10 tax traps to watch out for in 2014
Time to get organized for your 2014 tax filing tasks

Tax Carnival #124: Happy New Tax Year 2014

Another tax year has arrived. All together now: Happy New Tax Year!


Sure, the celebrating has been a bit subdued because our actual tax filing has been pushed back a bit.

But just because the Internal Revenue Service isn't quite ready to start processing our returns doesn't mean we can't get to work on them now.

So let's have a hearty toast for Tax Carnival #124: Happy New Tax Year 2014, our first carnival of the year.

It's a relatively small midway for this first Tax Carnival of the year, but then isn't smaller the goal of most of us when it comes to taxes?

We start with a January tax deadline that remains in place.

Emily reminds us that 2013's fourth quarter estimated tax payment is due this month and offers advice in How to Calculate and File Estimated Tax Payments. It's posted at Evolving Personal Finance.

Barbara Weltman notes that federal taxes aren't the only thing to pay attention to in 2014. She examines several new government fees that essentially raise taxes in Tax Increases By Any Other Name, posted at Barbara's Blog.

GD says there are specific circumstances where a life insurance payout is taxable. Find out more in Is There A Life Insurance Tax? It's posted at MLIQ123.

Michael Kitces says that while Roth retirement accounts have become increasingly popular to create or convert to, they have special five-year rules that apply to determine whether growth can be tax-free or principal can be penalty-free. Get the scoop in Understanding The Two 5-Year Rules For Roth IRA Contributions And Conversions, posted at Nerd's Eye View.

Howard Gleckman says commuter tax subsidies are nuts and argues that it's Time To Park The Commuter Tax Subsidy. It's posted at TaxVox.

Bill Smith offers us a preview of next tax year, noting that various adjustments will affect more than 40 tax provisions in 2014. He elaborates in IRS Tax Adjustments In 2014, posted at 2013 Taxes.

Finally, we close with a dubious honor.

Russ Fox names his 2013 Tax Offender of the Year. Far be it from me to spoil the surprise. Read it yourself at Taxable Talk.

Tax carnival iconWith that, we wrap up Tax Carnival #124: Happy New Tax Year 2014. As always, thanks to all the contributors and especially to all y'all for reading

Now about future Tax Carnivals. I've tweaked the posting schedule this year. Instead of a new collection every other week, the Tax Carnival is going to monthly posting year-round.

I know that tax information is in higher demand during filing season; that's why Tax Carnivals were biweekly in previous year. But I've found myself crunched trying to meet writing, blogging and personal responsibilities during high tax season.

Something had to go.

That something is a few Tax Carnivals. I appreciate your understanding.

Here's how the immediate Tax Carnival future looks:

  • Tax Carnival #125 will be Monday, Feb. 3
  • Tax Carnival #126 will be Monday, March 3
  • Tax Carnival #127 will be Monday, April 7
  • Tax Carnival #128 will be Monday, May 5

You can be a part of those upcoming carnivals by sending your tax posts -- and please, please, please send tax-only items; the guidelines page has details and you also can review previous carnivals to see what made the cut -- by sending your item via the Carnival of Taxes submission page.

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please please hashtag them #TC plus the number of the carnival, e.g. #TC125) or post them on Don't Mess With Taxes' Facebook wall.

Or if you prefer a more direct method, you can email your tax blog item to me at taxcarnival @ gmail.com.


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