMD will be due, however, for the current tax year by Dec. 31. (March 27, 2015)
  21. 8 costly tax breaks -- Congress is again wrangling over the federal budget. One way to save Uncle Sam some money is to eliminate costly, but popular, tax expenditures. These are losses to the U.S. Treasury from certain tax deductions, exemptions or credits to specific categories of taxpayers. Some benefit the wealthy; others offer tax help to poorer filers. Regardless, these eight take a big bite out of Uncle Sam's bank balance. (March 30, 2015)
  22. Roth vs. traditional IRA -- Both Roth and traditional IRAs offer some type of tax savings. And you have until April 15 to open and/or contribute to them for the prior tax year. But which type of IRA to choose? Roth IRAs offer a good way to put away money tax-free for retirement. Traditional IRAs could provide some folks with an immediate tax deduction. These additional details, comparisons and IRA picking tips can help you decide. (March 31, 2015)

Can't get enough tax tips? Then also check out:

January 2015 Daily Tax Tips

February 2015 Daily Tax Tips

April 2015 Daily Tax Tips

You'll also find more tax news and advice at Bankrate's Tax Guide, as well as here at Don't Mess With Taxes blog posts and ever-growing collection of year-round tax tips and money moves.

Today's Tax Tip

  • Ways to pay your tax bill — The Internal Revenue Service still accepts paper tax payments, like checks and money orders. However, it prefers that we use one of these 6 e-payment options to settle our tax liability. (March 19, 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


  • Hello ☘ March.
    Your 2023 arrival is welcome, officially bringing us spring and getting us closer to the end of the main tax filing season. In fact, it's even closer, since this third month of the years also has us spring forward into Daylight Saving Time. So let's not waste any more precious hours and, ahem, march right into this month's tax tasks.


    via GIPHY


    March 1: It's the last full month of the tax-filing season, so that's a good reason to come at our taxes in the proverbial like a lion March entry mode. The first thing to attack like the feline king is the gathering of all the tax statements you'll need to fill out your 2022 return. This includes the paper ones that you tossed on a stack when they arrived, as well as those sent electronically and that you need to download or at least look at.

    March 6: Official tax statements aren't the only things you'll need to help you file. Other documents have information that's relevant to your tax return. So are the answers to some basic life questions. This tax checklist can help guide you as you work on your return. And don't forget about your previous tax return. That prior tax year filing is a good template, especially if your tax life hasn't changed that much.

    March 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.

    If you got at least $20 in gratuities in January, you must account for the tips today by using Form 4070 to report last month's tips total to your employer.

    March 12: Feeling a bit tired after losing an hour of sleep earlier this morning? I'm right there with you. But I do love the extra end-of-day sunshine.

    Daylight Saving Time clock springs forward

    We can use that late-day natural light to work on our tax returns, including state filings if you, like most U.S. residents, live where state (or District of Columbia) personal income taxes are collected.

    March 15: This date is more than a literary reference. The Ides of March apply each year to many business taxpayers. Today is the tax filing deadline for partnerships (Form 1065 with K-1 or K-3 schedules) and S corporations (Form 1120S, again with the K schedules).

    March 17: Erin Go Bragh and
    Happy St. Patrick's Day!

    via GIPHY

    Enjoy this day, but don't trust lucky charms to get you through tax filing season. Double check your 1040 to ensure you haven't overlooked any tax breaks or made any common filing mistakes.

    March 20: Spring has sprung!

    Spring; click image for the Farmer's Almanac take on the vernal equinox

    That means it's time for spring cleaning. Your gifts won't help with your current tax return, but they could pay off next year as charitable donation deductions if you itemize.

    March 27: If you have a tax-deferred retirement account, such as a traditional IRA or workplace regular 401(k), and are in your 70s, you could be facing a required minimum distribution (RMD) due date in just more than a week. If you turned 72 last year and didn't take your initial RMD by Dec. 31, you must do so by April 1. A quick planning note, too, for septuagenarian savers not yet facing RMDs. These mandatory distributions this year kick in when you celebrate your 73rd birthday, thanks to the new SECURE 2.0 retirement law.

    March 31: This is it. March is over, which for taxes means you best shed your out like a lamb attitude and get to work on your Form 1040. The IRS recommends we file electronically, which will speed up processing of returns and issuance of any refunds. The tax agency also urges taxpayers to check out 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.

    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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    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
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    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
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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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