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Tax Carnival #41: TaxtoberFest 2008

Oktoberfest_2 Guten tag, y'all! It's Oktoberfest time in Texas!

The Lone Star State, and particularly Central Texas, has a strong German heritage. And those traditions are still thriving in Gruene, New Braunfels, Fredericksburg, and reflected in Schlitterbahn, the German-Texan Heritage Society in Austin and Shiner beers, just to name a few.

So it's only natural to celebrate the arrival of October and Tax Carnival #41 with our annual TaxtoberFest.

Maybe it's because the final filing extension date is just a little more than a week away. Or maybe it's because everyone everywhere has been knocking back a few extra German brews. Whatever the reason, we've got a big crowd at our October tax celebration, so let's get right to it.

Folks who got an extension to file until Oct. 15 should appreciate our first offering, VideoJug presents How To Prepare Your Taxes, posted at VideoJug: Life Explained. On Film.

Whether you file in April or October or in between, you're searching for every possible tax break. Tax Admin takes a look at the tax credit available to lower-income workers in Is it possible to deduct an earned income credit on my tax return? It's posted at The Good Tax Guide.

Owning a home offers many tax breaks. But Madison says a new one might not be exactly what you expected. Check out Myth Busted: $7,500 First Time Home Buyer Tax Credit is Not a Credit, posted at My Dollar Plan.

Oktoberfest_server_2

That same tax break is covered by Diane in Tax Credit For First Time Homebuyers, posted at Need IRS Help?

Tax filing and tax breaks also carry the specter of follow-up questions from the IRS. If that happens, Silicon Valley Blogger has a post that could help ease your mind: The Entrepreneur’s Guide to Avoiding a Tax Audit, posted at The Digerati Life.

David Gross at The Picket Line warns us, "The IRS appears to be becoming more aggressive about sending out 'frivolous filing' warnings, and may be overreaching in doing so." Get the details in Frivolous warnings.

Think you have no tax worries because you hire someone to take care of your IRS-related responsiblities? Think again. FMF explains Why You Need to Know About Taxes Even If Someone Else Does Your Taxes, posted at Free Money Finance.

And when you do hire a tax professional, do so carefully. Todd presents Tax Preparer Fraud, posted at TaxDollarsAndSense.

Robert D Flach, who blogs at THE WANDERING TAX PRO, offers more insight into this troubling topic at ANOTHER GOVERNMENT UNDERCOVER STUDY OF TAX PREPARERS.

ID theft also is a concern, as noted by Walter in Identity Theft and Your Tax Records, posted at Wally's World of Taxes.

Oktoberfest_tuba_player_2 Jeff considers the question Unfiled Tax Returns - Am I In Trouble? It's posted at IRS Tax Problems.

Sometimes there are post-filing tasks to take care of. Beckie presents Why Should I Notify the IRS of My Change in Address? It's posted at A Tax Consultant for All Seasons.

For our business readers, Bruce from the taxguy presents How to track car expenses

And Steve discusses DEPRECIATION FOR SMALL BUSINESSES, posted at www.mastaxpub.com.

Saving for the time when you don't have to work? Then you'll want to check out Roth IRA Conversion Could Trigger Tax Underpayment Penalty. It's posted by retirehappy at My Retirement Blog.

Andrea presents Taxes and Penalties Involved in a Loan, posted at Unsecured Loans Now.

Leon keeps us up to date on our celebrity tax news, noting that Nicholas Cage has reached a deal to pay the tax man $666,000. That's less than the $1.8 million the IRS sought. Details in Nicholas Cage settles tax claim, posted at Sox First.

From our readers elsewhere in the tax world, we have Gary, who explains how residents of England and Wales can determine the council tax band of the property they own. It's posted at K&G Lettings Limited: Quick sales, rent back, stop repossession, letting Blog.

On a lighter global tax note, Lubna says "If Marley, of the famous book 'Marley & Me,' was the world's worst dog, which is the most insane tax in the world? Well, a question on LinkedIn, a professional social networking site, provided tons of answers. In short, your tax is worse than mine." Details in Law Street in The Economic Times (September 2008), posted at Talking Tax.

Back in the United States, Sun tells us It’s Not Easy to Live in New Jersey. The post at The Sun's Financial Diary says the particular reason for the difficulty is property taxes.

Cooking_sausage_rostbrater Property taxes also are on Cathy's mind. She presents Lowering Your Property Tax Bill at Tips for Moms & Baby Websites.

Those local tax levies usually go to pay for schools. But Curt takes a look at How Much Money Does Homeschooling Save Taxpayers? It's posted at Save Money Homeschooling.

At the advanced education level, Dan presents College Knowledge--A Tax Form for Universities to Complete, posted at Tick Marks.

Some of our Tax Carnivalistas this edition school us on some tax-specific situations.

My Journey presents a Simple Explanation of the Federal Estate Tax, posted at My Journey to Millions.

Jim clears up a Slight Misunderstanding of Marginal Tax Brackets, posted at Blueprint for Financial Prosperity.

And SVaughan over at Ask the Tax Wizard tackles the question, are Taxes a Voluntary Program?

A couple of bloggers looked at some situations that get special tax treatment and how you can use them to your advantage.

Michelle examines Funding Autism Treatment with a Medical Care Flexible Spending Account (FSA), posted at Autism Assistance Resources and Information.

Oktoberfest2_2_2 And a 401(k) is a good place to stash cash in these crazy economic times, says Helen from Bankaholic. Actually, she has 6 Safe Places to Invest Your Money.

Finally, the financial services bailout bill and its cost to taxpayers was on the minds of a couple contributors to the TaxtoberFest.

Timothy says They're Not Bailing Out America, They're Selling Out America. It's posted at I'm Not A Rat.

A similar sentiment comes from LAL, who says, "I guess we'll be paying more taxes." Details in Bailout? It's posted at LivingAlmostLarge.

And with that, we say Auf wiedersehen to our 41st Tax Carnival.

Tax Carnival #42 will be here in no time, on Monday, Nov. 3. That's our annual pre-election carnival. Remember, if you haven't registered to vote, today is the last day to do so in most states. Go take care of your civic duty.

Then be sure to take care of your Tax Carnival duty by sending your tax tidbits our way via our Blog Carnival page.

Comments

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Curt

Excellent carnival and thanks for including my article.

Remind Myself

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Recently an insurance company nearly wind up....


A bank is nearly bankrupt......filing chapter 11 protection.


How it affect you? Did you buy insurance? Did you buy mini note or bonds?

Who fault?

They bailout trouble finance company, but they will not bail out your credit card bills……You got no choice, and no point pointing finger but you can prevent similar things from happen again……


The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check……
Meanwhile if company was being acquired, there will be a great movement in terms of staff……eventually staff suffer also.
Some might feel that it sound stupid….. as there is long and Short position…but in reality there is still many different caliber CEO…..so there is still long and short…..They can ban short selling definitely they can do something about this.......


Are you a partisan?

Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...

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