10 worst tax ideas of 2009
Tax preparer testing (& more) on the way

Tax Carnival #62: Happy New Tax Year!

Have you recovered from the last decade yet? Yeah, I know. It's a bit too soon.

What about last year? Have you put 2009 behind you and are ready to dive into 2010? Not that either, huh?

Well, have you at least gotten over your New Year's Eve hangover? Oh, sorry. I'll try not to type so loudly.

Happy-new-year-clock Maybe the first Tax Carnival of 2010 can help you get in the new year and tax groove. So welcome to our 62nd edition, Happy Tax New Year!

If you're anything like me, the holiday break means you've got a lot of catching up to do so let's get right to our spanking new 2010 tax tidbits.

Are you thinking of using your tax refund to buy savings bonds? Wenchypoo says you might want to think again: "This clever little stunt is how Obama aims to get our refunds back from us and into the hands of the drunken-sailor-spending Congress! They've already had our money interest-free for a year, and now they want to stretch that out 17 more years and pay a mere 3% or so--DON'T FALL FOR IT!" He elaborates in Something NOT to Do: Turn Your Tax Refund into a Savings Bond, posted at Wisdom From Wenchypoo's Mental Wastebasket.

John has updated his post on Turbo Tax Online Price Increases Over The Years: A Comparison. It's posted at One Family's Blog.

We have more software news from FIRE Finance, who presents TaxCut – Up to 9% OFF Discount Coupons. The info is  posted at FIRE Finance.

If you prefer personal help, The Smarter Wallet offers some tips in Hiring A Tax Advisor? Ask Your Tax Planner These Questions First. It's posted at The Smarter Wallet.

Mike Piper discusses How to Rollover Your 401k into a Roth IRA. Details can be found at The Oblivious Investor.

Matt Jabs also has retirement plan info in Traditional and Roth IRA Contribution Limits, posted at Debt Free Adventure.

Super Saver looks at the Tax Credit for Golf Carts - Another Unintended Consequence? It's posted at My Wealth Builder. "Perhaps, in 2010, politicians will create a health care tax credit for buying golf equipment and playing golf, making the sport a benefit that is entirely supported by government and taxpayer funds," Says Super Saver.

Silicon Valley Blogger presents The Entrepreneur's Guide to Avoiding a Tax Audit, posted at The Digerati Life.

Will discusses loans to family members and the IRS Imputed Interest Rate And Rules. It's posted at Your Finish Rich Plan - A Personal Finance Blog.

No, we in the U.S. are not alone in our tax travails. We hear this week from a couple of international Carnivalistas.

"The Central Board of Direct Taxes in India has withdrawn an old circular issued in 1969 which mitigated the risk of doing business in India for non residents not covered by a tax treaty. A trend is emerging to expand the tax net, but it appears that the CBDT is perhaps missing the woods for the trees," says Lubna Kably. She elaborates in Law Street in The Economic Times (December 2009) - Withdrawal of CBDT circulars, posted at Talking Tax.

A profitable New Year resolution for U.K. taxpayers could be a review of your tax code, says David de Souza. He provides details in  Make Checking Your Tax Code Your New Year’s Resolution, posted at UK Tax Blog.

And some global taxes just might migrate here. "With the U.K. and other European countries considering 50 percent taxes on bankers' bonuses, it wouldn't be surprising if the U.S. weren't far behind, given the pandering to main street politicians are so adept at,” says Darwin. Over at Darwin’s Finance, he considers Should the US Adopt a "Bonus Tax" Like Europe is Enacting?

Does a teenager need to file a tax return? Carol Topp gives us 10 Reasons Why a Teen Should File a Tax Return. It's posted at Teens and Taxes.

FMF examines one of the biggest tax-related issues of this new year in 2010 Roth Conversion: Factors to Consider Before Making a Decision. It's posted at Free Money Finance.

Peak Personal Finance presents Tax Advantages of Having a Mortgage, posted at Peak Personal Finance.

Dan Meyer has a warning: Watch Out for State Unemployment Taxes! It's posted at Tick Marks.

And we close with some basic sound advice to begin a new tax year.

Stacie tells the tale at Stacie's More Tax Tips of a regular Joe, who wasted some valuable tax benefits because Joe Schmo Didn't Think He Needed Any Tax Planning. "No need to be a Joe Schmo," says Stacie. Contact your tax adviser now.

Well, that's it for the first Tax Carnival of 2010, Happy Tax New Year, and the 62nd since we began this fun tax partying back in 2006. If you've been a part since the start, either as a contributor or reader, thanks! If you've just joined us, welcome!

We'll see you all again in two weeks, on Jan. 18, for our 63rd midway of tax. You can be a part of that one too by sending in your tax post (and truly tax-related stuff, please; check our guidelines for details) to our Blog Carnival page.


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