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Tax Carnival #117: Summer Tax Time

It's June, the month in which summer officially arrives. This year, that day is June 21.

Solstice sun from feeding curiosityThe arrival of the summer solstice is the longest day of the year, giving us a bit more time to focus on taxes. That is how you spend your summer, right?

What? You say your summer days are filled with trips to the beach, sunny skies and lazy days enjoying the warm weather.

OK, I'll give you those. But on this first Monday of June 2013, spend just a bit of this young summer enjoying Tax Carnival #117: Summer Tax Time.

Since it is (almost) summertime, there's not order to these tax tips. We're just chilling and taking them as they come. So here goes.

Michael Kitces gets us started with a traditional tax-planning move, selling losing investments to counter any gains. But, he asks, Is Capital Loss Harvesting Overvalued? Harvesting capital losses isn't necessarily a bad strategy, says Kitces, but it is one where the risks must be carefully considered. He examines those considerations in his post at Nerd's Eye View.

Robert D Flach shares a couple of True Tax Time Tales - IRA withdrawals, both of which involve excess retirement account withdrawals and the federal and state tax consequences. It's posted at The Wandering Tax Pro.

Amanda says the Cyprus bailout is a good reminder for all of us to consider how our bank deposits are protected. Details are at Use Cyprus Saver's Tax as a Reminder to Protect Your Own Money, posted at My Dollar Plan.

Thomas F. Scanlon shares the 3 Reasons I Encouraged My Son to Open a Roth IRA, posted at Borgida Blog.

Darwin asks What's a Stay at Home Mom Worth? It's a tough question to answer and taxes must be part of the equation. And before you get all ramped up about sexism and parental roles, read more at Darwin's Money.

Jason Hull reminds business owners that if the business is treated as a partnership for tax purposes, you'll be personally liable for the taxes at the end of the year. Find out the specifics at Tax Accounts for Your Business, posted at Hull Financial Planning.

Simpsonsparadox has two words that'll get your attention: Tax Evaders! It's not what you might expect. Find out more at Geek Insider.

Rowan Wellington looks at two scenarios that illustrate just how much your interim lifetime financial and tax planning decisions can dramatically affect the wisdom of your Roth IRA vs. traditional IRA conversion decision. Get the scoop in Evaluating Roth IRA Conversions, posted at Best Personal Financial Planning Software.

Michael asks What is Tax-Equivalent Yield? In general terms, he says, whenever you hold a tax-exempt investment in a taxable account, you're earning more (after taxes) than you would with an equivalent, taxable investment. Read more at Financial Ramblings.

Bill Smith offers some tips on Handling IRS Notices For 2013, posted at 2008 to 2013 Taxes.

SB says rather than buying things with your tax refund money, consider investing so it grows over time. Find some suggestions in Better Ways to Invest Your Tax Refund Money, posted at One Cent at a Time.

And with that, we wrap up June's Tax Carnival #117: Summer Tax Time.

Tax carnival iconThanks to all the contributors and especially to all y'all for reading.

The next carnival will be July 1. Be a part of that sparkly collection of tax posts (and tax-only items please; the guidelines page has details) by sending your item via the Carnival of Taxes submission page.

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC118) or post 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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