Take Time During September To Avoid Future Tax Troubles

Take Time During September To Avoid Future Tax Troubles

September is a busy month with people and their families getting back into the groove of the school year.

Your McAllen CPA, Abigail Y. Murray CPA, knows that it is also a busy month when it comes to taxes – for individuals, businesses, and corporations alike. There are a number of important deadlines coming up during September that are worth keeping an eye on.

There is also plenty you can do to both catch up and get ahead when it comes to your tax situation.

A Few Key September Tax Deadlines

Labor Day is one of the few, big national markers in September but the following dates are worth keeping in mind as well:

  • September 11 – This day will forever be important in our country for obvious reasons. However, it is important to know that it is also a critical deadline for people whose income relies heavily on tips. For all employees who received more than $20 in tips during August, it is the cut-off date to report them to their employer.
  • September 15 – The 15th is a deadline for a number of different entities. For individuals, it is the due date for the third installment of their 2017 estimated tax. This applies only to those people who have chosen not to pay their tax through withholdings. For partnerships that were given a 5-month extension on their 2016 tax return, the 15th is the deadline to file their return using Form 1065. It is also a due date for both corporations and S-corporations.

There are a number of other deadlines throughout the month that are worth reviewing as soon as possible.

[bctt tweet=”#September has plenty of #tax due dates. Let #MurrayCPA help you stay on top of it.” username=””]

Smart Tax Moves You Can Make

Taxes are something that can leave us scrambling from year to year and 2017 is no different. A few smart tax moves to consider this month include:

  1. Many people took the available extension on their 2016 return to give themselves more time to pay.

While the official deadline is not until October 16th, you can avoid accruing additional interest and get all that annoying paperwork out of the way by filing this month. The sooner you get it done the sooner you can start planning for how to best use your return money.

  1. With so many people heading back to school, you should also start looking into any and all available educational tax breaks. The cost of school is a difficult thing for many to manage. From kindergarten to college, education can come out costly.

One option to check out is the Coverdell Education Savings account, which can help pay for elementary and secondary school items like computers.

The American Opportunity Tax Credit has the same function for college students and covers important expenses like textbooks.

[bctt tweet=”Need some help with #education costs? Consider a #Coverdell Education Savings account” username=””]

  1. While we have been fortunate here in the Rio Grande Valley to escape the devastation of Hurricane Harvey, it is important for everyone to be prepared not only for the physical effects of a disaster but the financial ones as well.

The IRS has announced tax relief efforts for the counties that were hit hardest in Texas, as well as neighboring states, by Hurricane Harvey and the same will likely be true if our region is affected in the future.

Staying informed in the aftermath of disasters is important to help family members that live in cities hit by disasters and to plan ahead in case your family is in a similar one in the future.

[bctt tweet=”#Tax #relief efforts have been announced for those affected by #HurricaneHarvey” username=””]

Don’t let September pass you by without meeting tax due dates and making preparations for tax season!

September is a month of transition from the slower pace of summer to the hecticness of the school year. It is also an important intermediate step between last year’s and this year’s taxes.

At the McAllen CPA office of Abigail Y. Murray CPA, we are here to help guide you through all the different deadlines that your personal tax situation faces. Our staff has the expertise to make that transition quick and problem-free.

Contact us today at 956-800-5600 to set up a consultation. Let us work with you to take care of all your tax questions.