There is July 🧨 jump out!
This first full month of summer kicks off with fireworks, and the tax-related pyrotechnics continue all month long. In fact, they started even before the official celebration of Independence Day.
Click on the picture to see the fireworks safety tips and warnings from the US Consumer Product Safety Commission.
I know you feel like a young person who is not yet ready to talk about taxes. But keep your hands off your ears to hear — or rather, keep scrolling to read — some tax moves to make in July.
July 1: Today marks the start of a new fiscal year for many states, and that means some new tax laws take effect across the country today.
July 1: Today is also the start of some of the different states sales tax holiday happening this summer and early fall in 18 states. Attention Florida buyers, most of them are in the Sunshine State.
July 4: Happy 246th birthday, America!
This year, the 4th of July actually falls on a Monday, so there is no need to move it under the federal Monday law. This also means that there is no confusion about which jurisdictions are closed in the United States. This is also a good time to celebrate as official federal holidays often do affect tax deadlines.
July 8: Last week the tropical system organized enough to give us that another name for the storm 2022 US residents didn’t have to worry about Tropical Storm Bonnie making landfall, but it’s a good reminder that the tropics are heating up. Be physically, financially and fiscally prepared to handle what observers expect to be another active Atlantic/Gulf of Mexico hurricane season.
Official Uncle Sam Forecasters from the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center wait 2022 bring 21 named storms, with 6 to 10 possibly becoming hurricanes. Three to six of them could become severe, categorized as Category 3, 4 or 5 with winds of 111 mph or higher. No matter the number, it only takes one person to wreak havoc. The countdown clock below can help you keep track of how many more days you have to worry about tracking any size or type of tropical storm.
You may also want to check out the old blog specials Storm warnings.
These multi-page collections of posts offer tax tips for preparing, recovering, and helping those affected by damage caused by various causes of wild weather. This includes uninsured loss claim from a major natural disaster as an itemized tax deduction.
July 11: Diners are still recovering from labor-related issues during the national health crisis. Restaurants closed, then reopened, then closed again. Others relied on takeout and delivery and stuck to it. Whether you’re dining out or still getting takeout due to Omicron’s latest coronavirus options, remember to tip your server or delivery person.
If a tip is not included in the price of the food delivery, click the image above to calculate how much to tip the person who brought the food.
As for the servers that are back up and running, remember that yours advice are taxable income. If you worked at least part of May at a job where you received tips, you need to count them today if they were at least $20 last month. Use it Form 4070 to tell your employer about your tips today.
July 18: We are officially not in the last half of the year. Time really flies when you’re having fun in the summer! But if there have been some changes in your life, now is a good time to make appropriate tax agreements. In particular, spend a salary verification to determine whether the amount of tax withheld from your paycheck is correct. You may need it adjust payroll.
July 25: If you have expansion back in April to file your 2021 tax return, you have until October 17 do it. But you don’t have to wait until that time. You can start working on your tax documents now and get them done so they don’t hang in the back of your mind while you try to enjoy your summer.
Whenever you have time to fill out your tax return, the IRS recommends that you do it electronically. Check out ways to e-file for free, including through Free File, which, as the name suggests, is free. Official electronic web page Free file on IRS.gov is available to eligible taxpayers through October 17.
Free file this year is available to taxpayers whose adjusted gross income is $73,000 or less. This income level applies to everyone submission statuses. this year, 8 programs are available for the corresponding files. Spoiler alert: the two great programs, Intuit’s TurboTax and H&R Block, aren’t among the options. Two leading tax preparation programs have decided stop your participation in the program.
July 31: Again, too much tax fun to get us to the end of July in no time. But you can get on with the holidays and possibly save some money by taking care of these July tax moves.
Small business tax calendar: Important filing, deposit and record keeping dates during the year that your company needs to know. You can get more information from the tax calendar at the IRS online calendar page and view important business and individual tax dates throughout the year IRS Pub. 509.