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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.

What are you looking for?

  • 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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« Estimated tax time again | Main | Happy Flag Day 2007 »

Wednesday, June 13, 2007

Hitting the highways

The price of gas nationally continues to hang in the $3 a gallon range. So what are drivers doing? Buying more SUVs for summer vacations.

In a report last week on NPR's Morning Edition, the editor-in-chief of Car and Driver magazine explained the surprising numbers. According to Csaba Csere, today's most popular sport utility vehicles are a different animal.

The best-selling SUV models, said the C&D editor, are the Honda CRV, Ford Escape and Toyota RAV4, all of which are smaller vehicles. Also, most SUV sales now are crossovers, based on car platforms, not trucks, so they get better gas mileage.

As for the problem posed by a long-planned family vacation and high gas prices, most folks are simply toughing it out and going ahead with their travel despite the increased costs.

Just where is the pump price pain point that will make us dramatically cut our road trips? $4? $4.50? $5?

What about you personally? Are you just still hitting the highway for your summer break despite gas costs? Be sure to take our summertime travel poll (upper right corner of the page) and tell us how you plan to get to your destination.

Gas_can Whatever your gasoline price limit, you can keep track of pump readouts at a couple of sites: Triple-A's Fuel Gauge Report and Gas Buddy.

Hybrids heating up, too: In May, Toyota posted record passenger-car sales, including best-ever results for its gasoline-electric hybrid Prius.

The Japanese automaker sold just over 24,000 of the popular vehicle, more than all other hybrids combined, and that made the Prius the ninth top-selling U.S. model last month. At that rate, according to Morgan Stanley analysts, Toyota could move 244,000 Priuses a year.

Looks like the loss on Oct. 1 of the hybrid tax credit for Toyota's fuel-efficient vehicles won't make much difference to fans of the auto manufacturer.

Industry experts say the Prius' dominance also means that other car companies will need new marketing tricks to win over consumers who still balk at hybrids' higher price tags.

Or they could just give up. That's what Honda is doing, in part anyway.

Later this year, Japan's number two automaker is discontinuing its Accord hybrid sedan line. The vehicle, available only in North America, has sold 25,000 units since going on sale in 2004; as noted earlier, Toyota sold almost that many Prius hybrids last month alone.

Honda will, however, continue to make gas-and-electric Civic sedans. And the company says it plans another hybrid competitor for the U.S. market in 2009.

Gas tax boundaries: Where you drive definitely affects your fuel price, in part because of the various state fuel taxes. This compilation will give you an idea of what charges you'll face as you move across state lines.

Climbing commuter costs: If New York officials have their way, it won't just be vacationers paying to visit the Big Apple.

Nyctraffic2_2 NYC Mayor Michael Bloomberg wants to charge cars $8 and trucks $21 each to drive in certain areas of Manhattan (aka the congestion zone) between 6 a.m. and 6 p.m. Monday through Friday. The plan is similar to the London driver charges (blogged about here) that have been in place since 2003.

Bloomberg's proposal has been endorsed by Gov. Eliot Spitzer and federal transportation officials. New York City could get as much as $500 million in federal grants for a pilot congestion pricing plan; that would pay the program's full start-up costs.

Some other politicians, however, are not as thrilled with the proposal, labeling it a regressive tax on middle-class residents. And do I even need to tell you what residents of the neighboring boroughs who drive into jobs in the designated Manhattan zone think of the proposal? Fugeddaboutit!

You can read some resident's congestion zone questions at the NYTimes' Empire Zone blog.

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» 2007 Top Summer Vehicles: Fuel Efficient and Affor from Driver's Blog
With the ever increasing gas prices, don’t ask if you’ve noticed most car buyers searching online. What they are doing is they are trying to look for vehicles that are fuel-efficient and at the same affordable and within their means. [Read More]

Comments

Well, gasoline is not an issue with me, wonder why? It's because of my Honda oil filter... I could travel a hundred miles without oozing on tons of gasolines...Anyway, I'm not bragging or something this is only the thing that I am experiencing on the road!All the best!

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