Extra year-end tax move considerations in 2012 as the fiscal cliff looms
The Simpsons' Montgomery Burns explains (sorta) the fiscal cliff

Tax Carnival #109: Tax Stocking Stuffers

How's December been treating you?

I don't know about you, but for tax geeks and anyone who worries about what their next Internal Revenue Service bill might be, it's been a decidedly unjolly holiday season so far, thanks to all the fiscal cliff angst.

Will our tax rates go up? How much? Will some folks lose deductions? Will the Republicans in the House and President Obama every find a compromise? Can we convince Santa to send Rudolph down to D.C. to lead them out of their fiscal and tax fog?

Unfortunately, we can only wait. But in the meantime the ol' blog does have the annual December collection of tax tips in Tax Carnival #109: Tax Stocking Stuffers.

Christmas stocking4 (2)Our first group of posts concerns, what else, the fiscal cliff. I promise, though, these Tax Carnival contributions are definitely candy, not coal.

John Schmoll observes that while the fiscal cliff has been all over the news, many people aren't quite sure what the term means. Find out what it could mean to your tax bill in Should We Really be Concerned About the Fiscal Cliff? It's posted at Frugal Rules.

Sam also takes a look at that topic in What is the Fiscal Cliff and How Will it Affect You? It's posted at Credit Card Select.

Neal Frankle chimes in, too, noting that 2013 tax increases could be coming our way thanks to the fiscal cliff. He elaborates in Will the 2013 Tax Increases Impact You? It's posted at Wealth Pilgrim.

Super Saver has some suggestions a hot fiscal cliff issue, How to Tax the Rich, Without Vilifying Them. The answer is posted at My Wealth Builder.

While we wait for Congress and the president to find a way to reroute us from the fiscal cliff road, we also need to be aware of tax changes that are already in place.

Christmas stocking5 (2)Glen notes that nothing is certain but death and taxes and that sure seems the case for 2013 taxes. He presents a preview in New Taxes Coming for a New Year, posted at Free From Broke.

Robert D Flach reminds us that medical expenses can be deducted on Schedule A of your 2012 Form 1040 only to the extent that the total allowable expenses for the year exceed 7½ percent of your adjusted gross income (AGI). So RDF advises us to Lock in 2012 Medical Deductions, posted at The Wandering Tax Pro.

Investors always have some special tax issues.

Michael Kitces breaks down the IRS Rules For Paying Investment Fees From Taxable And Retirement Accounts, posted at Nerd's Eye View.

Don takes a look at a new 2013 tax that will affect high-income investors in New 2013 Investment Tax: What it Means For You, posted at My Dollar Plan.

Plenty of other filing details were on the minds of several Tax Carnivalistas this month.

Christmas stocking2 (2)Bill Smith says tax software makers are preparing for a delayed 2013 filing season. Details are in Legislation Delays Cause TurboTax To Prepare For Short Tax Season, posted at 2012 Tax - Free Tax Filing Options.

Michael takes a look at the calendars and gives us info on When are 2012/2013 Taxes Due? Upcoming Income Tax Deadlines. Get the dates at Financial Ramblings.

Jacob says there are more than a few tax breaks that most people are not aware of, but using just one or a combination of several could reduce your income tax bill considerably. Check out Easy Tax Breaks That Are Often Overlooked, posted at My Personal Finance Journey.

Michael Bovee looks at a situation some folks might find themselves confronting, tax on forgiven credit card debt. Details are in Debt Settlement Forgiven Debt and Taxes, posted at Consumer Recovery Network.

Kurt Fischer points out that if Superstorm Sandy walloped property you own, you may qualify for Uncle Sam's casualty and theft tax deduction for losses not covered by insurance. Details in Sandy Tax Deduction? It's posted at Money Counselor.

Christmas stocking1 (2)Thinking about retirement? Then you've got some taxes to think about, too.

Rohit looks at Roth Income Limits and Contribution Limits, with a reminder about contributing in 2012. It's posted at The Money Mail.

Harry Sit examines how to use a deductible traditional IRA to your advantage. Details are in How to Build a Time Machine With IRAs – Part 1, posted at The Finance Buff.

Anna de Guzman recommends you get expert opinions on popular tax-advantaged retirement savings vehicles and factors to consider. More on this in How to Save on Tax? Tax-Advantaged Savings Vehicles, posted at NerdWallet.

And we can't forget that taxes affect folks beyond the United States' borders. A couple of contributors have some advice for taxpayers in the United Kingdom.

David de Souza says if UK residents have ever wondered where their tax goes, they should check ouf Where Does Your Tax Go? It's posted at TaxFix.

James Powell takes a look at What The Child Benefit Changes Mean To You. It's posted at Tax Credits.

And with that, we wrap up Tax Carnival #109: Tax Stocking Stuffers 2012.

Tax carnival iconThanks to all the contributors and especially to all y'all for reading. We'll be back with the first edition of 2013 on Jan. 7. Maybe we'll have a fiscal cliff solution by then, or at least have recovered from our New Year's Eve celebrations!

Be a part of ringing in a new year of Tax Carnivals 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 #TC110) 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.

Images of handmade stockings courtesy of The Christmas Corner


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