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Tax Carnival #104: Tax Fireworks

It's that time of year again, the annual Tax Carnival that falls around the Fourth of July. We have almost as many Tax Fireworks this time of year as we do around the April filing deadline.

Firecracker exploding drawing (2)Since we're all winding down things to get out early for Independence Day festivities, let's light up these suckers!

Some summer tax-related traditions get us started.

Thomas F. Scanlon, CPA and CFP®, presents 9 Easy Steps for a Mid-Year Tax Review, posted at Borgida & Company, P.C.


Midyear also is a great time to brush up on your tax skills (like you're doing here at the Tax Carnival!) and find ways to cut your coming tax bill.

FMF recommends The Eight Tax Rules to help you get a firmer grasp of your taxes year-round. Four are principles to adopt, says FMF, and four are specific areas of competency to develop. They're all posted at Free Money Finance.

Fireworks drawingSteve provides businesses 4 Ways to Save on Your Taxes in 2012, posted at 2012 Taxes.

Janet says small business owners can best prepare for taxes by keeping track of company expenses, and potential deductions, throughout the year. Details are in Own a Small Business? Don't Forget These Tax Deductions, posted at Credit, Eh.

Money Beagle asks a common tax question: Professional or DIY? For this blogger, the answer is, "No question in my mind!" Get details in Why I'm Glad I Have Someone Do Our Taxes, posted at Money Beagle.

Evaluating your investments at the midyear mark? We've got some things to think about.

Michael Kitces wants to know Does Your Portfolio Have the Right Default Cost Basis Method? Find out what that entails at Nerd's Eye View.

July4-fireworks-flag_tacojim_iStock_000000923564Habeeb reminds us that if mutual fund managers sell profitable stocks during the year you'll get the profits as capital gains distributions. Find out How to Calculate Gains and Losses on Mutual Funds Investments, posted at Best Dividend Mutual Funds.

Glen Craig says the Roth IRA is a great retirement investment tool, but unfortunately there is only so much you are allowed to put into it every year. He looks at the Roth IRA Contribution and Income Limits for 2012, posted at Free From Broke.

Sam Puri warns that tax refund theft has been growing in recent years, and for thieves, it's almost too easy. Sam looks at how Thieves Use Debit Cards to Steal Tax Refunds, posted at Credit Card Guide.

Although here in the United States we're about to celebrate our break from Great Britain 236 years ago, here at the Carnival of Tax Fireworks we welcome some bloggers with advice for U.K. filers.

Danielle Dixie says filers there who have at least one child you may be eligible to claim child tax credits. Details are at How To Claim Child Tax Credits, posted at Tax Credits.

July4-vintage-postcardEdward Webber reminds U.K. filers that there are new rules governing the working tax credits. Get the scoop in Working Tax Credit Changes, posted at TaxFix Blog.

And we close with a laugh so you don't cry look at an extended tax filing season.

Revanche shares her experience Making new friends in Tax Season 2012: 1040x, 540x, 4868, posted at A Gai Shan Life.

"It's not precisely tax advice really," Revanche says, "but it's not rocket science what I did there, either. And I so rarely get the opportunity to write anything worthwhile about taxes these days!"

I'm sure you'll find that and all the other Tax Carnival #104: Tax Fireworks posts worthwhile. Thanks to all the contributors and especially to all y'all for reading.

Tax carnival iconWe'll be back with the next edition on Aug. 6.

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

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC105) 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 including our article Kay!


Thank you for all of the helpful and insightful information.

Sam P

Thanks so much for including our article on Credit Card Guide about Thieves who use debit cards to steal tax refunds.

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