Nov. 1: Halloween wasn't too scary, especially since you managed to claim some ghoulishly good tax breaks. Now it's time to make sure you get through 2012 with the least possible tax damage.
Nov. 1: This month also marks the last 30 days of the Atlantic hurricane season.
As Hurricane Sandy demonstrated, deadly and devastating storms can strike any time, any where. So it's better to be safe than sorry. Make your storm and financial preparations, including a complete inventory of your belongings.
And if you do sustain damages from a presidentially declared natural disaster, be sure to check out the special tax treatment that could help you recover..
Nov. 2-4: North Carolina shoppers, get ready to save on energy efficient appliance purchases. The Tar Heel State's annual fall tax holiday begins Friday, Nov. 2, and runs through Sunday, Nov. 4. During these three days selected Energy Star-rated appliances are exempt from the state's sales tax.
Nov. 6: Vote! You've been hearing about the tax plans of Barack Obama and Mitt Romney for months. Now's your chance to pick the one you want, along with your U.S. Representative and, in some cases, a Senator. And the officials you pick closer to home could affect your state and local taxes.
Nov. 9: Expecting a big refund or dreading a large tax bill? Either way, act now to adjust your withholding. The payroll changes in these last few checks of 2012 can help make sure that you more closely pay the income taxes you'll owe the Internal Revenue Service when you fill out your tax return next filing season.
If your payroll withholding change gives you a few more dollars, consider putting them toward your retirement.
If you have a 401(k) plan, you can shift that extra money to your workplace retirement plan. Or contribute it to your IRA, traditional or Roth.
The sooner you put money in these accounts, the longer they have to grow either tax deferred or tax free.
Nov. 12: Does your job include tips?
If so and you received $20 in tips in October, use Form 4070 to report them today to your employer. And don't forget to include the value of atypical tips.
Nov. 16: Analyze your stock transactions. Roughly calculate your profits and losses so far this year so that you can do some tax planning before Dec. 31.
Capital gains are taxed at lower rates, but they could go up next year if the Bush tax cuts expire. If you don't want to take that chance, lock in your gains now at 15 percent for most investors and zero taxes for folks in the 10 and 15 percent tax brackets.
Even losses, however, could be tax winners. They can help offset any gains to reduce your potential overall tax bill. And if you have more losses than gain, you can deduct up to $3,000 a year against your ordinary income until you use up those losses.
P.S. -- If you have that much in losses to keep carrying forward, get a new investment adviser!
And that new adviser should tell you to hang onto some of those losers just in case the capital gains rates do go higher in 2013. They'll be more valuable then.
Nov. 21: If you're heading over the river and through the woods to grandma's for Thanksgiving, your travel costs are all your own.
But if you're doing some business traveling this holiday week or any other time of the year, document it so you can deduct those costs. You can write off the miles you drive in 2012 for business at the standard mileage deduction rate of 55.5 cents per mile.
Nov. 24: Happy Thanksgiving! Tax a break from taxes for turkey, football and time with your family.
Nov. 27: If you itemize, take a look at your miscellaneous expenses. They must exceed 2 percent of your adjusted gross income. You can clear that deduction threshold by setting up a bunching strategy now.
Nov. 30: Did you get a seasonal job to bring in much-needed income or to earn some extra money for gift buying? Pay attention to how you're paid; it makes a difference in your taxes is you're an independent contractor instead of an employee.
As a contractor, you're responsible for paying self-employment taxes as well as the income taxes that are usually withheld from employees' paychecks.
Small Business Tax Calendar ? November: Important filing, deposit and record keeping dates your company needs to know.
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