Unfortunately, there's no longer a tax credit for installing new, more energy efficient conventional air conditioning units. But if you're considering an alternative cooling (or heating if you want to get a head start on winter!) system for your home there is an even more generous residential energy improvement tax credit in effect through 2016. It applies to solar, wind power or geothermal systems and could get you a tax credit equal to 30 percent of the residential energy improvement costs, including installation. And in many cases the tax credit also is available for alternative energy upgrades to any second residence you own.
Aug. 3: This weekend, 12 states -- Alabama, Arkansas, Florida, Iowa, Louisiana, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Virginia -- hold sales tax holidays, most of them pegged to back to school shopping. You might be able to save some dollars, but don't waste them by buying products you don't need or that aren't tax-exempt.
Aug. 7: OK, we're back to the heat. You did see that Texas weather map above, right? Now that your house is cool, consider helping other folks who are still sweating out the summer heat waves. Many charitable groups provide energy assistance to low-income individuals, either by helping them pay their utility bills or by supplying them with fans. And if you itemize, your donation could be tax deductible.
Aug. 10: Does your job include tips? If so and you received $20 in tips in July, use Form 4070 to report them today to your employer.
Aug. 10: This day also marks the first of four more August back-to-school state sales tax holidays. Georgia shoppers can save on certain school supplies, clothing
and footwear, as well as computers and computer accessories from Aug. 10-11.
Aug. 12: Get ready Maryland shoppers! Your sales tax holiday starts today and runs through
Aug. 18. You won't pay taxes on articles of clothing and shoes that cost $100 or less.
Aug. 17: It's time for Texas to hold its fall sales tax holiday, starting today and ending at midnight
Aug. 19. Lone Star State shoppers won't have to pay sales taxes on articles of clothing and shoes, backpacks and school supplies, all priced at $100 or less.
Aug. 19: Connecticut wraps up the run of August sales tax holidays with its event that starts today and goes through Aug. 25. This week there's no sales tax in the Nutmeg State on clothing and footwear priced at $300 or less.
Aug. 22: Instead of renovating your old house, maybe you moved into a new home this summer. If so and the move was for a job, or you found employment soon after you settled into your new locale, you might be able to deduct your relocation expenses on your tax return.
Aug. 27: When you were house hunting, you probably looked closely at your new home's school district. You also need to make some moves for your child's higher education. If your son or daughter are still young, you can stash money to pay for future college costs in a 529 plan or Coverdell Education Account. And if the first semester at State U. is on the imminent horizon, the Internal Revenue Service can help you fill out the FAFSA, or Free Application for Federal Student Aid, that's required for such financial aid.
Aug. 31: The Atlantic hurricane season started early, but we're about to enter the peak of the annual tropical storm cycle. If you haven't yet made your storm and financial preparations, do so now, including a complete inventory of your belongings. You might need it since the hurricane season runs through Nov. 30.
Remember, though, that natural disasters can happen anywhere, anytime. Colorado was on fire in June, just like Texas was last September.
If you do find yourself a in a designated major disaster area, check out the special tax treatment that could help you recover.
Small Business Tax Calendar ? August: Important filing, deposit and record keeping dates your company needs to know.
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