Yes really I am talking about taxes in July! I mean Target had a “Black Friday in July” sale last Friday! I have been following the blog, Don’t Mess with Taxes for some time now. I love the info that the author, Kay Bell, shares with her readers, plus lets face it..the play on words is awesome!
Courtesy of Don't Mess with Taxes
Recently I read Kay’s blog post on 10 Midyear Tax Moves To Make, I thought this would be awesome for our readers here at Regarding Nannies. Most of us are busy with summer schedules and probably don’t even think about our taxes till January comes and our W-2s should be in the mailbox to us by January 31. I have copied her July Tax Moves here, as she updates the list monthly which is so awesome! So since it is late in the month, we will just have to play a little catch up and get things on track before mid August rolls around.
July 1: We’re halfway through the year. That makes July the perfect month to make midyear tax movesthat can help reduce your 2011 tax liability.
An easy move to make now isadjusting your payroll withholding to more accurately reflect any changes to your life that have occurred so far this year. Just give your employer a new W-4.
July 4: Celebrate your independence from tax hassles. Hire a tax professional now to help get your tax life in shape. If you got an extension to file your 2010 return, your newly-hired tax preparer can help you mark that task off your tax to-do list.
July 8: Hurricane season is officially underway. Here’s hoping the ocean-originating storms aren’t as destructive as 2011′s tornadoes. Regardless of what kind of natural disaster you might encounter, if you suffer storm losses, the IRS might be able to help you recover with special tax treatment if you’re in amajor disaster area.
July 11: Does your job include tips? If so and you received $20 in tips in June, use Form 4070 to report them today to your employer.
July 15: Summer is here, meaning your kids have a lot of free time. What’s a working parent to do? Send them to day camp. The costs of these camps are eligible for the child and dependent care credit.
July 20: Are your kids older? Then summer’s a great time to learn a little financial responsibility by getting a summer jobs. Just make sure the new, young workforce members understand their tax responsibilities.
July 25: Once your youngster starts earning some money, give him or her a nest egg head start by helping him or her open a Roth IRAwith some of those summer earnings.
July 31: And don’t forget about your own retirement plans. Any time of year is a good time to contribute to your workplace and IRA accounts.
Small Business Tax Calendar — July: Important filing, deposit and record keeping dates your company needs to know.
To read more of the article please visit
10 midyear tax moves to make
introduction by Alice Shaffer, The Financial Nanny
[...] never too early to start planning your taxes. The Financial Nanny brings us some Tax Tips in July to get you prepared for tax [...]
[...] week I shared with you Tax Tips in July, hopefully that helped some of you out there with your taxes and other financial matters. I ran [...]