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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

  • Don't miss June 16 estimated tax due date — It’s estimated tax time again. The second payment for tax year 2025 is due Monday, June 16. The good news is you get an extra day, since the official June 15 due date is Sunday (which, by the way, is Father’s Day). The bad news is if you miss it, you could end up owing penalties and interest when you file next year. Here’s a look at the estimated tax rules, and ways to pay if you have income not subject to withholding. (June 10, 2025)


  • Tax Tip; click pencil for all tax tip links

  • The 2025 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

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    Kay Bell — Native Texan
    (the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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  • Tax Year 2025 Continues!

    We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 27, the IRS said it expected more than 140 million individual tax returns for tax year 2024 to be filed by April 15. When the month started, the agency was around 39 million short of that number. While many taxpayers no doubt got their 1040s in by Tax Day, million every year get an extension to file. That's fine.

    In fact, the Internal Revenue Service appreciates some of us spreading out our tax submissions. It gives the agency time to process the surge of returns that arrive en masse on April 15.

    But enough about Uncle Sam's tax collection issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

    The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.

    The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • ☀️ Hello 🌞 June! ☀️
    Your radiant face, bringing us the start of summer, is long overdue. We need your consistent warmth and a sunny attitude to fully recover from tax season, even one that didn’t throw us too many curveballs.

    via GIPHY


    And let’s be honest. We’re not really in the mood for summer tax tasks. But there are some that do need attention, especially if you got an extension to file back in April. Taking care of these tax matters now can make the coming 2026 filing season go smoothly. Even better, some tax moves can mean you’ll owe Uncle Sam less. So grab your sun visor, and let’s get to them!


  • June 1: Summer conjures dreams of lazy beach days. But for full-time coastal residents, June also brings the start of the annual Atlantic (and Gulf of Mexico) hurricane season, which runs through Nov.  30. Federal forecasters once again are forecasting a more active than usual hurricane season. And while the tropical storm season heats up in August and September, now is the time to get ready.

    Hurricane satellite image

    Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 13 to 19 total named storms, which are those with winds of 39 mph or higher. Of those, six to 10 are forecast to become hurricanes, meaning winds of 74 mph or higher. Three to five of the storms this season could become major hurricanes; that’s 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 above 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 Storm Warnings collection of special pages with 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 6: With school out, working parents need to make child care arrangements. Consider day camps. I know, many filled up earlier this year, but check out the options in your area. Not only do day camps 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 10: If your job is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

    restaurant check tip iStock
    Whether you're dining at your favorite eatery or getting food, groceries and/or prepared meals, 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 May for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total 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: Happy Father's Day!

    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 papa a little, or even a lot of assistance, there's a chance you could get some help from a couple of tax credits.

    June 16: It's Tax Day again, this time for taxpayers living and working abroad. That includes military personnel posted outside the United States or Puerto Rico. This automatic filing delay until mid-June officially is on 6/15, but is a day later this year because the 15th was on Sunday.

    Today, June 16, also is the one-day-later deadline for the second estimated tax payment for the 2025 tax year.

    June 19: It's Juneteenth. This date marks when Texans finally received word that all slaves were free. And although it is our newest federal holiday, and is celebrated on June 19, not on a nearby Monday, it is the oldest nationally celebrated commemoration of the ending of slavery in the United States.

    Juneteenth


    June 20: At 10:42 p.m. Eastern Time it’s official. Summer is here, arriving on this longest day of the year.

    Summer sun

    It’s also a dangerous season for many who don’t have air conditioning. Many charitable groups help people cope with the heat. If you itemize, your gift to such IRS-qualified nonprofits this summer — or any day in any season in 2025 — could be tax deductible on the tax return you file next year.

    June 30: If you got an extension to file back in April, you don’t have to wait until the final Oct. 15 deadline to do so. You can get this tax task out of the way so you don’t have to think about it for the rest of the summer. You also might be able to file electroncally at no cost if your adjusted gross income (AGI), regardless of your filing status, is $84,000 or less by using the official IRS.gov Free File website.

    IRS Free File; click image for details

    Eight software companies are part of this year’s IRS-Free File Alliance partnership option at IRS.gov. They will be available through the Oct. 15 extension deadline, but again, you don’t have to wait. And if your income is too high, you still can file for free by using Free File's Fillable Forms option.

    Small Business Tax Calendar: If you run your own company, you know there are myriad important filing, deposit and record keeping dates throughout the year that your company needs to meet. You also can track key business and individual tax deadlines in IRS Pub. 509.

State Tax Help

  • Don't forget your state taxes!
    Forty-two states and D.C. collect personal income taxes. But even if you live in of the eight states without any 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 2025 page.

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    I am a professional journalist who has been covering tax issues since 1999. I am not a professional tax preparer.

    The content on Don't Mess With Taxes is my personal interpretation and 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. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

    In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, 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 five Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020
    August-December 2020
    January-December 2021
    January-December 2022
    …and so it continues into 2023
    …and, alas, into 2024
    It is 2025 and, yes, it's still an issue
    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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    HHS Combat COVID
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    Photo by Hans Isaacson on Unsplash
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Tell it to the Hill

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  • While it's easy to rail at the IRS, for the most part we can thank — or blame — Congress and the White House for our tax laws. 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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