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Tax Carnival #99: Daylight Tax Time

Do you have a day after Daylight Saving Time hangover? Join the club.

It's particularly unfair that we have one less hour during tax-filing season. But Tax Carnival #99: Daylight Tax Time has timely (sorry, I couldn't resist) tax tips to help you make up for those missing 60 minutes.

Building clock with four Putti by DH Wright via Flickr creative commons

Since our remaining tax time is ticking away, let's get to it!

What better way to start than with a tax change that's taken three years to show up.

Michael Kitces reminds us that tax laws sometime take a while to kick in. Back in 2008, he notes, then-President Bush signed into law the Emergency Economic Stabilization Act of 2008, popularly known as the "bailout" bill. Folks filing their 2011 tax returns are now dealing with a provision in that law. Michael has details in IRS Revamps Schedule D, Introduces New Form 8949 For 2011 Tax Reporting, posted at Nerd's Eye View.

Audits are a taxpayer concern all the time, and a couple of Tax Carnivalistas take a look at IRS examination issues.

Manny says that being aware of the common IRS tax audit flags can help you avoid or better prepare you for a future audit. He provides a list to keep in mind as you plan and prepare your taxes in 10 Common Tax Audit Flags to be Aware Of, posted at Personal Dividends.

Joe Kristan asks are Schedule C 1040s an audit red flag? Would you be better off incorporating and filing an S corporation return? Find out Joe's answer to these questions and more in Queen Mary Deductions Take a Titanic Detour, posted at Tax Update Blog.

Clock time change by vmiramontes via Flickr creative commmonsIf you do hear from the IRS, the Tax Carnival has that covered, too.

Super Saver says that procrastination is a bad strategy when dealing with IRS, so Deal with IRS Notices Immediately. Details are posted at My Wealth Builder.

Our neighbors to the north also time shift, so we're pleased to give Canadian Tax Carnival readers some tax advice, too.

Jim Yih presents Tax friendly investments can make sense, posted at Retire Happy Blog.

Moving several time zones over, I'm not sure about clock settings (Daylight or regular) for countries along the South China Sea, but taxes are a concern in that part of the world, too. And we've got a Tax Carnival contributor with tips for them.

Charles Chua C K has a question for Malaysian filers: Are You Taking Advantages of Your Tax Deductions? Get his answer at All About Living with Life.

Back in the U.S., deductions also are on every taxpayer's mind, especially those working to make a success of their businesses.

Glen Craig notes that owning a business means that you can deduct certain expenses from your taxes. But not everything is deductible. Find out more in What Business Expenses are Tax Deductible? It's posted at Free From Broke.

Street corner tower clock by Mira Hartford via Flickr creative commonsRetirement also is a prime tax time consideration.

Steve presents Six Tips On A Tax Credit For Retirement Savings posted at 2009 Taxes.

If your deductions help you get a refund from Uncle Sam, we've got some timely tips about your tax windfall.

Tom Drake says as tempting as it would be to spend your tax refund, consider creating an emergency fund, making home repairs or paying off credit cards and loans. He elaborates in Ways To Spend Your Tax Refund, posted at Stupid Cents.

And for folks who depend on rental income instead of refunds for extra cash, we've got a Tax Carnival item for you.

Chelsea Prescotti says if you own a property and are renting out a room to a friend or acquaintance, you might wonder whether or not you have to declare that rent as income for federal income tax purposes. The answer is simply yes, says Chelsea, who discusses that and more in Income Tax Issues with Renting Out a Room, posted at Renters Insurance.

Finally, we close with tax information that doesn't change hourly, thank goodness, or even twice a year like our clocks, but just annually.

Mark Roberts presents The 2011 Tax Brackets posted at Tax Brackets.

And with that, time's up for the 99th Tax Carnival: Daylight Tax Time.

Thanks to all this month's contributors and especially to all y'all for reading.

And I also must make a quick apology. There was an issue this month with the Blog Carnival webpage that a lot of folks use to send in their Tax Carnival contributions.

Tax carnival iconThat website has been down for the last few days. So if you submitted a post for the Tax Carnival that way and it didn't make it here, please resend it to me directly at taxcarnival@gmail.com.

If the posts have a particular time element, I'll update this Carnival and let folks know of the additions.

If your post can wait, however, I'll include it in the next one.

And speaking of the next Tax Carnival, it's going to be a major milestone: the 100th Carnival of Taxes on March 26.

Be a part of that big day as a reader or as a contributor by sending your tax posts (and tax-only items please; check the guidelines for details) to me via the email address above by 11 p.m. Central Daylight Time on Saturday, March 24.

You also can use the Tax Carnival submission form at Blog Carnival HQ.

Social Media fans can send your Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC100) or by posting them at Don't Mess With Taxes' Facebook page

Photo credits, all from Flickr Creative Commons:


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Oh, John, you tax-filing optimist! ;-D


"It's particularly unfair that we have one less hour during tax-filing season".

Hold it! What about Feb 29th and Emancipation Day? The way I see it, you have an extra 47 hours.

Glen Craig

Thanks for hosting Kay!

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