Tax Carnival #45: Happy New Tax Year!

So how's your 2009 been so far? Mine's been crazy, but you probably already figured that out since this Carnival is going up in the early evening instead of the planned morning posting.

Yeah, the beginning a new year is a wondrous thing in the tax world. It requires dexterity and balance, as we pull all of 2008's tax material together so that we can file those returns (or extensions) by April 15. Meanwhile, we have to be keeping an eye on what's going on tax-wise in 2009 and how it will affect the taxes we'll be worrying about filing in 2010!

Here's hoping that this Tax Carnival, our first of 2009, will help us get both our 2008 tax filing and 2009 tax planning in some sort of order. So, without further delay, welcome to Tax Carnival #45: Happy New Tax Year!

Nickel kicks us off with the question every taxpayer is asking this time of year: What’s the Best Tax Prep Software? It's posted at fivecentnickel.com.

Since we're all back at the grindstone this week, Silicon Valley Blogger from The Digerati Life has a timely carnival offering: Tax Tips For The Working Stiff. 

Patrick apparently worked extra hard last year, but the effort produced a painful question: Why Is My Bonus Taxed So Much? You'll find that query and answer posted at One Million Bucks!: My Personal Finance Journey.

Are you hoping that in 2009 instead of working so hard, you can let your money work for you? Bill over at Learn The Stock Market And How to Trade has a timely item in this regard: Best Tax Savings Tip For A Down Market.

Sometimes though, investments don't work out as planned. Pinyo ponders Lose Money And Pay Taxes - Time To Get Rid Of Your Mutual Funds? A lot of us might be asking that as our 1099s arrive. Pinyo's post is at Moolanomy.

Speaking of those tax-related statements, Pragmaticsage notes, "This is the time of year where everyone needs to pay extra attention to there mail. You will start to receive tax information from your employer, bank, investment companies, mortgage company, and others." Tips on dealing with this financial influx can be found in Keeping Income Tax Records, posted at Pragmatic Sage Weekly.

MoneyNing is thinking like I am. The new year has just begun and he's talking vacation! But sometimes when you make your travel plans, you need to pay attention to taxes. Check out Value Added Tax Refund (VAT) for Vacation Shopping, posted at Personal Finance Blog by Money Ning.

In addition to sending holiday wishes (thanks!), Lubna asks, "During the economic downturn wouldn't  it be ideal for us, to get a tax holiday? Further, wouldn't it be better if we could actually direct our taxes or some portion of our taxes to a cause close to our heart. It is time for a tax revolution or let us say evolution!" Lubna expands upon that in Law Street in The Economic Times (December), posted at Talking Tax.

Thursday notes that property taxes are not the sexiest things in the world, but some folks might find their next property tax bill could make the difference between managing that month's mortgage payment and looking at foreclosure. She looks at some property tax problems in Property Taxes Troubles To Watch For, posted at Wealth Junkies.

Madeleine Begun Kane usually brings us the lighter side of tax and finance at Mad Kane's Political Madness. Her offering for this first Tax Carnival of 2009 is funnier than its title -- Banks To Taxpayers: Drop Dead! -- suggests, and it's true, too!

Every tax year, some folks have to make estimated tax payments. Those folks will want to check out Diane Dean's Where To Make Your 1040-ES Payments;Addresses over at Need IRS Help?

Our readers who rang in the new year in Malaysia will want to check out KCLau's item on Introduction of a new scheduler tax deduction (STD), posted at KCLau's Money Tips.

It's never too early to think about tax savings. That's what Beef Up Your Piggy is doing in Siphon Your Money With Pre-Tax Mechanisms. It's posted at, of course, Beef Up Your Piggy.

And before we get too deep into a new tax year, it's always good to look at what we learned from the year before. Robert D Flach, THE WANDERING TAX PRO of the Web, does that for us in 2008 - THE TAX YEAR IN REVIEW.

With that, tax friend, we have arrived at the end of Tax Carnival #45: Happy New Tax Year!

I don't know about you, but I'm as worn out as I was on New Year's Eve. OK. The hubby and I just sat on the couch and watched 2009 arrive, but we're in the Central Time Zone, so we watched it happen on the East Coast then here and the subdued, but dual, celebrations wore us out!

But if anything can get me going it's a brand new tax year. Here's hoping that the rest of 2009, both the actual tax year and the filing season in which we send in our 2008 returns, will be a good, uncomplicated and less costly one! 

You can help make it so by contributing to our next Tax Carnival. The 46th edition will be in two weeks: Jan. 19. Send your tax bloggings via our Blog Carnival page. You can check out submission guidelines at this nifty new blog page (the link's there as a tab at the top of the ol' blog, too), and review our our previous 44 Tax Carnivals here.

Comments

[Mike Rowan]

Great article on the upcoming tax season! :) I will have to go check these blogs out!!!
In the meantime, I wrote about something pertaining to the new proposed Obama tax changes at http://www.erollover.com/blog/2009-economy/barack-obama-tax-cuts . Please let me know what you think! :)

[Angela]

Wow, thanks for the great list of tax resources! I know I am thinking about all the ways I can maximize my tax return this year. I've found efile.com to be a helpful site, they have lots of information about eligible deductions and they offer a free tax estimator at www.efile.com/tax-calculator.