Welcome November! We love your cooler weather, the family gatherings and all that good food (yay pumpkin pies!) and, of course, the extra hour we get from the return to Standard Time to work on ways to cut our tax bills.
Nov. 1: This 11th month starts with Affordable Care Act open enrollment, which
runs through Dec. 15. Yes, despite Republican efforts last year to repeal and replace it,
Obamacare is still the law. So is the tax help via the
premium tax credit.
Nov. 4: Daylight Saving Time ends at 2 a.m. today, as we fall back an hour to Standard Time.
Sure you can spend the extra 60 minutes sleeping. Or you use the time to review and adjust your
adjust your payroll withholding. The goal is to avoid owing a lot or getting a refund next filing season. A
paycheck check-up is an especially good idea because of the income tax changes under the Tax Cuts and Jobs Act.
Nov. 6: It's
Election Day, with all 435 U.S. House and 35 Senate seats to be determined by voters. In addition, there are
ballot initiatives, many of them tax-related, in 37 states.
Nov. 11-12: Veterans Day is Nov. 11. That date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. It eventually evolved into a day to recognize veterans of all armed conflicts. Since the 11th is on Sunday this year, the federal holiday is Monday, Nov. 12. Honor veterans however you feel is appropriate. If one way is
donating to a charity that helps vets. Although the new tax law makes itemizing less appealing for most filers, if you still fill out a Schedule A you can count your patriotic gift as a tax deduction.
Nov. 13: Does your job include
tips? If so and you received $20 in tips in October, use
Form 4070 to report them today to your employer. This report usually is due on the 10th of each month, but that fell on Saturday so it get pushed to the next business day, which is today since Monday was the official federal holiday for Veterans' Day.
Nov. 19: Speaking of income, if you're looking for or have already landed a seasonal job to make a little extra holiday spending cash, pay attention to how you're paid. It makes a
difference in your taxes. If you're an independent contractor instead of an employee, you're responsible for paying
self-employment taxes, as well as the income taxes that are usually withheld from employees' paychecks.
Nov. 22: Happy Thanksgiving! Take a break from taxes for turkey, football and time with your family. If you also happen to have a little cash on some
fantasy football games, remember that while the teams might be fake, the taxes are real. If you opt to gamble on real match-ups, thanks to a Supreme Court decision earlier this year, states now can accept
wagers on sporting events. In those cases, the betting establishment that hands over your winnings will make sure the Internal Revenue Service also knows of your good fortune, so don't ignore it when you file next year.
Nov. 26: California residents who sustained losses in one of the state's devastating
wildfires, your extended deadline to meet tax deadlines is Nov. 30. You also might be able to claim those major disaster losses as an itemized
casualty tax deduction.
Nov. 30: Finally! The Atlantic
hurricane season officially ends today.
It's been a terrible summer and early fall for folks in the Southeast.
But weather disasters can happen at any time of the year. Whenever Mother Nature decides she wants to take a shot, be sure you are prepared both physically and financially. The ol' blog's special
Storm Warnings page can help.
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.