It's 🦃 🍗 🦃 Turkey Time!
November is here!
Thanksgiving, of course, is the main reason for America's favorite fan-tailed fowl. But November is also a great month to make sure we don't fall afoul of tax turkeys. To prevent that, check out the cornucopia of tax moves to make this month.
Nov. 1: Don't know where to start your tax tasks this month? Then check out these
5 tax moves to make in November. Nov. 6: This first Sunday of November means we get an extra hour. Of course, we'll use the 60 minutes gained in our shift back to Standard Time on tax tasks, right?
via GIPHY
An easy but important tax move to make now is reviewing and adjust your payroll withholding. The goal is to avoid owing a lot or getting a refund next filing season. Tweaking withholding is an especially good idea if you have a gig work, either full-time or to supplement your wages.
Nov. 8: It's Election Day across the country, with decisions to be made on ballot issues and candidates for office.
Image by Element5 Digital via Pexels.comFind out how to vote where you live.Tax matters will be decided in some states, so be sure to vote.
Nov. 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 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 October, you must account for the tips today by using
Form 4070 to report last month's tips total to your employer. Today.
Nov. 11: It is Veterans Day, one of the few federal holidays that isn't
shifted to Monday. The date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. The commemoration eventually evolved into a day to recognize veterans of all armed conflicts.
On this federal holiday, honor veterans however you feel is appropriate. If you're a business owner, consider hiring a veteran. Adding a new
military-trained worker to your staff also might provide your firm a tax benefit thanks to the
Work Opportunity Tax Credit (WOTC).
Nov. 15: It's Tax Day for filers who endured major disasters in Arizona, Missouri, Kentucky, and St. Croix, U.S. Virgin Islands. If that's you, make sure you get your 2021 tax year Form 1040 to the Internal Revenue Service today. The quickest way to do so is e-filing.
If, however, you're old-school and snail mailing a
paper return, get to your local U.S. Postal Service branch in time to have your envelope postmarked today. That's proof that your paper filing was on time.
Nov. 17: It's another November Tax Day, this one for individuals who didn't file a return
because they didn't have to, but who missed out on various COVID-19 relief payments. Around 9 million potential tax break can claim their missed coronavirus payments by e-filing. To make that easier, the IRS is keeping
Free File open for these individuals
through Nov. 17.
Nov. 21: Yes, it's Thanksgiving week. If you are able to be with your family, enjoy. Also think about those who can't, and if you can afford it, consider giving to the many charities, both national and those in your own neighborhood, that help the less fortunate. As long as the group is an
IRS-approved 501(c)(3) nonprofit, you might be able to claim your gifts on your taxes next year.
Nov. 24: Happy Thanksgiving!
via GIPHY
Take a break from taxes for turkey, football, and time with your family and friends. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court, real games — even the NFL is okay with betting now — remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
Nov. 30: Finally! The Atlantic and Gulf of Mexico hurricane season is over. Officially.
But sometimes Mother Nature doesn't follow human calendars. So don't be lulled into disaster complacency as the countdown clock below clicks down to zero.
And remember that there are many types of natural disasters that occur year-round. So stay
ready for whatever might come your way. The ol' blog's special
Storm Warnings pages also can help, whether you're preparing for, recovering from, or helping those who sustain damages from the many ways that that weather goes wild. That includes
claiming uninsured losses from a major natural disaster as an itemized tax deduction.
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.