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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.

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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

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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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Saturday, November 29, 2008

More Detroit money and tax troubles

We all know about the financial troubles facing the big three American car makers. Today we get news that many of Chrysler's salaried workers accepted pre-Thanksgiving buyouts.

That move could had a bearing on whether, or just how much, the rest of us taxpayers will eventually pick up if we ultimately add payments to General Motors, Ford and Chrysler to our ever-growing bailout bill.

Detroit graphic And while all that corporate tax money drama plays out, we learn that Detroit is ground zero for other tax-related troubles.

The Detroit News' Tax Watchdog blog says a couple of the city's former professional athletes as well as an actor from Motor City have recently had run-ins with state, local and federal tax collectors.

According to the newspaper, former Detroit Tigers star Cecil Fielder owes $273,123.29 in federal taxes. The IRS filed a lien against Fielder on Nov. 25 for income taxes it says Fielder failed to pay from 2001 through 2004.

The latest bad financial news for the former slugger comes just months after the IRS had filed a $409,149 tax lien against Milwaukee Brewers first baseman Prince Fielder, Cecil's estranged son.

Actor Vondie Curtis-Hall and his production company also reportedly owe more than $350,000 in state and federal taxes.

The Detroit News has looked at public records, which allege that Curtis-Hall, a native of Detroit, and his wife owe the IRS $274,626. California says the couple is delinquent on $82,491 due the state. The state and federal liens were filed against the Curtis-Halls and Motor City Film Corp. in 2006, 2007 and 2008.

A spokesman for the Emmy-nominated actor told his hometown newspaper that Curtis-Hall has an installment agreement, a standard practice for tax liabilities over $10,000, and is meeting that payment schedule's terms.

Another former Detroit professional athlete also had some IRS issues, but has taken care of the tax debt.

Retired Red Wing John Ogrodnick had a $752,590 overdue IRS bill, based on income taxes from 2000. But the week before Thanksgivings, reports the Tax Watchdog, the five-time NHL All Star completely paid off the tax lien.

I know that Detroit is not unusual in its number of delinquent tax payers. But these days, any financial and tax news out of Motor City gets added attention.

Good for Curtis-Hall and Ogrodnick and good luck to Fielder. Maybe the two guys who are taking care of their tax issues need to drop by the Big Three executive offices and give those high-flying guys a little advice about personal fiscal responsibility.

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