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Tax Carnival #87: Star-struck Taxes

Welcome to June, the sixth month of the year and home of the official beginning of summer. The ever-warmer days  mean we spend additional time outdoors, both day and night.

If you're inclined to enjoy June after dark, several constellations are on display this month. They include Boötes (the bear driver), Libra (the scales) and Ursa Minor (the little bear).

Ursa Minor also is home to two of the most well known objects in the night sky, the Little Dipper and Polaris, popularly known as the North Star.

Bootes Some folks are inclined to look to the stars in addition to other, more traditional -- and recommended -- sources of tax help. Others tend to curse the stars (and other things) depending on their personal tax situations.

So it seemed only fitting that the astronomical features of June be featured in Tax Carnival 87: Star-struck Taxes. You can click on the constellation images scattered throughout this Carnival for more information about them.

Taxdood kicks off this stellar Tax Carnival by noting that poker has made some major headlines recently.  "You may recall, back in April the Department of Justice seized the U.S. internet domains of many online gambling sites," he says. "These seizures resulted in U.S. customer funds on the sites being frozen. As of now, there's a strong possibility some of those frozen funds will never be returned to the U.S. customers." Taxdood looks at the potential tax consequences in Frozen Online Poker Funds and the Casualty Loss., posted as Taxes in the Back.

BackTaxesHelp.com presents Understanding The Child Tax Rate for Your Children's Investment Income, posted at Back Taxes Help Blog.

Rich D. says "inherited IRA rules may not be as simple as Roth IRA rules but it's still important to invest time if you want to get returns out of your inherited IRA account." He elaborates in Inherited IRA Rules, posted at IRA Rules.

Neal Frankle notes that the IRS is cracking down on companies that don't properly differentiate between employees and contractors. Mistakes could lead to hefty fines and, says Neal, "the next independent contractor you hire will be an attorney working for your IRS tax debt relief." Details are in Contractor vs Employee - What Business Owners Need To Know To Stay Legal, posted at Wealth Pilgrim.

Ursa_minorTax Debt Help asks Could Raising Taxes Hurt Only 2 to 3% Of Small Businesses? It's posted at Tax Debt Help Blog.

Misst examines a common concern of real estate owners: increases in assessed property values that lead to higher taxes. But she says you can Save Taxes: Negotiate A Reduction in Your Assessed Value, posted at Prairie Eco-Thrifter.

Warren Beatty has a complaint shared by many: Corporations DO NOT pay taxes! It's posted at Warren's Right Wing Thoughts.

Tom says that tax laws defy logic and he looks at The Quirkiest Tax Laws You Never Knew, from Chicago's soda fountain tax to Maine's blueberry tax, even New Jersey's Jack-O-Lantern tax. Theses and more are posted at StupidCents.

Ken says that before the first-time home buyer’s credit program came out, there was the mortgage interest credit. Details are at Mortgage Credit Certificate (MCC) Program: Housing Assistance, posted at Spruce Up Your Finances.

Robert D Flach presents Spring Cleaning Tax Savings, posted at THE WANDERING TAX PRO.

Brian asks Do LLC Members Pay Self-Employment Tax? "I deal with a lot of clients who have no idea what they're supposed to do with their business when tax time comes," he says. "They tend to file the wrong forms and then end up with penalties." Find out how to avoid that at The LLC Company.

Libra_Constellation Lubna Kably looks at efforts by the Indian government to collect black money, that is, funds, properties, etc. that are held so as to avoid tax liability. In Law Street - Economic Times (May) - Unearthing black money, she examines options to deal with the problem. It's posted at Talking Tax.

Jackson asks Why Look for a 401k Investment Advice? Because, he says, "getting the most out of your 401K is vital to being able to retire at a decent age." Details are posted at 2009 Tax.

Jeff Rose says whether your tax refund is big or small, you need a plan to Spend Your Tax Refund Wisely, posted at Consumer Boomer.

Kate Croston has 10 Reasons Internet Sales Should Not Be Taxed, posted at Internet Service.

Glen Craig asks a common question nowadays, What is the National Debt Ceiling, and Why Should You Care? It's posted at Free From Broke.

Michael Kitces tells us that Charitable Contributions from IRAs are Back! And Overhyped! And Still an Inferior Gifting Strategy! His explanation is posted on Nerd's Eye View.

And we close with an interesting filing question.

Joe Kristan wonders Would signing the top of the page fight tax fraud? His examination of the proposal is posted at at Tax Update Blog.

1040 icon_square And with that, we wrap the June Star-struck Taxes edition of the Tax Carnival.

The 88th Carnival of Taxes will be posted Monday, July 4. Be a part of the upcoming tax fireworks by sending a tax post (and tax-only items please; check out the guidelines for submission details) via the Blog Carnival page.

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