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Don't Mess With Taxes Helping taxpayers understand and conquer their tax fears and tax filings. Taxes. Sure you hate 'em, but you're stuck with 'em.
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Either that, or you're stuck in a federal jail cell. Texas journalist Kay Bell helps make your tax tasks less, well, taxing.

Did you discover you got an improper Employee Retention Credit (ERC) payment? You still have time — but not much! — to g...
12/11/2024

Did you discover you got an improper Employee Retention Credit (ERC) payment? You still have time — but not much! — to get out of the tax jam by letting the IRS know via its second ERC voluntary disclosure program (VDP). But you must do so by next Friday, Nov. 22.

If your company received an incorrect Employee Retention Credit (ERC) payment, you have 10 more days to set things right with the Internal Revenue Service. The deadline to report your erroneous ERC claim and repay a portion of the improperly paid funds is next week, Friday, Nov. 22. After that, the....

Taxes play a part in a business' success. And states' tax structures can attract, or discourage, businesses' decisions t...
11/11/2024

Taxes play a part in a business' success. And states' tax structures can attract, or discourage, businesses' decisions to locate within their borders. Find out how the 50 states and Washington, D.C. compare in the newly rebranded Tax Foundation State Tax Competitiveness Index.

Wyoming is not just wide open for these cowboys driving cattle in the state's Upper Green River Valley. It also is the most tax competitive state in the country. (Photo Credit: Theo Stein/U.S. Fish & Wildlife Service) The Tax Foundation’s annual State Business Tax Climate Index is no more. But if ...

Tomorrow, Nov. 11, we commemorate all that military veterans have done for our country. But they also contribute to the ...
10/11/2024

Tomorrow, Nov. 11, we commemorate all that military veterans have done for our country. But they also contribute to the U.S. economy. And companies that hire veterans might be eligible to claim the Work Opportunity Tax Credit.

The construction sector is one of the areas in which veteran-owned companies play a major role. Veterans Day is tomorrow, Nov. 11. This solemn day is one of the few federal holidays that isn't shifted to Monday. It is always commemorated on Nov. 11 because the 11th hour of the 11th day of the 11th m...

The election is over. Now the fun part: dealing with the results. That includes some state tax changes on the horizon th...
10/11/2024

The election is over. Now the fun part: dealing with the results. That includes some state tax changes on the horizon thanks to ballot initiatives that were also decided on Nov. 5. Here’s a look at some of the tax referenda.

Photo by Mick Haupt on Unsplash The 2024 general election is over. Finally. Now we sort through the results to try to determine how what we did on Nov. 5 will affect us. The election of Donald J. Trump to a second term, along with Republican control of the Senate and likely the House, will likely si...

The IRS warns every year in its Dirty Dozen tax scam list of bogus schemes to cut your tax liability. Last week, it put ...
08/11/2024

The IRS warns every year in its Dirty Dozen tax scam list of bogus schemes to cut your tax liability. Last week, it put an end to one when a federal court enjoined a tax preparer and his company for using one that involved sham management companies and captive insurance companies.

iStock Texas’ unofficial motto has always been go big or go home. Or, in the case of one former tax professional, go out of business. The U.S. District Court for the Northern District of Texas on Nov. 1 entered permanent injunctions against Charles Dombek and The Optimal Financial Group LLC barrin...

If your employer offers a health care flexible spending account (FSA), consider signing up for it during benefits enroll...
08/11/2024

If your employer offers a health care flexible spending account (FSA), consider signing up for it during benefits enrollment season. But make sure you choose the correct amount to contribute to the account. Here are some things to think about, and numbers to run, before finalizing your FSA choice.

Prescription co-pays are just one medical expense that can be paid with money in a healthcare flexible spending arrangement, or FSA. If you watch cable television (or like me, too much cable TV), you know that it’s Medicare open season for older Americans. Many younger people also are making medic...

One way to help ensure your business meets the needs of customers and employees is to make it more accessible to people ...
07/11/2024

One way to help ensure your business meets the needs of customers and employees is to make it more accessible to people with disabilities. The tax code offers companies that want to be more accommodating some help via a tax deduction and a tax credit.

Photo by Marcus Aurelius Business success, especially in the retail sector, depends a lot on prioritizing customers and their needs. Sometimes that means making physical changes to an establishment. Uncle Sam might be able to help. The federal tax code has a couple of incentives for businesses that....

We’re in the final month of the 2024 hurricane season, and the tropics are heating up again. Hurricane Storm Rafael is e...
06/11/2024

We’re in the final month of the 2024 hurricane season, and the tropics are heating up again. Hurricane Storm Rafael is expected to move into the Gulf of Mexico, with Louisiana looking like the most likely landfall area. If you’re there, or anywhere along the Gulf, make your storm preparations now.

Infrared satellite view of Hurricane Storm Rafael on late afternoon Nov. 5, 2024, (Image via National Oceanic and Atmospheric Administration) I apologize to all who live along the Gulf Coast. When I mentioned in the ol' blog's November tax moves column there to the right that we'd already hit the ra...

It’s November! Time to get your tax ducks, uh, turkeys in a row. Some tax moves this month could keep your from running ...
04/11/2024

It’s November! Time to get your tax ducks, uh, turkeys in a row. Some tax moves this month could keep your from running afoul (a-fowl? Sorry, not sorry.) of the tax code, and in fact could help you hatch some tax savings.

Photo by Jill Wellington Thanksgiving, of course, is the main focus this month. We spend the days leading up to the holiday thinking about what we’re going to cook, or eat if someone else is doing the kitchen heavy lifting. And figuring out a tactful way to deal with that, shall we say, out-there ...

Some gamblers’ bets on IRS not catching them are paying off, says a tax watchdog’s report. The Treasury Inspector Genera...
03/11/2024

Some gamblers’ bets on IRS not catching them are paying off, says a tax watchdog’s report. The Treasury Inspector General for Tax Administration says the tax agency has missed out on as much as $1.4 billion in tax revenue, some of it from wealthy nonfilers.

Since the Supreme Court in 2018 let states allow betting on college sports, sportsbook activity, like this in a Las Vegas casino, has pick up substantially. (Photo by Kay Bell) College and professional sports dominate screens right now. And sports wagering has increased annually since the Supreme Co...

Take your taxes seriously, especially when it comes to filing and paying on time, or you could end up owing the IRS more...
02/11/2024

Take your taxes seriously, especially when it comes to filing and paying on time, or you could end up owing the IRS more due to penalties. Some tax penalties are set, but others face changes every year due to inflation. Here's a look at what's ahead on the penalty front in 2025.

The Internal Revenue Service does more that issue red cards for tax penalties. Filing mistakes, unintentional or otherwise, could mean costly penalties, some of which increase due to inflation. (Photo by BOOM 💥) The United States' tax system depends on voluntary compliance by taxpayers. But Uncle...

Most of us want to eventually retire, specifically on our terms. That means we need to save as much as possible now. Tax...
01/11/2024

Most of us want to eventually retire, specifically on our terms. That means we need to save as much as possible now. Tax law changes & new IRS numbers on how much we can stash in tax-favored retirement plans in 2025 can help us reach our retirement goals.

Whether your dream retirement is traveling the world or enjoying your own backyard, you need to save now so you can enjoy it. One way to ensure your post-work years are golden is to take full advantage of tax-favored retirement plans. Regardless of who wins the White House, the Social Security syste...

It’s never fun getting word there’s an error on your tax return. But at least this one was from the tax software company...
01/11/2024

It’s never fun getting word there’s an error on your tax return. But at least this one was from the tax software company that made the error and it was an overpayment that filers can get back by amending their returns. And if some of those software customers want to change filing methods, here are some choices.

Photo by Brett Jordan Here’s a subject line you never want to see in your email box: There’s a problem with your tax return. But that is what’s happening to some taxpayers. No, it wasn’t from the Internal Revenue Service. Uncle Sam snail mails you a tax notice with questions about your filin...

You can move around the globe, but if you're an American & making money, you can't escape the U.S. tax collector. But so...
31/10/2024

You can move around the globe, but if you're an American & making money, you can't escape the U.S. tax collector. But some annual inflation adjustments & special housing cost considerations can help with your worldwide tax bill. Here are 2025's changes.

Photo by Julentto Photography on Unsplash International travel is a dream for many Americans. Some enjoy their jaunts so much, they decide to move instead of just vacation abroad. A foreign relocation means many changes. But one thing doesn’t change. U.S. citizens who live and work abroad still ow...

The Alternative Minimum Tax (AMT) isn't as onerous as it used to be, thanks in large part to the fact that the exemption...
30/10/2024

The Alternative Minimum Tax (AMT) isn't as onerous as it used to be, thanks in large part to the fact that the exemption amount is now indexed for inflation. Here are those 2025 increased amounts, as well as inflation's effect on the nanny tax, and another quick look at next year's Social Security wage base.

Before law changes, the now inflation-indexed Alternative Minimum Tax, known as the AMT, seemed to work like an ATM for the U.S. Treasury. When the AMT was created in 1969 to ensure wealthy individuals paid at least some tax, it wasn't indexed for inflation. Until that changed with the 2017 tax refo...

Money earned from money, such as investment income or a bequest from dear old Dad, is taxed differently (or not at all) ...
29/10/2024

Money earned from money, such as investment income or a bequest from dear old Dad, is taxed differently (or not at all) than money you make from your job. But inflation also affects this so-called unearned income. Here's what 2025's inflation adjustments mean to the taxes on capital gains, estates, gifts, kiddies' income, and more.

Plus, a look at what next year’s inflation bumps mean to estate planning, gifts you give before you go, youngsters' investment earnings, and more. Leonardo DiCaprio in "The Great Gatsby," the 2018 movie version of F. Scott Fitzgerald's novel. (Warner Brothers Pictures promotional photo) “Let me ...

Nov. 1 is deadline for disaster-area taxpayers in 8 states. Plus, glacial outburst flooding in Alaska means Juneau filer...
27/10/2024

Nov. 1 is deadline for disaster-area taxpayers in 8 states. Plus, glacial outburst flooding in Alaska means Juneau filers have a May 1, 2025, tax relief deadline.

And the disasters (and tax relief) keep coming. A glacial lake outburst in the Juneau, Alaska, area in August produced flooding in the state capital, prompting a major disaster declaration and a new May 1, 2025, tax deadline. Homes and roads in northern Juneau, Alaska, were inundated on August 8, as...

The candidates’ aggressive politicking this election cycle might have distracted you from other things on your ballot, l...
26/10/2024

The candidates’ aggressive politicking this election cycle might have distracted you from other things on your ballot, like a tax question. Here’s a roundup of local and state initiatives, with, of course, a focus on tax, you might see when you go to your polling place.

Photo by Element5 Digital on Unsplash Tuesday, Nov. 5, is election day. The hubby and I already voted, and if you’re like us, you can’t wait for all the politicking to be over. The incessant calls, emails and snail mail material extends beyond the candidates. In several states, and at local leve...

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It's the start of Tax Season 2023, but some filers get more time to finish their 2022 returns because of disasters. The latest taxpayers added to this unwanted list live in Alabama and Georgia counties hit by deadly tornadoes on Jan. 12. https://www.dontmesswithtaxes.com/2023/01/alabama-georgia-disaster-area-taxpayers-now-have-may-15-tax-deadline.html

Yeah, I got a bit wordy, but taxes in 2022 going into 2023. It's old year to new year tax transition. So meta! https://www.dontmesswithtaxes.com/2023/01/tax-happenings-in-2022-what-to-expect-in-2023.html

Santa sticks to transportation tradition on Christmas Eve. But many of us are looking to trade for a more energy efficient vehicle, especially when a new electric vehicle tax credit can help. https://www.dontmesswithtaxes.com/2022/12/electric-vehicle-ev-new-tax-credit-eligible-autos-christmas-eve-2022.html

If any of the 12 Days of Christmas gifts are on your True Love shopping list, be prepared to pay more. Inflation has bumped up the collection by 10.5 percent from last year. In dollars, that’s a record $45,523.27 price increase. And don't forget the taxes! https://www.dontmesswithtaxes.com/2022/12/inflation-jacks-up-cost-of-pnc-12-days-of-christmas-gifts-2022.html

Do you plan on a tax refund every filing season? The IRS warns that 2023 might be disappointing. Here's a look at 3 reasons why refunds on 2022 returns filed next year might be smaller. https://www.dontmesswithtaxes.com/2022/12/irs-warns-that-tax-refunds-in-2023-might-be-smaller-here-are-3-reasons-why.html

Money earned from money, such as investment income or a bequest from dear old Dad, is taxed differently than money you make from your job. But inflation also affects this so-called unearned income. Here's what 2023's inflation adjustments mean to the taxes on capital gains, kiddies' income, estates, gifts, and more. https://www.dontmesswithtaxes.com/2022/10/wealth-estate-gift-kiddie-capital-gains-tax-inflation-2023.html

The Carolinas have been granted tax relief, and a new Feb. 15, 2023, extended tax return filing deadline to help them cope with more immediate Hurricane Ian issues. https://www.dontmesswithtaxes.com/2022/10/carolinas-nc-sc-tax-relief-february-15-2023-deadline-hurricane-ian.html

The biggest tropical threat to the United States is Tropical Storm Earl, hovering just north of Puerto Rico. But even though we're only at the fifth named storm of 2022, things still could heat up before the end of the season on Nov. 30. Get ready now. https://www.dontmesswithtaxes.com/2022/09/dont-be-lulled-by-slow-2022-hurricane-season-prepare-now-tax-breaks-first-responders.html

The tropical system that swamped Florida never got an official name, but it still caused lots of damage. It's a good reminder that you need to be prepared for disasters, even when they aren't major ones. Today's shoutouts can help you get ready, storm and tax-wise. https://www.dontmesswithtaxes.com/2022/06/not-alex-provides-2022-tropical-storm-season-warm-up-for-disaster-and-tax-preparations.html

The IRS' recent backlog of millions of returns likely was a reason for it to expand the capabilities of its Where's My Refund? app. The online search tool now lets taxpayers track the status of their refunds from three tax years — 2091, 2020 and 2021. https://www.dontmesswithtaxes.com/2022/05/irs-refund-tracking-tool-now-can-find-status-for-3-tax-years.html

Still waiting for your federal tax refund? Here are six things that could be delaying its arrival.

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