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Don’t miss these critical end-of-January tax tasks and deadlines

January 25, 2013

Next week is a big one for taxpayers.

The 2013 federal tax filing season begins, finally, on Jan. 30.

And the very next day is a deadline for several tax situations.

Jan. 31 is the day that employers are required to send out the prior year's W-2 forms.


January-2013-Calendar

If you employed household help last year, this deadline also applies to you.

Yes, the so-called nanny tax applies to regular folks, too, not just political appointees. Find out more in January Daily Tax Tip #17.

The last day of this month also is the mailing deadline for all those wonderful 1099s. More on the possible tax statements that soon should be showing up in your snail mail or email box can be found in Tax Tip #12.

Then there's this year's special option for some older taxpayers to turn their December 2012 retirement account's required minimum distribution (RMD) into a qualified charitable distribution (QCD). That's a BFD that must be taken care of by Jan. 31 and more info is found in Tax Tip #18.

Did you decide not to make your final 2012 estimated tax payment on Jan. 15? Most individual taxpayers can avoid possible underpayment penalties by filing their tax returns and paying any due tax in full by Jan. 31.

The end of January also could be important to you if you sold a poorly performing stock in December so that you could use the loss to offset any capital gains or some of your ordinary income.

Now you've reassessed your portfolio and have determined that the asset you sold or one that is substantially similar to it should be added back to your holdings. But before you call your broker, check the date you sold that dog.

If you repurchase the stock or one very much like it within 30 days, you'll lose that tax loss you plan to claim on your 2012 return. More on this wash sale rule governing stock losses is in Tax Tip #19.

So pay attention to your calendar. January 2013 is winding down.

If any of these circumstances apply to you, don't let them slip by these next few days or you could pay the tax costs. 

You also might find these items of interest:

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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