Oh, 2021. I cannot tell you how happy we are to see you. You will be better than 2020, right? Right?!? via GIPHY
And just so there's no confusion, that's a question New Year 2021, not a challenge. So don't you dare try to outdo the just-past Year of COVID-19 and its many, many complications, including in the tax world.
Jan. 1: While there's some good news with vaccines going out to fight the coronavirus pandemic, we'll still be dealing with it for a while. The Internal Revenue Service is delivering the second round of relief payments and the commissioner promises that the agency will start the 2021 filing season as usual later this month. I hope that's correct, but we shall see.
Jan. 4: If your job made it through the tough last year, good for you and your company and welcome to the New Year's first work week. It's the perfect time to refine your payroll withholding. This is particularly applicable true for federal employees, including members of the military and even IRS personnel, whose withholding was suspended that last few months of 2020. That money must be paid to Uncle Sam, but a new late-year law says the repayment isn't due until the end of 2021. Adjustment withholding now will give you 52 weeks to spread it across, making the per-paycheck bite less painful.
Jan. 7: The IRS' online withholding assistant or your tax pro can help you with your withholding amount and other tax numbers, but it's also a good idea going into a New Year to have an idea of your tax bracket and income tax rate. The rates tend to hold steady (until Congress starts fiddling!), but the brackets are adjusted annually for inflation. You can check out the 2021 income brackets (and 2020's for comparison) in the first post in the ol' blog's annual inflation series. At the end of that item, you'll find a directly to the other nine inflation items.
Jan. 11: Continuing coronavirus precautions mean some restaurants are still closed for in-house dining. Other eateries are managing with take-out meals and deliveries. Whether you're able to enjoy table service in or getting food brought to your house, remember to tip your 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 are still on the job, remember that your
tips are taxable income. If you at least $20 in job-related gratuities last December, you need to account for them today by using
Form 4070 to report your tips today to your employer.
Jan. 13: Did some of those tips come from a side hustle? That's just one of the
tax matters to think about when you are part of the
gig economy. In these freelance or contractor situations, you'll need to pay
estimated taxes.
Jan. 15: The final estimated tax payment for the prior year, 2020 in this case, is due today. The other three payments are for earnings in 2021 that aren't subject to withholding and are due on April 15, June 15 and Sept. 15. And be sure to account for your
self-employment tax in figuring your estimated amounts.
Jan. 18: Many people spend
Martin Luther King Jr. Day each year as a
day of service.
Click image to find out ways
you can volunteer on MLK Day. Taking time on Dr. King's holiday to volunteer at a charity isn't tax deductible, but some costs associated with
volunteering could help reduce your tax bill if you itemize. Most filers, however, claim the standard deduction and a new tax law gives them a tax break, too. On your 2020 return, you can claim up to
$300 in donations directly on your Form 1040. In 2021, the $300 amount remains, but is doubled for couples who file jointly.
Jan. 21: If the IRS meets its usual timetable, the annual tax-filing season will start soon. If you can get your tax material together, then there are several
good reasons to file your return early.
Jan. 25: Millions of filers find electronic tax options are great ways to get returns to the IRS as soon as possible. The tax agency agrees. In fact, for almost two decades, the IRS has partnered with the Free File Alliance to offer eligible taxpayers access to online tax software and e-filing through the aptly named
Free File site at IRS.gov.
Free File companies started preparing returns for eligible filers on
Jan. 15. This filing season, that's taxpayers with adjusted gross income of $72,000 or less, regardless of filing status. While the nine participating tax software companies will help you complete your 2020 return starting in mid-January, they will hold the returns for actual filing until the IRS officially starts accepting the 1040s on
Feb. 12.
Jan. 29: Of course, regardless of how you file your taxes, you can't do so until you all the necessary documents, such as
W-2 and
1099 forms. Employers have until the end of the month (or Feb. 1 this year since Jan. 31 falls on Sunday) to get the to you, so be on the lookout for all the
documents you need to file.
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.
As always, we encourage taxpayers to file electronically, if possible, which helps minimize mistakes and expedite the processing of nj state tax refund.”
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Posted by: Atiq Ahmed | Tuesday, January 21, 2020 at 08:42 AM
Ray, yes, Missouri operates by the postmark as evidence of timely filing standard; that is, if the postmark is April 15 the return is deemed as being filed on time on that day even if it arrived later. So mailing it April 14 should get the return postmarked 4/14 or at the latest 4/15. You also could pay for tracking, which I believe is a nominal charge, which will show when you delivered it to the post office as proof of timely filing.
Posted by: Kay | Sunday, April 13, 2014 at 10:57 AM
My first payment for 2014 Missouri estimated taxes will be mailed and postmarked April 14 2014. Does this meet the required due date even though the check may not be delivered by April 15th?
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Posted by: Lorrine | Wednesday, November 06, 2013 at 05:21 PM
yes, but you'll likely owe penalty and interest charges for late filing. But you need to file ASAP to stop those charges from continuing to add up.
Posted by: Kay | Sunday, January 22, 2012 at 06:19 PM
can i file my 2010 taxes in 2012
Posted by: shawn jenkins | Sunday, January 22, 2012 at 12:58 PM
Ellett, this is a listing of the states' normal tax filing deadlines. As you note, 2011 is not normal, with states that usually require returns by April 15 following the IRS postponement until April 18, 2011, because of Emancipation Day. Details on 2011 special tax day considerations can be found in these two posts: http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2011/03/by-the-numbers-12-states-that-dont-follow-the-415-deadline.html and http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2011/03/patriots-day-extends-maine-massachusetts-tax-deadline.html
Posted by: Kay | Friday, April 15, 2011 at 04:20 PM
CA date is incorrect. CA FTB web site says that CA is following the federal date of April 18.
Posted by: Ellett | Friday, April 15, 2011 at 10:30 AM
We are buying a new energy efficient furnace and airconditioner this week. I think I heard that there is a tax free day this week on energy savings appliances. If I am correct, how do I apply?
Posted by: Julie Garnier | Monday, April 19, 2010 at 08:57 AM