Summer Home Upgrades and Kids' Activities May Bring Tax Benefits
Some projects and activities that people typically undertake in summer may qualify for 2024 tax credits. For example, upgrades to keep your home cool and comfortable may be eligible for clean energy or energy efficiency credits. Examples of potentially qualifying improvements include Energy Star-rated windows and doors, solar-powered water heaters, and new central air conditioning units or ventilation systems. More information about these programs may be found on the IRS Home Energy Tax Credits webpage (link below).
In addition, if your children attend summer camps, day camps or childcare programs so that you can work, the Child and Dependent Care Credit may enable you to reclaim some of the cost. A tax professional can help you determine whether you qualify for these or other tax-saving programs, and if so, help you properly document expenses to preserve your eligibility.
Home Energy Credits: https://www.irs.gov/credits-deductions/home-energy-tax-credits
IRS Impersonation Scams
The IRS recently posted warnings about new and ongoing scams where the perpetrators pose as IRS personnel, or representatives of other government agencies like the Social Security Administration or Medicare. They may also claim to represent charities, tax service businesses or familiar companies. The scammers typically contact people by phone, text, email or social media message, and employ tactics like:
- Fabricating scenarios that require an urgent response: The scammer may claim that the person owes the IRS money, or must pay a fee to claim a tax refund or prize.
- Pressuring people to act quickly: Scammers may threaten immediate arrest, deportation or other dire consequences to scare people into acting before they have time to think.
- Demanding hard-to-track payment forms or sensitive data: Many scammers insist on being paid in gift cards or cryptocurrency, or via wire transfer. They might also engage in identity theft by seeking information like birth dates and Social Security numbers (SSNs).
Actual IRS personnel do not initially contact people via email, text or social media about tax bills or refunds. Most often, the IRS first sends a letter through the mail. In the rare cases when IRS personnel do reach out by phone, they do not demand immediate payment in a specific form, and do not request SSNs or other sensitive data (they already have it). If you are unsure whether a call or message supposedly from the IRS is legitimate, hang up or delete the message. Then call the IRS directly (phone numbers below) for more information.
IRS Taxpayer Service Phone Numbers: 800-829-1040 or TTY/TDD 800-829-4059
Upcoming Tax Deadlines
July
| Day | |
|---|---|
|
10 |
Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. |
|
15 |
Nonpayroll withholding – If the monthly deposit rule applies, deposit the tax for payments made in June. |
|
15 |
Social security, Medicare, and withheld income tax – If the monthly deposit rule applies, deposit the tax for payments made in June. |
|
31 |
All employers – If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2023. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends. For more information on filing these forms, go to IRS.gov/Form5500. |
|
31 |
Federal unemployment (FUTA) tax – Deposit the tax owed through June if more than $500. |
|
31 |
Certain small employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2024 but less than $2,500 for the second quarter. |
|
31 |
Social security, Medicare, and withheld income tax – File Form 941 for the second quarter of 2024. Deposit or pay any undeposited tax under the accuracy of deposits rule. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until August 12 to file the return. |
August
|
Day |
|
|---|---|
|
12 |
Social security, Medicare, and withheld income tax – File Form 941 for the second quarter of 2024. This due date applies only if you deposited the tax for the quarter timely, properly, and in full. |
|
12 |
Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. |
|
15 |
Nonpayroll withholding – If the monthly deposit rule applies, deposit the tax for payments made in July. |
|
15 |
Social security, Medicare, and withheld income tax – If the monthly deposit rule applies, deposit the tax for payments made in July. |
September
| Day | |
|---|---|
|
10 |
Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. |
|
16 |
Nonpayroll withholding – If the monthly deposit rule applies, deposit the tax for payments made in August. |
|
16 |
Social security, Medicare, and withheld income tax – If the monthly deposit rule applies, deposit the tax for payments made in August. |
|
16 |
Corporations – Deposit the third installment of estimated income tax for 2024. |
|
16 |
S Corporations – File a 2023 calendar year income tax return (Form 1120-S) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension of time to file the return. Otherwise, see S corporations under March 15, earlier. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120-S) or substitute Schedule K-1 (Form 1120-S) and, if applicable, Schedule K-3 (Form 1120-S) or substitute Schedule K-3 (Form 1120-S). |
|
16 |
Partnerships – File a 2023 calendar year return (Form 1065). This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see Partnerships under March 15, earlier. Provide each partner with a copy of their final or amended Schedule K-1 (Form 1065) or substitute Schedule K-1 (Form 1065) and, if applicable, Schedule K-3 (Form 1065) or substitute Schedule K-3 (Form 1065). |
|
16 |
Individuals – Make a payment of your 2024 estimated tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2024. For more information, see Pub. 505. |
