March 2024 Tax Tips

January 2, 2024

March’s arrival brings a lion’s share of tax filing tips for ewe.

Sorry, not sorry, for that headline pun incorporating the traditional March animal personas because it’s true.

March is the last full month of the annual high tax season, which runs from late January through Tax Day. This year, that’s on Tuesday, April 15 … for most filers. More on this in a minute.

So in these 31 March days leading up to the tax deadline, millions of us will be looking for tax tips to help us complete, or at least get started, on our 2023 tax returns.

Shifting tax due dates: Now, as promised (or threatened, depending on your filing situation), about this year’s filing deadlines.

As noted, Tax Day is April 15 this year, unless you live in Maine or Massachusetts. Those taxpayers get a couple of extra days thanks to Patriots’ Day state holidays there, and the Washington, D.C., Emancipation Day federal holiday.

Other taxpayers get a later date because they live in places that were declared major disaster areas due to Mother Nature’s wrath. Many of those will face a June 17 Tax Day this year.

Regardless of when in April you must send your Form 1040 to the Internal Revenue Service, there is a lot to consider. You want to make sure have all the necessary tax statements, know the tax breaks for which you qualify, and don’t make any mistakes in filling out your forms.

Tax payments, too: If you find you owe Uncle Sam, you’ll also have to figure out how to pay him. And that must be completed by your Tax Day.

You can get six more months to send the IRS your tax forms by submitting Form 4868 for an automatic extension. But the new Oct. 15 tax date is for filing forms only. You must pay what you owe, or a good estimate of it, by your April due date or when you send in Form 4868.

Featured first, then added here: All of the tips are collected here after they have their featured time in the spotlight in the ol’ blog’s upper right corner.

The tax tidbits can help all y’all tax lions aggressively hunting tax breaks, or timid tax lambs, who’ll want to come back here (and the January and February pages, too!) once ewe (again, sorry; I couldn’t resist) finally muster the courage to confront filing.

Regardless of the type of tax creature that exemplifies your filing style, check them out to make sure you don’t overpay either your 2023 taxes due this year or 2024 amount already accruing.

Since I know you’re raring (and, for all y’all tax lions, roaring) to get at the advice, here are March’s tax tips.

Where’s your tax refund? IRS’ Where’s My Refund? tracker has the answer — Some taxpayers who filed their returns early are getting antsy about the status of their federal tax refunds. In these cases, it’s time to turn to the Internal Revenue Service’s online, and enhanced, interactive refund tracking tool Where’s My Refund? (March 1, 2024)
IVF costs are tax deductible medical expenses — Adding to your family by using in vitro fertilization, or IVF, is expensive. But you may be able to claim some IVF costs as an itemized medical tax deduction on Schedule A. (March 2, 2024)
5 tax moves to make in March 2024 — We’re into March, the last full month before the April 15 tax filing deadline, so it’s time to start stalking some tax savings. Here are five tax moves to make this month that could ease your 2023 return’s tax bill, and also save you money on future filings. (March 4, 2024)
IRS Direct File pilot opens to new eligible filers — This week the Internal Revenue Service announced that it has opened its no cost, direct-to-the-IRS tax prep and e-filing program to more taxpayers. New eligible taxpayers in the 12 states where the pilot is being conducted now can use the program to file their 2023 returns. (March 5, 2024)
Tax notice do’s and don’ts — The Internal Revenue Service is going after wealthy taxpayers who haven’t filed tax returns, some not in years. These millionaires will be getting Notice CP59, alerting them that the IRS has no record of their filing(s). Regardless of how much or little you make, if you get a formal letter from the IRS, check out these IRS notice do’s and don’ts. (March 6, 2024)
VITA & TCE volunteers offer free face-to-face tax prep and e-filing — If you want more than tax software, but can’t afford to hire a tax professional, check out Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE). IRS-trained volunteers at these sites nationwide can help eligible taxpayers prepare and e-file their returns for free. (March 7, 2024)
Short-term home rentals could provide tax-free income — A big event in your hometown could net you some tax-free cash. If you rent your home for no more than 14 days a year — for example, to folks coming in for a festival or major sporting event — those lodging payments are not taxable at the federal level. (March 8, 2024)
Major disasters in 8 states push Tax Day 2024 to June 17 — Mother Nature has been on a disastrous tear. Catastrophes in Southern California and Western Washington State now mean eight states have major disaster declarations that prompted the IRS to push their Tax Day to June 17, 2024. (March 10, 2024)
Don’t fall for Form 1099-K myths this tax filing season — If you made money last year selling a product or service and got your payment via an app or online marketplace, you might have received a Form 1099-K. Or not. There’s still a lot of confusion about this process and your tax responsibilities. Here are some 1099-K myths the IRS is looking to debunk. (March 11, 2024)
Beware of products touted as eligible for tax-favored medical savings plans — Just because a product is healthy doesn’t necessarily make it eligible for tax-favored treatment. The IRS warns that some companies misrepresent nutrition, wellness, and general health expenses as medical care that is covered tax-advantaged medical accounts, such as FSAs, HSAs, HRAs, and MSAs. Don’t be tempted to claim these ineligible expenses. (March 12, 2024)
March 16 is this year’s second IRS TAC walk-in Saturday — If you need to talk face-to-face with an Internal Revenue Service representative about a non-filing tax matter, the IRS is ready for you. The tax agency is again opening some of its Taxpayer Assistance Centers (TACs) nationwide on Saturdays, no appointment needed. This year’s second Saturday TAC walk-in help day is March 16. (March 14, 2024)
FSA items to buy on this last extension period day — Did your workplace flexible spending account (FSA) give you an extension beyond year’s end to buy reimbursement eligible medical products? If so, that extra time ends today, March 15. Here are some easy ways to spend your tax-favored FSA money now so you don’t lose it. (March 15, 2024)
There’s still time to contribute to tax-saving retirement plans — Workers have done a great job of contributing to workplace retirement plans and IRAs, with the tax-advantaged accounts hitting new highs in the last quarter of 2023. But don’t stop now. There’s still time — until your Tax Day 2024 deadline — to add 2023 tax year dollars to your account. (March 16, 2024)
Going green at home can save tax green — Looking for a different way to celebrate green and save on your taxes this St. Patrick’s Day? Be sure to claim on your 2023 tax return any of the residential energy tax credits that were expanded under the Inflation Reduction Act. In addition to helping make your home more comfortable and cutting your utility bills, the eligible home energy upgrades could get you some tax credit money from Uncle Sam to help cover the residential improvement costs you incurred last year. (March 17, 2024)
March 22 is ERC voluntary disclosure deadline — Did you discover you got an improper Employee Retention Credit (ERC) payment? You still have time to get out of the tax jam by applying for the Internal Revenue Service’s ERC voluntary disclosure program by March 22. If accepted, you can pay back 80 percent of the erroneous credit, avoid penalties and interest, and not worry about further IRS investigation. (March 18, 2024)
Property donation valuation guidelines for spring cleaners — Doing some spring cleaning? Consider donating the clothing and household items you no longer need or want. Here’s a look at valuing those charitable gifts and how they could pay off, if you itemize, as a tax deduction next filing season. (March 21, 2024)
Get Uncle Sam’s tax help in paying child care costs — Working parents face a lot of challenges, but one of the biggest is finding someone to look after their children while they’re on the job. That’s complicated by school breaks and, of course, the months-long summer recess. Those costs add up, but the Child and Dependent Care Credit can help your recoup some of those case costs. (March 25, 2024)
Maximizing your itemized tax deductions — Most taxpayers claim the standard deduction when they file their tax returns. In some cases, though, itemizing tax-deductible expenses adds up to more than the standard deduction, creating more tax savings for the filer. If itemizing works for your, here’s how to maximize the expenses you can claim on Schedule A. (March 27, 2024)
April 1 is RMD deadline for some. No fooling — Did you delay your very first required minimum distribution (RMD) last year? Well, time is almost up to make that withdrawal. The postponed April 1 RMD due date is this coming Monday, meaning you must take out the requisite 2023 amount from your tax-deferred retirement savings vehicles by then. No fooling. (March 29, 2024)
24 tax deductions that don’t require itemizing — You don’t have to itemize to get tax deductions. There are two dozen possibilities found on Form 1040’s Schedule 1. Officially known as adjustments to income, these still nicknamed above-the-line deductions can help all filers, whether you take the standard deduction or itemize on Schedule A. (March 31, 2024)

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All the Tax Tip page links below are live. If, however, you click on a month later in the year, you’ll be greeted (again) by this nay-saying guy’s GIF instead of Internal Revenue Service and Don’t Mess With Taxes tips. That tax info you’re seeking will replace this animated fellow when the months finally arrive.

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