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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
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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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Rocking Around Austin!

Dept. of N-yah, N-yah!

« Does Idaho have your assets? | Main | Escape from New York ... for $8 »

Friday, June 29, 2007

Finally! No rain today!

When we got back to Texas in May 2005, the state was in the midst of a drought, which I whined about bemoaned in January 2006 and again last September.

The came some spring rains, which everyone welcomed.

But it's true: You can have too much of a good thing.

These last two weeks have put an end to Central Texas' infatuation with precipitation.

Although local meteorologists say June is typically a wet month for the Austin area -- usually the third or fourth wettest month of the year -- the late-month rainfall we've gotten is unusual.

Sadly, this rare weather occurrence also has been deadly.  So far, the June storms have claimed 11 lives in North and Central Texas. A search is continuing for others who are listed as missing.

And today, the hardest hit counties -- Cooke, Coryell, Denton, Grayson, Lampasas and Tarrant -- were declared presidential disaster areas.

So when patches of blue sky peeked out today, you could almost hear a collective sigh of relief.

Skies opened up, then the floodgates: As the rain kept falling, floodgates at all the dams in Central Texas were opened this week to let some of the record rainfall collection down river. Yesterday, the hubby and I ventured to the nearby Mansfield Dam to see what exactly was going on.

We first drove across the bridge just below the dam and looked out at the section of the Colorado River known as Lake Austin. We were stunned. On the river/lake, there's a smaller bridge that carries traffic over the waterway. The water was even with the asphalt and had spilled onto previously dry banks.

When we turned onto the access road to get a closer look at the dam, we immediately understood why.

You can see the force of the water pouring from the four Mansfield floodgates that were opened.

Manfield_dam_floodgates_long_shot_0

According to one of the TV weather guys, 13.5 million gallons per minute were coursing through each gate.

And don't be deceived by the "blue" sky. It appeared when I sharpened the image. The sky was totally overcast; in fact, it sprinkled on us the whole time we were at the dam.

See that sign in the middle of the above photo? Here's a closeup.

Mansfield_dam_flood_gates_062807

Sorry about the spray. It says, "When siren blows flood gates will be opened. Look out for swift water." 

Ya think?

Finally, here's a closer look at the gates. It was pretty amazing.

Mansfield_flood_gates_closer_062807

We were able to stand about 100 yards from the dam and the roar seemed to us to be our own mini Niagara Falls.

And it definitely made us thankful that we were getting to see some of the aftermath of the record rainfall under controlled circumstances.

Disaster relief: As I mentioned in this posting last spring, Mother Nature gets cranky now and then and we mere mortals have to deal with it the best we can.

Some help is available from the federal government. And when an area is deemed a major disaster, some of that assistance comes via tax filing. In these cases, you choose to claim disaster-related losses on the tax return for the year it occurred (in this case, on 2007 returns to be filed next year) or you can claim the loss on your prior year's returns by filing an amended 1040.

Do the calculations for both years to see which will give you the best result, i.e., the most money back or smallest tax bill.

Here's hoping you never have to call on Uncle Sam for help after a flood, tornado, hurricane, wild fire or other disaster, but just in case, you can check on disaster declarations at this FEMA page.

And for tax help, take a look at IRS Publication 547, "Casualties, Disasters and Thefts," and this story on filing disaster-related claims.

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