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Tax Carnival #102: May Tax Flowers

Glad to see you survived Tax Day 2012.

If you finished your 2011 taxes, congratulations.

If you got an extension, good for you for not rushing into the tax breach and making a mistake in your hurry to finish up your return.

With the arrival of May we welcome not just nature's flowers, but some tax buds that can pay off down the road. So let's get to bouquet of tax information and tips that are part of Tax Carnival #102: May Tax Flowers.

Poppies Austin garden show May 2010

We'll start with info for those folks who've yet to file their returns.

Kate presents a TurboTax 2011 Review for anyone who filed a tax return extension. It's posted at My Dollar Plan.

Catherine Hawley presents Tax Filing Tips, several of which are still available for taxpayers who put off filing their 1040s. It's posted at NerdWallet.

Several folks look at the tax issues surrounding retirement plans.

Lena Gott reminds retirement savers of the 2012 Roth IRA Contribution Limits. It's posted at Taxes and Stuff.

Mac Hildebrand presents What are the tax benefits of annuities? It's posted at Insurance Providers.

Businesses have some special tax considerations.

Bill Smith cautions self-employed workers that "Taxes are already complex enough for the average individual, but that situation is exacerbated by your current status." That's why he suggests such workers check out John Hill's post Self Employed? – Here's 5 Reasons Why You Need An Accountant. It's posted at 2009 Tax - Free Tax Return Filing Options.

Thomas F. Scanlon, CPA and CFP, presents The Difference Between a C Corporation and a Subchapter S Corporation, posted at Borgida & Company, P.C.

Students get special attention in a couple of areas.

John warns students looking forward to a summer job that they can avoid a nasty surprise at tax time by taking taxes into consideration. Details are in Students with Summer Jobs Shouldn't Forget the Tax Man. It's posted at Wallet Blog.

Teacher Man says spring is often a lean financial period for post-secondary students. He looks at a way to cope with the money crunch in Student Tax Return, posted at My University Money.

Tim wants to know if you're saving for college. If so, he says you could have some major tax savings along the way. He offers details in What is a 529 College Savings Plan? It's posted at Faith and Finance.

Chrysanthemums (2)

Many of this month's Tax Carnivalistas come from outside America.

Emily de Silva tells U.K. taxpayers that the new tax code for 2012 is 810L. Find out exactly What Does Tax Code 810L Mean? It's posted at Taxcode 810L.

Edward Webber has more British tax news, noting that "often people do not realise that they can earn a certain amount before paying any tax." He provides details in How much Can You Earn in 2012, posted at Tax Fix/Tax Return Blog.

Steve warns British taxpayers that an era may be coming to an end with Chancellor George Osborne seeking to close what he sees as a loophole. He recommends they check out Pamela Chimbonda's post An End To Charity Tax Breaks? It's posted at 2009 Tax.

Teacherman examines the U.S. tax issues facing dual citizens in Canada in Dual Citizens and Double Taxation, posted at Canadian Finance Blog.

Lubna Kably says that woes relating to the provisions of India's Finance Bill, tabled on March 16, continue. Among its provisions is an effort to widen the ambit of withholding provisions, says Lubna, with payments for import of software to be treated as royalty, subject to withholding of tax in India. Details on the bill are in Talking Tax: Law Street (The Economic Times: April 27, 2012), posted at Talking Tax.

We get back to U.S. taxes with some special areas of consideration.

Dan says that over time, tax treatment can make more difference than net returns or expense ratios. He looks at which ETFs are most tax efficient and why in What Makes an ETF Tax Efficient? It's posted at ETF Base.

Kyle says Refund Anticipation Loans, aka RALs, cost Americans millions out of their tax refunds. He examines this short-term loan in How Some Bankers are Targeting the Working Class at Tax Time, posted at NerdWallet.

Martha Stewart presents 10 Big Businesses That Barely Pay Taxes, posted at OnlineMBA.com.

Flowers and ladybugs via Gather

Uh-oh, audits!

Glen Craig says no one looks forward to an audit. But did you know there are things on your return that could be an audit red flag? Get the scoop in 6 Audit Red Flags the IRS Uses to Choose Which Returns to Audit, posted at Free From Broke.

Barbara Friedberg recounts a terrible scenario: "imagine opening a letter from the IRS and expecting that tax booklet you ordered and instead receiving a request for $25,000 in back taxes." She elaborates on how she handled this scary situation in How to Handle a Tax Audit; The Government Says I Owe $25,000, posted at Barbara Friedberg Personal Finance.

Several bloggers focus on getting ready for our 2012 taxes.

Brian Llama presents 2012 Standard Deduction Amount for 2012 taxes to be filed in 2013. It's posted at Finance Gourmet Blog.

Shannon McNay offers some ideas for what people need to think about after tax season is over to better prepare for the year ahead. Read more at Life After Tax Season, posted at ReadyForZero Blog.

Mark says digitizing your finances can make tax time much easier and provides details in How My Receipts Got Turned Digital and You Can Accomplish the Same, posted at bestmoneymanage's Space.

Purple flowersThen there is the issue of what the tax code will look llike beyond 2012.

Darwin says Obama's proposed Buffett Rule is a horrible idea for America. Find out why he came to this conclusion in Senate Rejects Buffett Rule – Fighting Stupidity with Logic, posted at Darwin's Money.

Peter says "there is something big looming on the horizon at the end of the year. Some folks are calling the end of the 2012 tax year 'Taxmageddon' or a 'Tax Armageddon' because a whole host of tax credits, tax cuts, deductions and other tax provisions are all expiring at once, meaning that American families could be seeing a huge tax increase in 2013, unless something is done." He elaborates in Taxmageddon: Will We See a Huge Tax Increase Due to Expiring Tax Breaks at End of 2012? It's posted at Bible Money Matters.

Finally, we close with a look at every taxpayer's goal: the end of our tax duties.

Roger presents a somewhat tongue-in-cheek guide as to what you can do to celebrate now that your taxes have been filed for the year. Enjoy it, plus a few hints on how to prepare for next year's taxes, Celebrating the End of Tax Season, posted at The Amateur Financier.

That's it for the return to monthly publication schedule through the rest of the year. Thanks to all the Tax Carnival 102: May Tax Flowers contributors and especially to all y'all for reading.

Tax carnival iconWe'll be back with the next edition on June 4.

Be a part of that Carnival of Taxes by sending your tax posts (and tax-only items please; check the guidelines for details) to me via the Carnival of Taxes submission page.

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC103) or by posting them on Don't Mess With Taxes' Facebook wall.

Or if you prefer email, send your tax blog item to me at taxcarnival@gmail.com.

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Glen Craig

Thanks so much for hosting!

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