Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
A tax turtle is not a reptilian accountant. Rather, it is a person or small business who carries their business on their back.
A tax turtle is not a reptilian accountant. Rather, it is a person or small business who carries their business on their back. Think of 100% remote workers or very, very busy actors. Long-haul truckers can sometimes be considered tax turtles, as well.
Many tax turtles are considered “itinerant workers.” To the IRS, being an itinerant worker means a traveling worker with no real tax home-eliminating many potential tax breaks. These type of workers cannot deduct the cost of mobile homes. Here are a few examples of tax turtles:
When legally determining situations like the above, the IRS or court systems take into account precedents set by Revenue Ruling 73-529. Summarized, those factors include:
With these factors mind, consider the trucker tax turtle. He may live with friends in Minnesota when not traveling, but the majority of his time is truly spent in California, where the trucking company that employs him has the most drop-offs. He attributed money to his friends’ home in Minnesota via rent, but his connection to the home stopped at that. He spent more time and more money in California, with a direct connection to his work, thus eliminating his chance at a travel-expense deduction based on the factors set by Revenue Ruling 73-529.
Have you come across a tax turtle in your payroll career?
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!