Happy May Day! It’s the annual May 1 global holiday celebrating the contributions of workers.
But the other mayday often comes to mind when taxes are involved.
If it’s a tax distress signal you’re sending out as the merry month of May begins, here are some moves that could help ease your tax trepidations.
1. File your 2018 return.
If last month you didn’t file your 2018 tax return, either because you got an extension or you neglected to send the Internal Revenue Service a Form 1040, do that. Now.
If you didn’t file anything or, more importantly, didn’t pay any due tax, Uncle Sam has been racking up penalty and interest charges since April 16 (or the 18th for Maine and Massachusetts filers). Getting a return in ASAP will stop those charges.
Even if you officially got more time to file, just because you have until Oct. 15 to finish your taxes doesn’t mean you should keep procrastinating. The sooner you get this tax task off your plate, the more time you’ll have to do other, probably more fun, things in this merry month of May and the rest of the summer.
2. Find a camp for your kids.
School will be done in a few weeks and that means that unless you find a way to keep your children occupied, they’ll be underfoot. Day camps are great ways to keep them entertained and often educated.
Even better, if you and, if your married, your spouse work, you can count day camp costs in claiming the Child and Dependent Care tax credit. There are income limits, but some parental taxpayers could get a credit — which is a dollar-for-dollar reduction of any tax owed — of up to $1,050 to look after one child or up to $2,100 if two are more kids are involved.
3. Get ready for a mean Mother Nature.
Severe weather can strike year-round, but right now we’re in that time of year when dangerous, tornado-spawning thunderstorms are popping — some did their worst right around last month’s tax deadline day — and the tropics with their hurricanes are heating up. Get ready now.
.@DrGregForbes is here again tracking the #severe storms through the night, and we also have @DrRickKnabb here to discuss the #TROPICAL disturbance over the Bahamas! The Atlantic hurricane season begins 1 month from today, so get ready now! See you 5-8pm ET on @weatherchannel! pic.twitter.com/sPUOgMNrOR
— Weather Underground (@wunderground) May 1, 2019
Source: https://www.dontmesswithtaxes.com/2019/05/4-merry-tax-moves-to-make-in-may.html
Tax News By Christopher 