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Tax Carnival #108: Election 2012

2012 election buttonWelcome to the ol' blog's annual election edition of the Tax Carnival.

While many of you voted early (me too), this collection of tax tips and advice got bumped back to today, Nov. 6, actual election day.

That's fitting, since the president and the members of Congress elected today will shape our federal tax bills. At the state level, there also are a lot of important state tax ballot initiatives.

So while the polls are still open, let's kick off Tax Carnival #108: Election 2012 with the political posts.

Manny Davis presents a visual comparison of Barack Obama's and Mitt Romney's proposed tax plans, based on what each candidate has stated in the infographic Obama vs. Romney: Tax Plan Comparison. It's posted at BackTaxesHelp.com.

Scott Skyles takes a look at how the Republican nominee's tax plan ideas relate to tax reform in Mitt Romney's Tax Reform Suggestions and Solutions, posted at Mortgage 1A.

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Now to some tax nuts and bolts, from filing to tax planning.

Average Joe wants to know Did You Miss the October Tax Filing Deadline? If so, find out what to do at Average Joe's Money Blog.

Robert D Flach breaks down "effective tax rate" calculations in Evaluating Tax Rates, posted at The Wandering Tax Pro.

Neal Frankle says you can take a few simple steps to significantly reduce (or eliminate) your gift and estate tax and simultaneously protect your family. Details are at Use Gift and Estate Tax Law To Protect Your Family, posted at Wealth Pilgrim.

Darwin wonders How Much is Too Much to Leave Your Kids? Find out at Darwin's Money.

Michael Kitces points out that as the end of 2012 approaches, so too does the end of the current gift and estate tax exemptions and rates. He looks at the Rising Pressure To Complete End Of Year Exemption Gifting Strategies, posted at Nerd's Eye View.

Anna has some advice on How to Save on Tax? Tax-Advantaged Savings Vehicles, posted at NerdWallet.

Ballot box hand depositing2Bill Smith says same-sex couples face many difficulties in filing federal tax returns. Get the specifics in Gay Marriage Makes Filing Federal Tax Returns A Labyrinth, posted at 2009 Tax.

John Schmoll is calendar watching, noting that we shouldn't wait until the last minute to prepare for the coming tax season. He offers 4 Simple Ways to Save Money on Taxes Before Year End, posted at Frugal Rules.

Michael wonders if you've ever thought about moonlighting as a paid tax preparer. Find out How to Become a Professional Tax Preparer, posted at Financial Ramblings.

Glen Craig says claiming the home office tax deduction for your home business sounds like a no-brainer, right? But make sure you understand what is involved and if it's worth it. Details are in Should I Use the Home Office Tax Deduction for My Home Business? It's posted at Free From Broke.

Bob admits that he a bit cynical when it comes to the term "fair tax," which he says sounds like an oxymoron. "Is it possible for any tax to be fair? Perhaps, but fairness is in the eye of the beholder," says Bob. He looks at the good and not so good aspects of the Fair Tax in What is the Fair Tax? It's posted at ChristianPF.

Scott reminds us that the fiscal cliff is looming. Find out more about it at What is the Fiscal Cliff and Why Should I Care? It's posted at One Smart Dollar.

Money Crashers says if you're like most Americans, you're searching for new, creative ways to ease your annual tax burden. Despite the continual changes to the tax code, there are a number of ways to trim your taxes that remain applicable year after year. Some are covered in 8 Ways to Pay Less Taxes and Save Money, posted at Money Crashers.

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And while Americans are focused on the election and what it could mean to our taxes, the rest of the world has tax concerns, too.

David de Souza reminds U.K. taxpayers that if they have any assets or income in the country, the deadline for the paper based tax returns is fast approaching. Find out What You Need To Know About the 2012 Tax Deadline, posted at TaxFix.

James Powell has more warnings for British taxpayers, noting that the government is putting a cap on benefits and tax credits. Find out about Tax credits changes: What they mean to you, posted at Tax Credits.

Lubna Kably says retrospective tax amendments, especially on indirect transfers of a capital asset situated in India, worry global investors. A government committee set up to look into these concerns has come out strongly against retrospective amendments. Get the scoop at Promises aren't meant to be broken, posted at Law Street: The Times Of India.

And with that, we wrap up Tax Carnival #108: Election 2012.

Tax carnival iconThanks to all the contributors and especially to all y'all for reading. We'll be back with the next edition on Dec. 3.

Be a part of that holiday season 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 #TC109) 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 if you've not yet voted, VOTE!

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