June 2021 Tax Tips

January 14, 2021

We made it to the great Tax Day 2021 after-times!
Most of use, that is. For others, deadlines still loom.

We did it! We made it to and through the coronavirus-delayed Tax Day 2021 of May 17. Now what?

Well, that depends.

For some filers, Tax Day is still hanging out there.

That’s the case for taxpayers who live in seven states that were slammed by major natural disasters earlier this year. The Internal Revenue Service decided they deserved extra time to finish filing their 2020 tax year returns. And meet other tax obligations.

Then there’s Oct. 15. That’s the new Tax Day deadline for those who got an extension to file their returns.

As for all the taxpayers who are done with 2020, good for you! I say that with just a tiny tinge of jealousy. OK, a lot of jealousy. However, you still have plenty of tax tasks to take care of these final seven months of 2021.

Regardless of which tax group you’re in, don’t worry. That’s the reason the June Tax Tips exist.

Combination tax tips: Because of the variety of filers and their needs, June again is a crossover month. Dedicated tax tip readers will see some advice here that they checked out earlier this filing season.

But you’ll also find some post-filing tips to use if you’re an industrious done taxpayer.

And for all of us, there will be some suggestions on how to get a tax-saving head start on our 2021 returns due next year.

Also as in previous months, the featured tips will be highlighted in the upper right corner of the ol’ blog. After each tip this month has its time in that spotlight, it will join all the other June tips here on this page.

And speaking of this page, let’s get to it!

June tax moves — It’s summer! But before you head out to enjoy the season, now a much more open one thanks to increased COVID vaccinations and eased restrictions, take some time to make a few June tax moves that could save you some money. (June 1, 2021)
Tax tips for military personnel — Members of the U.S. armed forces have a lot of responsibilities. One they share with all us civilians is paying taxes. But there are some special tax breaks and considerations, like not having to file until June 15 if they’re posted overseas, for our men and women in uniform. Here are some highlights. (June 7, 2021)
Foreign housing tax break for U.S. expatriates — Living abroad can offer adventures and escapes. But one thing expatriate Americans can’t get away from is U.S. taxes. Uncle Sam still gets his piece of your torta, der Kuchen or whatever pie is called where you’ve moved. There are, however, some tax breaks for U.S. taxpayers living and working overseas, including an exclusion for a certain amount of overseas housing costs. (June 9, 2021)
June 15 is Tax Day for millions — Tax Day 2021 for most taxpayers was May 17. But not for all. Millions now are facing the annual federal tax-filing deadline — and more — on June 15. Taxpayers abroad, including military personnel posted overseas, must file their 2020 returns next week. It’s also Tax Day for residents of Louisiana, Oklahoma, and Texas who endured February’s historic winter storm. And don’t forget that estimated tax payment #2 is due on June 15, too. (June 11, 2021)
Don’t miss today’s estimated tax deadline — June 15 is an estimated tax payment due date. Make sure you e-pay today, or get your mailed 1040-ES voucher and payment envelope postmarked, or you could face late charges! (June 15, 2021)
Take a pre-disaster inventory — Yes, we’re officially in hurricane season, but disasters strike year-round and all across the country. The best thing we can do is prepare. Part of that is taking a pre-disaster inventory of your household goods. It will help you with your insurance claims and, if the catastrophe is declared a major disaster major disaster, claim your losses as a tax deduction. (June 17, 2021)
It’s storm prep time — The 2021 Atlantic/Gulf of Mexico hurricane season began before the official June 1 start date. Now, just past the month’s halfway mark, the third named system, Tropical Storm Claudette, is drenching Louisiana. If you haven’t already prepared — physically, financially and tax-wise — for hurricanes or any other natural disasters, now is the time to do so. (June 19, 2021)
Tips and tax breaks for single dads — On Father’s Day 2021, here are some helpful resources for all the single dads. They include federal programs to help you do the solo job of caring for and feeding your youngsters, along with some programs that connect you with other single parents where you can share tips and tales of tribulation. And, of course, there are some tax benefits, like the child tax credit, which has been enhanced for tax year 2021. (June 20, 2021)
Tax tips for newlyweds — Weddings are back, thanks to more of us being vaccinated against COVID-19. If you exchanged vows in a June ceremony, or plan to soon, here are some tax to-do’s after you say ‘I Do.’ After the honeymoon, of course! (June 22, 2021)
5 tests a child must meet to be your tax dependent — Children can add a lot to your life. Love. Pride. Expenses. That last child-related factor can be substantial, but the tax code can help. There are several tax breaks for parents or guardians of youngsters. The key for all is that the youth is an eligible dependent. In some cases, the requirements are tweaked a bit; the latest example is the 2021 tax year changes to the Child Tax Credit. In general, however, a youngster must meet five requirements to be a taxpayer’s dependent. (June 24, 2021)

Looking for more tax tidbits? 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 a fun GIF of a man enthusiastically telling us to slow down, or Whoa Up! as we say here in Texas, instead of finding Internal Revenue Service and tax code tips.

I know you want to see him, so go ahead and click on December. I promise that tax info will replace that animated fellow when the calendar finally flips to the remaining 2021 months.

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