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Tax Carnival #106: Labor Day 2012

It's an election year and that means labor unions have been taking a beating, both literally and in terms of political rhetoric. But if you have this Labor Day holiday off, then a large part of your thanks must go to workers' rights advocates.

Labor poster by by Ricardo Levins MoralesIn his poster shown there to the left, Ricardo Levins Morales portrays some common workplace benefits that most of us enjoy. 

Of course, tax dollars help pay for many of them.

And while today's collection of tax talk and tips doesn't necessarily relate to labor issues (although there are a couple of items in this timely vein), the convergence of the end-of-summer holiday and the regular Tax Carnival publication date earns it the title of Tax Carnival #106: Labor Day 2012.

We start with a tax professional who's proudly been doing his job for 40 years.

Robert D Flach looks back on the start of tax preparation career and the Golden Age of 1040s in Those Were the Days, posted at The Wandering Tax Pro.

Michael Kitces wonders Will Same-Sex Couples Soon Be Eligible For Federal Tax Treatment As A Married Couple? It's posted at Nerd's Eye View.

Thomas F. Scanlon has good info for all of us working hard for our money in 7 Easy Ways to Decrease Your Income Tax and Keep More Money, posted at Borgida & Company, P.C.

Neal Frankle says, "If you own a retirement account or an inherited IRA, at some point you’re going to have to understand how to use RMD (required minimum distribution) tables. I wish you could just rely on your IRA custodian. Sadly, I'm afraid you can't. You see I discovered several years ago that most IRA custodians (and many CPAs) don't really know how to calculate RMDs. As a result, I double check every required minimum distribution and so should you." You also should check out Neal's RMD Tables, posted at Wealth Pilgrim.

Super Saver expects federal income taxes will be increased for everyone, including the middle class. Details are in How Taxes Will Increase for the Middle Class, posted at My Wealth Builder.

Ted Jenkin acknowledges that with thousands of pages of tax code, it is impossible for the average citizen to really understand all of the different ways they can save money in taxes. But from that massive group of laws, he's found 4 Tax Law Changes We Need To Make Permanent. Details are at Your Smart Money Moves.

Lots of folks work at big companies, which tend to know how to take maximum advantage of the many tax provisions.

Greg Field looks at some of the firms that are masters at mastering tax breaks in Top Companies Paid 9% U.S. Tax Rate, a study of what the largest corporations in the U.S. paid in taxes. The numbers are posted at NerdWallet.

Then we have those who opt for self-employment and have to deal with its tax implications.

Jeff Rose says that figuring self-employment tax isn't that difficult. All you need to do is make use of Schedule SE and he explains in How to Calculate Self-Employment Tax, posted at Good Financial Cents.

Bill Smith presents Paul Ryan Taxes To Be Released , noting that the 2012 Republican vice presidential nominee is following in the footsteps of presidential candidate Mitt Romney. More at 2009 Taxes.

Jonathan Milligan says, "Every accountant worth his salt would be clearly aware of FATCA and its implications on accounting." FATCA, or the Foreign Account Tax Compliance Act, is aimed at improving the tax compliance of U.S. taxpayers with financial assets or bank accounts outside the United States and Jonathan looks specifically at some of The Challenges Ahead with FATCA Compliance, posted at CPACareerCoach.com.

Most of us workers are looking forward to the day we can quit working. Saving for retirement via the many tax-favored vehicles like individual retirement accounts and employer-sponsored plans will make that goal possible sooner.

Darwin says his tax-advantaged self-directed Roth IRA has been going gangbusters and offers us My Roth IRA: Beating the Market and a Look Under the Hood. Details are at Darwin's Money.

And we close with an item that's not about, but might remind some of, Mitt and Ann Romney's Olympics horse Rafalca.

Madeleine Begun Kane has a warning for those tempted to horse around with their tax claims in Reining In Your Returns. It's posted at Mad Kane's Humor Blog.

And with that, we wrap up our Labor Day 2012 Carnival of Taxes.

Tax carnival iconThanks to all the contributors and especially to all y'all for reading. We'll be back with the next edition on Oct. 1.

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. (Note the new look: The Blog Carnivals website is under new management, a group of folks based in suburban Houston.)

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC107) 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.

Now go and enjoy the rest of your Labor Day Holiday!

Comments

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OXYGenFinancial

Thanks for including my article in this!!!

Ted Jenkin
Co-CEO and Founder
oXYGen Financial, Inc
http://www.oXYGenFinancial.net
Author of http://www.YourSmartMoneyMoves.com

Account Deleted

Great post!! It makes the people to reduce their income tax, by providing the ways, which is more beneficial to poor people.


 Forms 

Madeleine Begun Kane

Thanks very much for including my horse-related limerick in your excellent post.

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