Tax Carnival #1: Are you ready to ride on the Tax Tilt-A-Whirl?

Welcome to the first edition of the Carnival of Taxes.

I'm pleased to report that yes, there is interest in taxes beyond April. Thanks to all who encouraged, supported and most of all contributed to this inaugural tax compendium.

And now, without further ado, here is Carnival of Taxes #1.

While it's natural to think about how to cut your tax bill at filing time, William Perez at About Taxes says we're facing the wrong direction every April. Instead of looking back, trying to find ways to reduce the last year's tax bill, Perez says plan ahead -- now! -- to reduce your coming tax bill and he suggests some ways to reduce this year's taxes.

Proactive tax planning can help eliminate the problem that Free Money Finance points out: Getting a tax refund is costing Americans billions.  Are you one of those getting ripped off by your refund obsession?

Of course, continual Congressional tinkering with the tax code does sometimes make tax planning problematic.

Just a couple of weeks ago, the folks on Capitol Hill were at it again, passing the Tax Increase Prevention and Reconciliation Act of 2005, also known as TIPRA. BenefitsBlog brings us a classic Washington, D.C., photo op produced at the signing of the new law (I'm so glad Texas Senator Kay Bailey Hutchinson stood out), as well as lots of info on what TIPRA means for you and me.

Trish McIntire at Our Taxing Times offers her view of TIPRA, along with the (probably futile) hope for less legislative meddling.

And Tax Mama takes a look at one section of the new law, the chance in 2010 for high earners to convert their traditional IRAs to a Roth accounts.

Daniel Shaviro at Start Making Sense has his eyes on D.C., too, but his focus is Henry Paulson and why he left Wall Street to become Secretary of the Treasury.

This next one had to be part of the first-ever Tax Carnival since it combines three of my favorite things: politics, taxes and football. (Sorry all you World Cup fans, U.S. football.)

James Edward Maule at Mauled Again scrutinizes the tax plan put forth by Lynn Swann, former pro footballer and Republican candidate for Pennsylvania governor. Maule takes the retired Steelers' tax plan apart quicker than Dallas' Doomsday Defense in its heyday.

On the work front, My 1st Million at 33 toils away from home, but explains why the home office deduction is not for him.

If you're considering taking your own business to the fully corporate level (vs. sole proprietorship), then you'll want to read Jeff Howard's explanation of the tax differences between S-Corps and LLCs.

New York telecommuters have reason to celebrate. The Tax Foundation's Tax Policy blog notes that despite winning a couple of court battles, NY officials have relaxed the tax rules regarding this increasingly popular way to work away from the office.

Voodoo economics has a new meaning for Sharon Lee Caulder. Her failure to report $1.7 million in income on a book about the mystical practice earned her the title of 2005 Tax Offender of the Year from Taxable Talk.

Another tax resister at The Picket Line is doing his own math. He compares the penalties and interest the IRS is charging him against the interest he's earning on what he's refusing to pay to determine if the price is worth it.

Personally, I'd have to factor in possible jail time along with the dollars and cents.

Another group of tax protestors caught the attention of Taxalicious, who bemoans their lack of intensity in this video and asks where has our rebel spirit gone? At least the clip has the Beatles' "Taxman."

If you're still paying your taxes and the estimated variety is part of the equation, remember that your second 1040ES of 2006 is due June 15 (note the calendar in the upper left).

You can always mail that sucker in to Uncle Sam. Or you can use the IRS's electronic federal tax payment system. My Money Blog took the EFTPS step earlier this year and talks about it here.

For all you married joint filers out there, JLP at All Financial Matters has a Tax Brackets History calculator for you. Enter your taxable income for years 2000 through 2006 and it'll show you a summary of your tax history.

And from TaxProf comes the eternal question: What are the tax consequences of bobbleheads? The query comes in the wake of Justice Kennedy bobbleheads that a law journal gave to some of its subscribers.

Finally, a couple of submissions didn't make it in this debut issue.

One in particular was intriguing. It was tax-related and I found it amusing, but it also crossed a line, language-wise. Now I'm a journalist and I certainly appreciate the freedom of expression. I also consider myself a pretty easygoing sort and liberal in most senses of the word. But sometimes holds need to be barred.

You know the standard: I can't tell you what won't make the cut, but I'll know it when I see it. And in that case, Carnival readers won't see it.

So, sorry Bibi. I personally enjoyed your submission's pointless banter, but I'm keeping it to myself.

And so concludes the first Carnival of Taxes. I hope you enjoyed it. I hope you found information that was useful or that entertained you a bit.

Most of all, I hope you'll contribute to future carnivals. You can do so at our Blog Carnival page and check out the carnival guidelines here.

Remember: Tax Carnival #2 is just a month away.

Thanks to Sellner Manufacturing, maker of the Tilt-A-Whirl, for the image.