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Tax Carnival #85: Countdown to Tax Day

Tax Day is a week away. That's right, we procrastinators have just seven days to fill out our forms and get them, and any tax we owe, on the way to the IRS.

7_Booblgum_iStock_000013002009XSmall As we head down the tax filing stretch, Tax Carnival #85: Countdown to Tax Day offers some last-minute tax considerations, some planning tips for 2011 and even a way to put off your annual tax task a bit longer.

With time running short (and shorter still since I was late posting this!) let's get started.

Much tax time focus is on retirement plans since contributing to an IRA is just about the only tax move you can make once a tax year is past. 

Two Carnivalistas, however, look at an unusual retirement plan situation: excess contibtuions to tax-favored nest eggs.

Pinyo discusses What Happens If You Contribute Too Much To IRA Or 401k(k), posted at Moolanomy.

6_Booblgum_iStock_000013002009XSmall Outlaw examines The Pitfalls of Excess Contributions to Your Retirement Accounts, posted at Outlaw Finance.

Young people looking to get an early start on saving for their futures also have some special tax considerations.

Madison looks at such situations in What is the Kiddie Tax? It's posted at Kids and Money.

Another big tax consideration is home-related tax breaks.

Ken reminds us of 7 Homeownership Related Tax Credit and Deductions, posted at Spruce Up Your Finances.

5_Booblgum_iStock_000013002009XSmall Kyle Berks discusses the Home Mortgage Interest Deduction: How It Works at Integrated Loans.

From the tax misery loves company file, we hear from some international bloggers.

Jim Yih notes that every tax season his fellow Canadians complain about paying too much tax. He examines one misconception in Does half your money go to taxes? It's posted at Retire Happy Blog.

Tom @ Canadian Finance Blog recommends 5 Wise Ways To Spend Your Tax Refund, saying, "As tempting as it would be to spend your tax refund, consider creating an emergency fund, making home repairs or paying off credit cards and loans." It's posted at StupidCents.

4_Booblgum_iStock_000013002009XSmall Boomer reminds Canadian readers of the importance of Naming An RRSP Beneficiary, noting that depending on the value, RRSP holdings can easily be taxed at over $100,000 (40% or more of your plan) unless you name a "qualified beneficiary." Details are posted at Boomer & Echo.

Gavin R. Putland looks at an Australian's effort to force the abolition of purchaser stamp duty in Boycott stamp duty on property purchases, posted at GetUp!

Back here in the U.S., several bloggers look at work-related tax issues.

Consumer Boomer points out the different tax considerations for independent contractors vs. self-employed in Independent Contractor Tax Rules, posted at Consumer Boomer.

3_Booblgum_iStock_000013002009XSmall Philip presents tips for tracking your tax-deductible driving in Get the Most from Your Mileage Tax Deduction, posted at PT Money Personal Finance.

And a couple of bloggers look at the payroll tax holiday that workers have been enjoying since Jan. 1.

The Family CEO presents Remember the Social Security Tax Cut for 2011? What are you doing with it? It's posted at The Family CEO.

Glen wants to know What Are You Doing with Your Payroll Tax Cut? His suggestions are posted at Free From Broke.

2_Booblgum_iStock_000013002009XSmall Feeling overwhelmed? Just can't finish your Form 1040?

Robert Moore presents Filing A 2011 Tax Extension, noting that taxpayers who owe money will be glad to know that they have some options if they can’t afford to pay in full. It's posted at 2011 Taxes.

Clariity presents what you need to know about filing a tax extension to avoid serious penalties and fines in How to File For a Federal Tax Extension. It's posted at Living With Clariity.

Already filed? Wondering when you'll get your refund?

Evan says the IRS refund tracking website is actually really easy to use. He explains in Where is my 2011 Tax Return? It's posted at My Journey to Millions.

1_Booblgum_iStock_000013002009XSmall And we wrap things up with tax looks back and to the future.

Khaleef reminds us that The IRS Has Over $1.1 Billion In Unclaimed Refunds. Details on all that money from 2007 is posted at Faithful With A Few.

Plubius offers some 2011 tax planning and tax saving suggestions in Top Ten Tax Tips, posted at Common Sense.

That's it. Tax Carnival #85: Countdown to Tax Day is done.

But if you haven't yet filed your 2010 taxes, you still have a week. The ol' blog will continue to provide tips, filing advice and general tax info thorugh the April 18 filing deadline and beyond.

1040 icon_square The Tax Carnival, however, now transitions to monthly publication.

The 86th Carnival of Taxes will be posted May 2. Be a part of the first post-filing season Tax Carnival of 2011 by sending a tax post (and tax-only items please; check out the guidelines for submission details) via the Blog Carnival page.

Film countdown numbers from Booblgum / iStock

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