Sunday, June 24, 2012

California cigarette tax hike snuffed

...> June 1: Hurricane season starts today. Someone forgot to tell Mother Nature; she spawned two named storms ? Alberto and Beryl ? in late May. If those didn't prompt you to prepare for potential storms, do so now. And don't forget to take an inventory of your property. It could help if you need to file storm-related insurance or disaster tax claims.

The countdown clock below can help you keep track of how many days until the Atlantic/Gulf of Mexico hurricane season ends on Nov. 30.

June 5: Welcome to summer. OK. The hottest season doesn't officially begin for a couple more weeks, but some thermometers here in Texas have already hit the triple-digit mark. And a heat wave in the Northeast has many feeling like it's mid-July instead of early June. Since it won't get cooler for a while, get your home in energy efficient shape now.

Unfortunately, the tax credit for relatively easy energy upgrades expired at the end of 2011. But if you want to install more extensive, and expensive, systems fueled by solar, wind or geothermal power, a generous energy upgrade tax credit is still available. If your residential improvement qualifies, you can get dollar-for-dollar tax credit savings on up to 30 percent of the energy-saving system's cost.

June 11: Does your job include tips? If so and you received $20 in tips in May, use Form 4070 to report them today to your employer.

June 14: Happy Flag Day. If you need to buy a banner to fly today, you might also get a tax break. Several states exempt the Stars and Stripes from sales tax. Check with your state's tax department to see if you can save on you patriotic display.

June 15: If you're not paying your 2012 income tax through withholding, or will not pay in enough tax during the year that way, your second estimated tax payment of the year is due today.

June 15 also is the deadline for U.S. citizens or resident aliens living and working outside the country, as well as military personnel stationed abroad, to file Form 1040 and pay any tax, interest and penalties due. If you qualify, you can file online using Free File. Or if you need more time, you can file for an extension, Form 4868, to give you until Oct. 15.

June 17: Happy Father's Day!
Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. If you also show your affection by providing for the bulk of dad's living expenses (or mom's, too, for that matter), be sure you claim him, her or both of them as dependents on your tax return.

June 21: Are you a June bride? Since the withholding rates are different for couples, both newlywed wives and husbands should file new W-4 forms at work to reflect their now-married tax status. Also, if the new missus changed her name, she needs to contact the Social Security Administration to make sure her tax ID number matches her new moniker. These tasks are just a couple of ways that marriage affects your taxes.

June 29: The year's half over.
It's time to get rid of stuff you don't need but which is still useable; give these items to your favorite charity. If you itemize, your donations could be tax deductible. Just be sure to get receipts!

Small Business Tax Calendar ? June: Important filing, deposit and record keeping dates your company needs to know.

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