June 2024 Tax Tips

January 2, 2024

Summer’s arrival brings longer days for fun in the sun … and to take care of tax tasks.

Ah, June. We’ve been waiting for you!

Can you believe summer is almost here? Can you believe school is out? Can you also believe that you need to make tax moves during this traditional vacation time?

Well, believe it. Especially that third rhetorical question. You do have some tax moves to make in June.

Tax Day. Again: In keeping with the Gemini astrological sign that dominates two-thirds of June, this month means dual tax responsibilities for many taxpayers.

June is home to another Tax Day. June 15, although this year it’s Monday, June 17 since the 15th is on Saturday.

June 17 is the filing deadline for U.S. citizens or resident aliens living and working abroad. This includes military personnel stationed outside the United States.

That same mid-June day is also the deadline for the second estimated tax payment for the 2023 tax year.

And this year, June 17 is a tax deadline for taxpayers across the country who were affected by disaster declarations. They are in southern California, Connecticut, Michigan, Maine, Rhode Island, Tennessee, Washington state, and West Virginia.

And then there are the millions who filed extensions so they didn’t have to worry about the first Tax Day on April 18. Some of them will finish up those returns this month so they can enjoy the rest of the summer.

Taxes 2024, too: Most taxpayers, however, finished their filing in April. So, they are focusing on the current tax year. Their goal is to find ways to cut the amount they must pay the U.S. Treasury next filing season.

These multiple tax approaches are reflected in June’s tax tips. There will be pieces of filing advice for those still working on 2022 returns, along with tax planning moves for 2023 taxes.

Plus, we’ll look at how taxes affect some of this month’s traditions, such as celebrations of fatherhood, wedded bliss, and the summer solstice lauded at the start of this post.

Whatever your tax status, filing due date, or plans for this first month of summer, do take some time during June to take care of tax tasks. You’ll thank yourself next filing season.

Now, so as not to cut into your summer fun any longer, here are the June tax tips. Before they arrive on this consolidated monthly page, you’ll find them highlighted in the upper right corner of the ol’ blog.

Hurricane season 2024 is officially here. Get ready now. — Federal forecasters say the 2024 hurricane season could be the most active ever. It officially starts today, June 1, and runs through Nov. 30. While the season heats up in August and September, the time to get ready is now. (June 1, 2024)
Tax literacy is a problem for most taxpayers — Taxes are complicated, but not totally incomprehensible. But most Americans don’t know or are unsure of basic tax concepts. That not only leads to frustration on the part of taxpayers, but it prevents them from making better overall financial decisions. It also means we are at the mercy of lawmakers when we don’t understand and demand tax policies and laws they enact. (June 2, 2024)
June 17 is Tax Day for disaster victims in 8 states — The 2024 hurricane season has just begun, but some people are still dealing with disasters from last and earlier this year. And some of them in 8 states now are facing a June 17 deadline to file and pay their 2023 taxes. (June 2, 2024)
5 tax moves to make this June — June and summer are here! But before you head out for a much-needed vacation, also work some tax moves into your schedule this month. Some could make filing next year easier. Others could save you some money, maybe enough to take another holiday later this season. (June 3, 2024)
GOP W&M members seek public input on expiring tax law provisions — With many popular tax breaks in the Republican tax reform law expiring on Dec. 31, 2025, Republican members of the U.S. House tax-writing committee have created special tax teams to look at legislative solutions. Now they are seeking public input on the potential end of those Tax Cuts and Jobs Act provisions. Here’s how to let those Ways and Means Committee members know what you think. (June 5, 2024)
Honoring D-Day heroes by keeping their memories alive — As you remember the valiant efforts of U.S. service personnel this D-Day, also think about ways to keep their memories and accomplishments alive. One way is to donate to a museum or memorial that preserves the history of the Greatest Generation’s contributions in winning World War II. (June 6, 2024)
Florida disaster prep sales tax holiday runs through June 14 — Florida, with more than 1,350 miles of coastline bordering the Gulf of Mexico and the Atlantic Ocean, is a prime hurricane target. Through June 14, Sunshine State shoppers can buy a variety of emergency preparation products tax-free during the state’s first Disaster Preparedness Sales Tax Holiday of 2024. A second two-week tax holiday is coming in late August/early September. (June 7, 2024)
7 financial gifts, some with tax benefits, for graduates — Graduation ceremonies are still happening this month. If you’ve got some new high school or college graduates in your life, and don’t know what to get them, don’t despair. Here are seven financial gifts, some with tax benefits, that they, and in some cases, you, too, will enjoy. (June 8, 2024)
Teens, summer jobs, and taxes — Summer jobs are rites of passage for many teenagers. The temporary work lets them save some money for college or buy something from a wish list. For many, it’s also their first real-life income tax lesson. (June 11, 2024)
June 17 is Tax Day for millions — Summertime, and the tax paying is easy in some cases. It’s also annoying, especially when you’re thinking about fun seasonal activities. But millions of taxpayers are facing a June 17 tax deadline. Are you among them? If so, don’t miss it! (June 13, 2024)
Take a pre-disaster inventory — A tropical system is building in the Gulf of Mexico, possibly becoming Alberto, the first named storm of 2024. That means it’s time to kick your disaster preparations into high gear. Among them is taking a pre-disaster inventory of your household goods. It will help you with your insurance claims or, if the catastrophe is declared a major disaster, support your claim of uninsured losses as a tax deduction. (June 17, 2024)
IRS sees late summer delivery of some legitimate ERC payments — The Employee Retention Credit (ERC) was created to help businesses and their employees make it through the COVID-19 pandemic. However, a recent rash of questionable claims has created a lot of problems, for both the Internal Revenue Service and businesses seeking the tax break. But the IRS says it’s making progress, and some legitimate ERC payments could start going out later this summer. (June 21, 2024)
Tax-free tips might not actually help intended workers — Exempting tips to service workers from income tax sounds like a good idea, but in some cases it might actually hurt tipped workers. In the long run, making tips tax-free could slow or even halt efforts to raise the overall $7.25 per hour federal minimum wage, and which for restaurant workers who get tips is just $2.13 an hour. Tax-free tips also could wreak havoc with Uncle Sam’s budget. (June 24, 2024)
Tax issues newlyweds need to consider — Everyone loves love! Even the tax man. If you and your beloved have or will tie the knot, here are some tax matters new brides and grooms likely will face after exchanging vows. (June 26, 2024)
Nov. 1 is new tax deadline for disaster-area taxpayers in 8 states — A newly-launched National Oceanic and Atmospheric Administration GOES weather tracking satellite will help meteorologists gather more information and provide better severe weather alerts. That’s good news, since disasters that already have hit across the United States mean taxpayers in eight states now have until Nov. 1 to meet various federal tax filing and payment deadlines. — (June 28, 2024)
Picking the perfect tax pro — The Internal Revenue Service has long sought the ability to regulate noncredentialed tax preparers. The agency is getting support from the Electronic Tax Administration Advisory Committee (ETAAC), whose 2024 report recommends Congress give the IRS that authority. But even when regulated, the ultimate responsibility falls on taxpayers to pick a reputable tax professional. These tax preparer selection tips can help. (June 30, 2024)

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I can’t tell you how thrilled I am that, in the middle of summer, you want more tax tips rather than spending time on a beach or at a ballgame or wherever you have fun. All the Tax Tip page links below are live.

If, however, you click on a month later in the year, you’ll be greeted by an animated nay-saying guy’s GIF instead of Internal Revenue Service and Don’t Mess With Taxes tips. But be patient. More of the tax information you’re seeking will fill up those pages as the coming months finally arrive.

January	July
February	August
March	September
April	October
May	November
June	December