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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.
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    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

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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
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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

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    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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« Run over by auto repairs | Main | Dang! Pluto's been demoted »

Thursday, August 24, 2006

Can we call it Taxonia?

Astronomers apparently are a lot like tax legislators.

Similarity #1: The U.S. tax code often seems as complex as the science of astronomy and also requires specialized tools and experts to help explain its workings to regular citizens.

Similarity #2: Like Members of Congress who are forever fighting over tax laws, astronomers also like to debate (and debate and debate) arcane issues in their specialized field.

Witness the latest issue roiling skywatchers worldwide: Members of the International Astronomical Union have spent the past two years defining what exactly is a planet. A vote on the new designation guidelines is scheduled for today in Prague.

Solar_system_new_lineup_small If International Astronomical Union members vote to approve a proposed new definition of a planet, this artist's conception shows our new solar system. Instead of nine planets, we would have 12, with the three new orbs -- Ceres (between Mars and Jupiter) and Charon and 2003 UB313 (on the outer edges past Pluto) -- so small in this scale drawing that they are essentially the size of dust specks on your computer screen. International Astronomical Union/Martin Kornmesser

Similarity #3: This is the definitive, if you'll pardon the use of that word in light of the planetary classification contretemps, connection between astronomers and tax law writers. Both groups, at least in the estimation of some of their colleagues, like to make things harder than they need to be.

Don't take my word for it. Here's what Caltech astronomer Michael Brown told NPR radio about the proposed new planetary definition:

"It just doesn't quite work. … The goal should have been to simplify things rather than complicate things and I think they've just kind of made a mess."

Isn't that exactly what you've said many, many times as you've tried to comply with a tax law that those folks on Capitol Hill came up with?

So it seems that the least astronomers can do the next time they discover a new planet, regardless of whether the new or old definition is used, is to name it in honor of the tax code.

Sorting out the solar system: The planetary debate centers on a definition that essentially says a celestial object must have enough gravity to make it round. There's also a discussion of a new category called plutons.

You can read more about the astronomical implications in this NPR story transcript (or use the link there to listen to the broadcast version); in this Associated Press article in the Washington Post; this piece at Scotsman.com; or this one at Space.com.

Where in the United States? Here on terra firma, the astronomers' decision shouldn't have any bearing on some communities that already share otherworldly names:

Yep. One's missing. I guess no residents anywhere wanted to put up with the juvenile jokes that would come from having a municipality named after the seventh planet.

However, I did find mention of Lake Uranus, Minnesota, and Uranus Peak, Idaho.

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