Tax moves to make in May 2012

Happy May Day. Whether you celebrate this first day of May as a spring festival, a workers' holiday or are in Hawaii enjoying Lei Day festivities, here's wishing you a good one.

But as soon as your fun is over, it's time to take care of May's tax tasks.

The first considerations are for the millions of us who filed for an extension. And, yes, I am one of those who asked the Internal Revenue Service to give me until Oct. 15 to finish up my 1040 and associated schedules.

It's always better to take some extra time so that you don't do complete your taxes in a hurry and make a mistake. But just because you have six extra months to file doesn't mean you have to take all that time. The IRS will happily accept your finalized return any time before the final deadline.

To help you be done with your 2011 taxes ASAP, check out
the Daily Tax Tips from January, February, March and April and the Weekly Tax Tips that are running now.

May is also a great time to start concentrating on your current tax bill. That's where the list of May Tax Moves over there in the ol' blog's left column comes in. Just scroll down a bit and you'll find suggested strategies that apply in some cases to pending 2011 filings, as well as to getting the best tax resolution for the 2012 tax year.

Today's May Day labor connection, for example, is a good reminder to make sure you're taking care of your nanny tax responsibilities that apply to childcare employees as well as to all household help you hire.

May's also a good month to tackle tax-saving (for 2012 and beyond) home improvement projects, examine the tax implications of travel and set up a bunching strategy to maximize your 2012 itemized deductions.

So by all means, enjoy the spring weather.

But make sure that in addition to smelling the roses (or other landscaping that could increase your home's tax basis) you don't miss any May Tax Moves.