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  • It's no wonder Uncle Sam is not very happy here. His vault is empty.
    Don't Mess With Taxes aims to keep him cranky by providing tax and personal finance tips and advice that will put more money in your bank account, not the government treasury.

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Tax Calendar

  • April 15 has come and gone, but millions now have until Oct. 15 to file their 2008 returns. And millions more have 2009 tax planning to do.
  • There are plenty of year-round tax dates to keep track of, as well as lots of tax-saving moves you can make between Jan. 1 and Dec. 31.
    Find them here each month.


    monthly tax moves
  • July 1: You're halfway through the year. Now's the perfect time to make some midyear tax moves that could cut your 2009 IRS bill. If your life has changed significantly since the beginning of the year, adjust your withholding to more accurately reflect your new life, and tax, situation. Just give your employer a new W-4.

    July 4: Happy Independence Day! Celebrate your independence from future tax hassles. Hire a tax professional now to help get your tax life in shape while there's still plenty of time to plan.

    July 10: Does your job include tips? If so and you received $20 in tips in June, use Form 4070 to report them today to your employer.

    July 17: Are your kids at day camp while you work? You might be able to use that expense to claim the child and dependent care credit to cover some of the costs.

    July 21: It's been summer for month. How's your air conditioner holding up? If you need a new one, make sure it's energy efficient; that way on your 2009 tax return you can claim a tax credit for 30 percent of the cost, up to $1,500. Other energy-saving home improvements also qualify. Get the details at EnergyStar.gov.

    July 31: If you kids are older and working summer jobs, make sure they understand their tax responsibilities. You also can help your youngster get a nest egg head start by helping him or her open a Roth IRA with some of those summer earnings.

    Small Business Tax Calendar -- July: Important filing, deposit and record keeping dates your company needs to know.

Carnival of Taxes

  • Where we party like
    it's 1040 ... Form 1040!


  • Check out the latest
    Carnival of Taxes,
    #55: Tax Fireworks


    Want to be a part of the next one on August 3? Just review the Tax Carnival guidelines
    and then send
    your tax musings, mumblings,
    even music to the
    Tax Carnival submission page
    .
  • Catch up on prevous
    Tax Carnivals in our archives.

Tax Terms

  • Earned income -- It's just like it sounds: Compensation you receive from work, including wages, salaries, commissions, tips and self-employment endeavors. Learn more...
  • Unearned income -- Money that is not gained by work or delivery of a service or product. It's most well-known source is from investments. Learn more...
  • Tax rates/brackets -- The U.S. tax system is a progressive one, in which the greater the earnings, the higher the tax rate. Learn more...
  • See these and other tax terms
    in the perpetually updated
    Tax Glossary.

Cool tax quotes

  • The income tax has made
    more liars out of the American people than golf has.

    -- Will Rogers, humorist
  • I'm proud to pay taxes in the United States; the only thing is,
    I could be just as proud for half the money.
    -- Arthur Godfrey, comedian
  • Intaxication: Euphoria at getting a refund from the IRS, which lasts until you realize it was your money to start with. -- Author unknown, from a Washington Post word contest
  • "Internal Revenue Service: The world's most successful mail order business.” -- Bob Goddard, writer
  • "If you are truly serious about preparing your child for the future, don't teach him to subtract. Teach him to deduct." -- Fran Lebowitz, writer
  • "The United States has a system of taxation by confession." -- Hugo Black, Supreme Court Justice

But wait! There's more!

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I gotta tell ya ...

  • AKA Disclaimer:
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. I strongly suggest that when it comes to filing your taxes, you get additional, professional, paid-for guidance from your accountant and other financial advisers who are familiar with your individual circumstances. In other words, don't blame me!

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Monday, March 06, 2006

Hooray for Hollywood

Hollywood_sign Well, the post-Oscar analysis is well underway, with film experts worldwide trying to explain how Academy voters split the best director and best movie awards.

I'll leave that to folks whose actual jobs revolve around films. But since I posted my thoughts on the nominations when they came out (read it here to see how my picks then fared on Sunday night), I wanted to post my personal two cents on the actual awards and the program.

I love Jon Stewart and the show's filmed opening with former hosts, Halle Berry and George Clooney was too funny. Unfortunately, the rest of the night wasn't sustainably entertaining.

Clooney's acceptance speech was a great way to start the show. They usually do the Best Supporting Actress first, but maybe the director figured Clooney was a good bet and they needed someone like him to kick things off. He did the job. He was gracious, thankful for the win, self-deprecating, and unabashedly confident and proud of what he does and why he does it. Way to go, George!

Most of the major nominees (sans Woody Allen, who never goes to these things) were there. Yay! I hate it when they show the nominees and three of the five are head shots because the actors or writers or whoever couldn't be bothered to make time for the ceremony. Forget the TV ratings. It is a big deal! Dress up and go!

Unlike last year, when Beyonce sang every nominated song in the producer's blatant attempt to attract younger viewers, people actually associated with the songs (performers, writers) made it on stage.  And the performance by Three 6 Mafia of "It's Hard Out Here for a Pimp" made it clear why that's the only way to go.

I am so glad that song won! You gotta love Dolly, but her song just played as "Transamerica" closing credits rolled. And as much as I loved "Crash," I honestly don't remember the song, and I love movie music, with soundtracks making up a substantial part of my CD collection. Plus, Three 6 Mafia was the happiest (to that point) winner of the night! At last, some pure, unadulterated joy that kept the bleep button guy on his toes!

Crash_dvd Finally, a surprise! "Crash" demolishes "Brokeback" dream. Kudos to Ang Lee and crew for tackling a taboo subject in mainstream film, but by the time the final award arrived, things were going so predictably that I was reading the paper and only half paying attention. I was so happy to be shocked.

My first thought: Wow! How'd that happen?

My second thought: Somebody better check that card that Jack Nicholson read! If anybody ever decided to just say something unofficial for the hell of it, bad boy Nicholson would be my prime suspect!

I loved "Crash" -- the huge cast, the day-to-day issues it raised, the actors playing against type, the twists and most of all that it was released when it was ready (in the spring) and not just as part of a marketing ploy. We saw the movie in May, and I still remember it so very clearly ... except for that song!

And I suspect there's one couple that's particularly happy about the "Crash" shocker: Reese Witherspoon and Ryan Phillippe, since both came away winners, she with her Best Actress statue and he as part of the Best Picture.

Award tax alert: The award for dampening the ceremony goes to the IRS. In the "And the tax goes to" section of this blog entry, I mentioned the pre-ceremony curiosity about the tax implications of goodies bestowed on award show participants.

This weekend, TaxProf cited a Bloomberg story in which the IRS warned Academy Awards performers and presenters that the gift bags handed out during the ceremony are taxable income.

"We want to make sure the stars 'walk the line' when it comes to these goodie bags," IRS Commissioner Mark Everson said, referring to an Oscar-nominated film about the late country singer Johnny Cash.

The Oscar bags reportedly contained items such as cell phones and vouchers for massages, dinners and vacations, including a four-night stay in the Vera Wang suite of Honolulu's Halekulani Hotel. One estimate of the value:  $100,000-plus.

At that rate, notes TaxProf, a California gift bag recipient in the top tax brackets (and you gotta figure that includes most high-profile actors) would face around $45,000 in federal and state taxes.

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Comments

That was a really knowledgeable post. I often find that this topic is complicated to get your head round but you have summed it up really well. You reminded me of a guy I was reading the other day who was really good too.

I have to comment on your last post about the subject as it was so informative. You really know what you are talking about and can explain things really well. I have only read posts by one other guy who writes as well as you do.

Thanks for sharing your thoughts in that last post. You have a talent for making a hard subject clear to others. I enjoy reading the posts from a guy who has the same flair for explaining things.

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