November is here! Finally, some cooler, relatively speaking, weather and fall festivities. Some get-togethers still might need to be modified, at least a bit, because the COVID-19 pandemic just won't let go. Help change that by getting vaccinated! Info about the shots and where to find them is near the end of this column.
Regardless of whether you celebrate Thanksgiving in person with a group with whom you're comfortable or Zoom in the full family or decide to safely travel to your childhood haunts, enjoy your Turkey Day and be thankful.
Also, don't forget to take advantage of this month's cornucopia of tax tasks that could help lower your 2021 tax bill.
Nov. 1: It's a busy day for some
filers in Michigan and Mississippi who earlier this year endured major natural disasters. They were given until Nov. 1 to complete myriad duties.
Nov. 1 also the day for recipients of advance Child Tax Credit payments to opt out of the remaining monthly deliveries or
make income changes online that affect the credit amounts they'll get the rest of the year.
Nov. 2: 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 many states, so be sure to vote.
Nov. 7: 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?
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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 that took a hit during the coronavirus pandemic.
Nov. 10: Many restaurants are welcoming patrons back to their dining rooms. Other eateries are sticking with curbside pickups and delivered meals. Whether you're able to dine in or still getting food brought to your house, remember to tip your restaurant server or delivery person.
If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.
As for servers who now are back on the job, remember that your
tips are taxable income. If you worked at least some of October at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use
Form 4070 to report your tips today to your employer.
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. 17: Speaking of work, it's been a tough earnings year for many. If you're looking for or have already landed a seasonal job to make up income you've missed due to COVID closures or to pick up a little extra holiday spending cash, pay attention to how you're paid.
How you are classified, either as an employee or contractor, makes a difference in your taxes. If you're unsure about your employment status, the Internal Revenue Service has some
guidelines on when each work status applies.
Nov. 22: 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. 25: Happy Thanksgiving!
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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 officially ends today. But don't be lulled into disaster complacency as the countdown clock below clicks down to zero.
Although November tropical storms tend to be less severe as the oceans cool down, even a weaker system can cause lots of damage. And all sorts of disasters occur worldwide and year-round. So stay prepared.
The ol' blog's special
Storm Warnings section can help. The multi-page collections of posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild.
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 Publication 509.