Hail to the Tax Code!
A
little much? OK, Hail to the peaceful transition of power we'll witness
tomorrow with the inauguration of Barack Obama as our 44th president.
Taxes
play a major role in every presidential (and other) election. And once
the November victor is ensconced in the Oval Office, his administration
shapes our tax policy. Obama and his financial team already have been
working with Capitol Hill to shape a new tax and stimulus package.
So our 46th Carnival of Taxes celebrates the Presidential Inauguration process.
Amid
all the practical tax advice, you'll find some fun facts about the
swearing in of the leader of the United States.
Cue the band, strike up Hail to the Chief and enjoy the festivities!
Getting ready
Inauguration
Day was changed to January 20, from March 4, in 1933 by the passage of
the Twentieth Amendment to the U.S. Constitution. For us taxpayers, the
critical date is April 15, and it takes millions of us every last day
to get ready to file our returns.
First things first. Ben looks at the Tax Forms to Gather For Your Tax Return. It's posted at Money Smart Life.
Now
to putting that info on your return. Pragmaticsage has some advice in
Choosing a tax preparer: Do you need a CPA? You'll find it at Pragmatic Sage Weekly.
And Robert D Flach, THE WANDERING TAX PRO
of the Web, tells us WHAT
NOT TO DO! when searching for a tax pro.
Tax technology
Obama
has been widely praised for his masterful use of the Internet and
Social Media, but Bill Clinton's, Jan. 20, 1997, inauguration was the
first inauguration to be broadcast live over Internet.
With the growing popularity of tax software, the Internet has become an integral part of tax season.
One Family presents Online Tax Filing - TaxACT, TaxCut, TurboTax - User Experience Review posted at One Family's Blog.
Madison presents 2008 TaxCut Review…Why I Switched Back! posted at My Dollar Plan.
Lots and lots of tax laws
Our
soon-to-be new president is lauded for his ability to bring diverse
groups together. Inclusion also was a key component of other inaugural
ceremonies. African-Americans first marched in an inaugural parade in 1865 when
Abraham Lincoln took office. Women debuted on the route at Woodrow
Wilson's 1917 inaugural parade.
Uncle Sam also is inclusive when it comes to taxes, collecting as much and on as many different types of income as he can.
If you've wondered What are the FICA-HI and FICA-OASDI Taxes? be sure to check out the post by nickel posted at fivecentnickel.com.
What
about other types of income? You generally have to include it on your
1040, too. Kristine McKinley looks at some specific "other" earnings in
Are Prizes and Awards Taxable? It's posted at Ebiz Tax Tips - Tax Tips for eBay Sellers, Online Business and Other Small Business Owners.
On
top of these taxes, we've now got to also worry about what costs we all
will bear as a result the various bailouts that seem to include almost
every industry. Bill Spohnholtz has some numbers in Bailout Bazooka posted at Learn The Stock Market And How to Trade.
Taking all your tax breaks
George
Washington's 135-word inaugural address was the shortest in history. If
only the tax code was as concise!
The only consolation about the multitude of tax laws is that there are plenty of tax breaks in there, too.
Walter Wallace presents IRS Stimulus Check Recovery, posted at Wally's World of Taxes.
David Weliver says the Retirement Saver's Tax Credit is a Great Benefit for Low Income Taxpayers, posted at Money Under 30.
FMF from Free Money Finance lays out The 11 Most Overlooked Tax Deductions.
Diane Dean presents Adoption Credit on Your Taxes, posted at Need IRS Help?
And you Old Line State readers will want to check out Jim's look at the Maryland Homestead Tax Credit Application, posted at Blueprint for Financial Prosperity.
Special tax considerations
When January 20 is on a Sunday, the president-elect usually takes the oath of office privately and then repeats the ceremony in public on Monday. Many tax situations demand special attention, too.
When
you start a business, you have a whole new set of tax considerations.
If you set up your new enterprise as a corporation, Jeff Tilley at IRS Tax Problems discusses Corporations - Start-Up Expenses.
Retirement plans also require special tax evaluations. Brian McKay looks at factors to consider in answering Roth IRA vs. Traditional IRA , which is best for me? It's posted at Monitor Bank Rates.
That wraps up the necessary business part of Tax Carnival #46: Inauguration Day . Thanks for reading and thanks to all our contributors.
Now it's time for the multitude of Inaugural Balls. Personally, I’m partial to the Black Tie and Boots party.
Enjoy the parties, but be sure to come back for the next Tax Carnival on Feb. 2. Check out submission guidelines and then send in your tax-related submissions via our Blog Carnival page.
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Posted by: AmericasChoiceCredit | Tuesday, January 20, 2009 at 01:08 PM
Finances are tight, and the taxes are likely to get more complex. I know I'm going to keep reading the carvival and this blog!
-Bill
Posted by: EasyLearnStockMarket | Tuesday, January 20, 2009 at 12:00 AM