September 2021 Tax Tips

Season of change, but with tax continuity.

September’s arrival means that summer is over, at least unofficially after the long Labor Day weekend.

This ninth month of the year also brings back school days and daze, some back in classrooms if the Delta variant of COVID-19 can be held at bay, and eventually, hopefully cooler temperatures.

But one thing doesn’t change.

There still are tax tasks to take care of as we move into fall.

Finally filing: Some procrastinators who earlier this year got an extension until Oct. 15 to file their 2020 tax returns will find time this month to finish up those 1040s.

Except for those folks hit hard by natural disasters. Storms, flooding, and fired in Tennessee, Michigan, and California mean later deadlines for many taxpayers in those states.

And, of course, as August was winding down, Hurricane Ida started her rampage from the Louisiana Gulf Coast to New York. The deadly system also produced major property damage.

All of the Pelican State’s taxpayers now have until Jan. 3, 2022, to file. Expect similar relief to be granted soon to other locales in Ida’s destructive path.  

Crossover tax tips: Even if you’re done with your 2020 taxes, you still need to think about taxes. Specifically, now’s the time to look into tax moves that can help cut your already accruing 2021 tax bill.

You’ll find some ideas on how to do that here on this September Tax Moves page. The tips will be added as soon as they also are highlighted in the upper right corner of the ol’ blog.

So don’t worry if you miss one on its featured day. You’ll find them and their links below.

1. 4 tax moves to make this September — Yes, it’s September. Already! But instead of lamenting the end of summer, embrace the seasonal change. Just be sure to save at least a little hug for some tax moves this month that could pay off in a smaller Internal Revenue Service bill next filing season. (Sept. 1, 2021)
2. 6 unemployment tax Q&A — It’s 2021 and we’re still dealing with COVID-19. That means many people also still are dealing with losing their jobs. The updated taxes and unemployment insurance questions and answers — yes, the $10,200 exemption situation is noted — in this post from this time last year still apply. (Sept. 6, 2021)
3. Tax tips for the self-employed — If you run your own business, you probably didn’t take Labor Day off this week. That’s because being the boss, while rewarding, is a lot of work. That includes added tax tasks. This collection of tax tips for those in charge of other workers or simply running a one-person operation can help keep your company in good stead with the Internal Revenue Service. (Sept. 9, 2021)
4. Remembering, honoring lives lost on 9/11 — Sept. 11 has been known as Patriot Day since terrorists hijacked four commercial airliners in 2001. They flew two into the Twin Towers in Manhattan, causing the landmark skyscrapers to collapse. A third crashed into the Pentagon outside Washington, D.C. The fourth didn’t hit its intended target, as brave passengers forced it down in a vacant field in rural Pennsylvania, giving their lives so many more could live. On this 20th anniversary of that horrific and tragic day, you can honor those who died on Sept. 11, 2001 and help others by giving to charitable groups in their memories. (Sept. 11, 2021)
5. Sept. 15 is the next estimated tax deadline — The due date for the third estimated tax payment of 2021 is almost here. If you don’t pay (or get your snail mailed payment postmarked) by Sept. 15, you could face possible penalties and interest. That deadline could change in the future if a bill to tweak quarterly tax deadlines passes, but until then, make your estimated tax payments by the existing due dates, including the one arriving on Wednesday. (Sept. 13, 2021)
6. Classifying workers as employees or contractors — Businesses depend on their workers, but they also create some tax requirements that can trip up companies. One that causes a lot of consternation is whether workers are employees or contractors. (Sept. 16, 2021)
7. Charitable donation tax deduction changes — It’s been a wild, and destructive, year so far. If you’ve been spared, relatively speaking, and can offer some help to those who weren’t as fortunate, please do. Donating to charities that provide services to those in need is a good way to do that. And in 2021, tax law changes mean that donors, both individual and business, might be able to get some added tax benefit for their goodwill. (Sept. 22, 2021)
8. Tax tips for lottery (and other gambling) winners — America has a new millionaire. And the Internal Revenue Service and New York tax collectors also have (or will soon) more money. For that lucky $432 million Mega Millions winner in the Empire State, here are some post-winning financial moves to make now, including tips on paying Uncle Sam his portion of the winnings. If you’re a regular lottery player or gambler, you might want to bookmark these items, just in case. (Sept. 23, 2021)
9. COVID-19 home tests are tax deductible — Not many taxpayers claim itemized medical expenses, primarily because you must have enough to exceed 7.5% of your adjusted gross income. But the Internal Revenue Service has added another expense that could help you get over that threshold: home COVID-19 tests The IRS decision also makes the tests reimbursable expenses for flexible spending account (FSA) and health savings account (HSA) claims. (Sept. 25, 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 September through December. I promise that tax info will replace that animated fellow when the calendar finally flips to those remaining 2021 months.

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