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Keep Uncle Sam cranky!

  • 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.

Great Googly Moogly!

July 2009

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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!

  • If you'd like to view more than
    the posts shown on this page, Arrow_right click here to go to the Don't Mess With Taxes archives page. There you can browse earlier blog items by the month they were posted or by their category.

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  • Looking for something in particular? If you know the general topic, you can click on it in the "Categories" section that follows. Or you can enter specific keywords in the box below for a Lijit search of
    Don't Mess With Taxes.

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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« Working through Tax Carnival #4 | Main | 'Fabulous' frugal fest »

Tuesday, September 05, 2006

Warning! Congress is back in town!

Summer vacation --- I'm sorry, "district work session" -- is over for our Representatives and Senators.

Us_capitol_1 They've headed back to Washington, D.C., where they have about a month to deal with issues such as how to pay for various federal programs (including IRS operations), find a way to increase the minimum wage that some GOP leaders were so hot to hike back in August and rescue the wealthy from the estate tax, an effort that failed before lawmakers went on vacation back home to meet with their constituents.

Congress also has to follow through on revival of some tax breaks for the middle class: deductions for money we pay toward state sales taxes, college tuition and fees and a tiny bit of what teachers spend each year to supplement their classroom supplies.

Good luck with all that.

Realistically, expect lawmakers to focus on what absolutely has to be done to make sure they get to return to Capitol Hill in January. That do-in-a-month deadline I mentioned isn't anything official. That's how much time is left until the next target recess date in early October, which will give politicians about a month to return home once again to drum up votes for November's midterm election.

Voting_2 And what all Representatives and those Senators who are up for reelection this time will concentrate on are hot-button campaign issues, ones they think will encourage voters to keep them in office. Once assured they get to stay in D.C., then they can turn their attention to finishing up necessary legislation in the waning days of this Congressional session.

So we might actually, finally, see the resurrection of those popular, but long-postponed individual tax deductions. These tax breaks -- for state sales taxes, tuition and fees and educators' out-of-pocket expenses -- are technically dead, having expired on Dec. 31, 2005. But those of us who find them useful in cutting our annual IRS bill have taken Congress at its word -- what were we thinking?!?! -- that the write-offs will be restored and we'll be able to claim them once again on our 2006 taxes.

That trust is not totally misplaced -- yet. Congress regularly makes the effective dates of laws retroactive. But it just has to get its act together and do it! We need enough election-vulnerable members to believe the restoration of these tax breaks can swing enough votes their way on Nov. 7.

Along those same election-influenced lines, Hill watchers say a couple of other tax matters might also see action in the next few weeks. Don't be surprised if there's a move to make permanent the $1,000 child tax credit and marriage penalty relief provisions, which were part of the 2001 tax bill and are set to expire in 2010.

It will be an interesting September. Keep your eyes on Washington, not only to see what, if any, tax (and other) measures will make it through the legislative process, but also to get a preview of what you'll hear in stump speeches when your lawmakers come back home in October to beg one more time for your vote.

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