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Tax Carnival #122: Return to Standard Tax Time

Daylight-savings-time-ends-fall-back-croppedSo what did you do with the hour you got when Daylight Savings Time ended early Sunday morning?

If you've still got those 60 minutes in your time bank, here's a good use of it. Check out Tax Carnival #122: Return to Standard Tax Time.

Let's get the tax clock started with a look at a topic that's consumed a lot of hours of late, the Affordable Care Act, also known as Obamacare.

Michael Kitces says that while the new Premium Assistance Tax Credit for health insurance can make coverage a lot more affordable, rising income can quickly phase out the credit, leading to those with only $44,000 of income facing a whopping 33 percent marginal tax rate. He does the math in How The Premium Assistance Tax Credit For Health Insurance Impacts The Marginal Tax Rate, posted at Nerd's Eye View.

Harry Sit also looks at the new health insurance subsidy, noting there's an interesting interplay between the health insurance premium deduction and premium subsidy tax credit. Details are at Circular Reference In Self-Employed Health Insurance Deduction Under Obamacare Premium Subsidy, posted at The Finance Buff.

Steve notes that Turbo Tax launching an Online ACA Calculator to help with the calculation of subsidies and premiums. Details are posted at 2014 Taxes.

GD looks at the tax implications of another type of insurance in Is There A Life Insurance Tax? It's posted at MLIQ123.

A couple of contributors have some useful tax QnAs.

Bill Smith presents an answer to a question every filer eventually asks: How To Check Your Tax Return Online, posted at 2010 Taxes to 2013 Taxes.

Amanda looks into a question that a lot of folks who've taken extra jobs to make ends meet ask: Do You Have to Pay Taxes on Extra Income? The answer is posted at My Dollar Plan.

Several carnivalistas examine investing, particularly the options offered via tax-preferred retirement vehicles.

Justin says increasing savings from 10 percent of income to 30 percent of income can knock 15 years off your retirement date. Part of the increase comes via tax-saving contributions to 401(k)s and IRAs. Details are in A Simple Way to Retire 15 Years Earlier, posted at Root of Good.

John Schmoll says twenty-somethings 20s often use "I can't afford to" as an excuse for not investing. However, there are ways to start investing when you're young, John says, including in a 401(k). Find out more in Putting Time on Your Side: How to Start Investing in Your 20s, posted at Frugal Rules.

Dividend Growth Investor says, "I am maxing out my 401K and maximizing tax efficiency of my investments. The goal is to get a tax deduction today, then rollover the money in a Roth IRA when I retire, while paying a lower amount of taxes in the process." Check out the progress in My Retirement Strategy for Tax-Free Income, posted at Dividend Growth Investor.

Simon also looks at saving, but in this case it's for United Kingdom residents putting away money for things such as buying a new car, making a deposit on a house or traveling. In each case, Simon says U.K. taxes could get in the way. The effect is explained in Taxing Talk: How Taxes Affect Your Savings, posted at Modest Money.

Gavin R. Putland also goes global, looking at various countries' tax types in Maximalist 'fiscal devaluations' for Greece and Australia. "Don't let the name turn you off," says Putland. "'Fiscal devaluation' is about creating jobs by reducing the cost of labor for employers without reducing the benefit for employees." Details are posted at The world according to GRP.

We return to the United States with some not so welcome but very important tax news to wrap up this month's Tax Carnival.

Madison says we're in for a tax season replay with the Internal Revenue Service delaying processing of 2013 returns due in 2014. Find out the reason in Government Shutdown Forces IRS Tax Delay for 2014, posted at My Dollar Plan.

With that, we wrap up November's Tax Carnival #122: Return to Standard Tax Time.

As always, thanks to all the contributors and especially to all y'all for reading.

Tax carnival iconThe next and final carnival of 2013 will be Dec. 2. We'll be sure to have lots of tax goodies for your holiday shopping pleasure.

Be a part of that collection of tax posts -- and please, please, please send tax-only items; the guidelines page has details and you also can review previous carnivals to see what made the cut -- 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 #TC123) or post them on Don't Mess With Taxes' Facebook wall.

Or if you prefer a more direct method, you can email your tax blog item to me at taxcarnival @


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Harry Sit

Thank you for including my last-minute submission!

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