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Tax Carnival #103: June Tax Swoon

I love June.

Kids are happy that school is out and their parents aren't yet tired of having them home all the time.

Lots of folks are getting married.

It's not so hot yet, even here in Texas, to make us start whining about the weather. And there's still a bit of moisture from the spring rains in the ground, helping plants stay looking good.


Plus, June is a great rhyming word!

There's moon, whose distance from earth is often used as an exasperated description of the size of a person's tax bill.

There's boon, defined as something to be thankful for, a blessing or a benefit. OK, most folks aren't thankful for taxes, but I'm hoping there's a little bit of love for the Tax Carnival and the advice therein.

There's croon, which is what many folks when it comes to taxes. Check out the top 10 classic rock songs about paying taxes, the performances captured at The Alternative Accountant and the WithumSmith+Brown flash mob.

And, of course, there's swoon, which is what every tax geek does at the mention of the Internal Revenue Code and the discussion of tax laws and legislation.

So since it's already well past noon on this fine fourth day of June, let's get to Tax Carnival #103: June Tax Swoon.

The impending tax law changes in 2013 are atop many Tax Carnivalistas' minds.

Michael Kitces says that while the country continues to struggle with its fiscal woes, Congress and the White House are increasingly proposing tax law changes intended to cut down on perceived "abuses" and "tax loopholes," especially those used by the wealthy. Get the scoop in President's Budget Proposals Take Aim At Popular IDGT Estate Planning Strategy, posted at Nerd's Eye View.

Dan Meyer wonders if you're Am"Bushed" by Taxes? Keep or Let Die the Decade-Old Tax Cuts? His discussion is posted at Tick Marks.

J.P. gives us An Early Look At The Possible 2013 Tax Rates Increase, posted at Novel Investor.

Super Saver has a warning for us: Taxes are going up in 2013 for everybody. Details are in Taxes are Going Up - Even for the 99%, posted at My Wealth Builder.

We have several lots of filing tips this month, good news for folks who got an extension until Oct. 15 to submit their 2011 returns or for those who want to get a head start on 2013 tax duties.

SB presents easy-to-follow tabular data on tax rates, brackets and deductions in 2012 Tax Rates and Tax Brackets for Filing Taxes in 2013. It's posted at One Cent at a Time.

Bill Smith presents Who Can I Claim as a Dependent on My Tax Return?, posted at 2011 Taxes, saying, "Claiming dependents on your tax return is not as simple as it seems."

Steve says that keeping a keen eye on your tax situation throughout the fiscal year will make it much easier to take advantage of tax savings. He tells us how in Taxes: 5 Easy Ways to Save, posted at 2012 Tax.

Taxes are puzzling enough and then you run into a special tax circumstances. No worries. Several Tax Carnival contributors have welcome advice in some of those areas.

Ryan says some folks think it's not a big deal if they don't file their taxes, but nothing could be further from the truth. He elaborates in What Happens if You Don't File Your Taxes, posted at The Military Wallet.

Robert D Flach says that just because you didn't receive a Form 1099 It Ain't Necessarily So that you don't have to report the income! Details are posted at The Wandering Tax Pro.

Ryan takes a look at the confusing tax treatment of reward programs for plastic in Are Credit Card Rewards and Frequent Flyer Miles Taxable? It's posted at Cash Money Life.

Laura recommends Kyle Psaty's examination of Refund Anticipation Loans (RALs) and the evidence suggesting that this money is being taken from some of poorest taxpayers. Details are in How Some Bankers are Targeting the Working Class at Tax Time, posted at NerdWallet.

John presents Students with Summer Jobs Shouldn't Forget the Tax Man, posted at Wallet Blog. Looking forward to that summer job? Avoid a nasty surprise in the spring. Don't forget to take taxes into consideration.

Glen Craig presents What is a Spousal IRA and How Does It Work? It's posted at Free From Broke . It makes sense thinking that you have to work in order to contribute to an IRA, right? Well, if your spouse works and you don't then you can take advantage of a spousal IRA.

Charles Chua C K wants to know Are You Ready For a Tax Audit? I think CK and I both know the answer, but you can read more at All About Living With Life.

As always, we have some items that relate to foreign taxes.

Penny Thots says that living in another country means plenty of confusion about filing requirements. Some of that is cleared up in The Tax Man Cometh, posted at Penny Thots.

Young says there is bipartisan support for one thing in Canada these days: political donations. That support extends to the country's tax code, which provides a Tax Deduction for Political Contributions, posted at Young And Thrifty.

Whether you hire a tax pro or are your own tax filing expert, you'll want to check out these tips.

FMF had a new CPA this past filing season and he spills all about the pros and cons of working with the new firm in How It Went with My New CPA. It's posted at Free Money Finance.

Steve says whether you are a business owner or simply buy supplies for your job out of your own income, it's crucial that you save and file your receipts for any purchases made in relation to your work. Details are in Be Prepared For Your Taxes, posted at 2012 Taxes.

Jackson is thinking along those same lines, pointing out that even the small things like recording invoice amounts into an excel sheet can save you precious time and money with your accountant. He offers tips in Learn to do Your Own Accounting From Day One, posted at 2009 Tax,

We get some post-filing follow-up advice from several personal finance bloggers.

Ted Jenkin asks a question many filers have regardless of whether they got a refund or owed Uncle Sam: Are My Withholdings For Taxes Correct? Find out at Your Smart Money Moves.

Kevin looks at the same issue in How to Adjust Tax Withholding, posted at Cash Money Life.

Anisha notes that saving becomes even more complicated for families in higher tax brackets since tax-advantaged products like muni bond funds and Treasuries are difficult to compare, apples to apples, to other savings products. So she presents NerdWallet's New Interest Rate Comparison Tool: Find the Best Account for Your Tax Bracket, posted at NerdWallet.

Eric J. Nisall reminds us that A Business Is Not Your Personal Piggy Bank. The money in a business account is for business expenses, he says, while your personal money is for personal expenses. Mix the two and you ask for trouble! Details are posted at DollarVersity.

And we close with a topic near and dear to every taxpayer's heart.

Roger asks How Can We Simplify the Tax System? The discussion is posted at The Amateur Financier.

With that, we wrap up Tax Carnival #103: June Tax Swoon. Thanks to all the contributors and especially to all y'all for reading.

Tax carnival iconWe'll be back with the next edition on July 2.

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 #TC104) 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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Chris Mulvaney

Great articles I enjoyed reading them! Me and the guys our NJ CPA firm will enjoy reading this one at work.

Roger the Amateur Financier

Very impressive collection of articles, and thanks very much for including mine (and referring to it as a 'topic near and dear to everyone's heart') It's much appreciated.

SB @ One Cent At A Time

Thanks for including my article Kay!

Ted Jenkin - Your Smart Money Moves

Thank you for including out post "Are My Withholdings For Taxes Correct?"

Once again Thank You!!!

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