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Tax Carnival #22: A Labor Day Celebration

Welcome to our 22nd Carnival of Taxes, a celebration of taxes and Labor Day.

Don't get the connection? Well, without our labor the rest of the year, most of us wouldn't have the income that Uncle Sam so loves to tax.

Labordaystamp_2 According to the U.S. Census, the first Labor Day observance is believed to have been a parade of 10,000 workers on Sept. 5, 1882, in New York City, organized by Peter J. McGuire, a Carpenters and Joiners Union secretary. By 1893, more than half the states were observing a day commemorating workers. A year later, the first Monday in September was established as a federal holiday.

But this Labor Day weekend hasn't been one of relaxation for tax bloggers. We've got a nice collection of items for this holiday edition of Tax Carnival #22. So without further ado, here they are.

With all the attention lately on foreclosures, nickel presents an alternative home purchase idea: Using IRA Funds to Buy a House - Good or Bad Idea? It's posted at fivecentnickel.com.

Dan over at Tick Marks reports that the House puts the brakes on tax prep by the federal farm lending bureau. The move, says Dan, means "small town CPAs and EAs do not have to compete with federal bureaucrats."

Leon weighs in on the Pope and taxes over at Sox First. "The blogosphere has come to life," says Leon, "with the Vatican announcing that Pope Benedict XVI will issue a doctrinal pronouncement condemning tax evasion as "socially unjust" and denouncing tax havens and offshore bank accounts, claiming this reduces tax revenues for the benefit of society as a whole"

Tracy at FRAUDfiles has news on tax deductions by Usana distributors.

Robert, AKA the Wandering Tax Pro, brings us up to speed on some urban tax legends.

We're in the midst of a seemingly endless campaign season. Don't let it get you down. Rather, says Steve at Debt Free, Make Your Votes Count More and Help Keep Your Taxes Low

The Chief Family Officer shares her secrets to tracking charitable goods donations over at her self-named CFO: Chief Family Officer blog.

If this Labor Day you're contemplating buying your own business, don't miss Dax's Buying a business: Asset Sale vs Stock Sale. Posted at the eponymous Dax Desai blog, it explains differences in business sales and tax consequence.

If you're still a working stiff collecting a paycheck, mcmorlod3 offers an easy way to find out if you can claim more allowances on your W-4 so less tax will be taken out of your paycheck. It's posted at Speed and Detail.

Allison, a regular poster at Queercents, asks, "What would happen in this country if we were able to earmark our tax dollars and where would you earmark yours?"

Nina, another blogger at the multimember Queercents, ponders whether change for the capital gains tax rate is on the horizon. Nina offers a guest post from Laurie Flynn on the topic, noting that "If you are a business owner, the current battle over the capital gains tax rate is certainly one to watch."

Offshore investing tends to raise taxpayer questions and IRS suspicions. But Eric remains a fan. Over at My Estate Planning Career Blog, he looks at why you might want to protect your finances and assets offshore.

Each Tax Carnival, we get some global tax offerings. It's nice to know that it is, after all, a small tax world. From the Republic of Mauritius, we bring you Alfa King of Alfa King Memories, who has a report on NRPT – the agony of taxpayers.

Another constant is the meeting of the inevitable: death and taxes. Gina of Gina's Tax Articles takes on the task of helping a reader deal with a bankrupt estate and its potential tax liabilities.

Has Labor Day got you thinking about how time is indeed short and you'd best start planning for the day you don't have to work? Then check out Super Saver's post over at My Wealth Builder on Net Unrealized Appreciation, which SS says is a great tax benefit for retirees.

And finally we have FMF, who sure knows how to get attention. Over at Free Money Finance he asks, if you were suddenly made king or queen of the United States, How Would You Change the U.S. Tax Code?

With that, we wrap up our 22nd Carnival of Taxes. I hope you enjoyed it. It was a labor of tax love on this Labor Day 2007.

Be sure to come back next month, specifically on Oct. 1, when our 23rd Tax Carnival goes up. You can be a part of it by submitting your blog item via our carnival submission form. In the meantime, check out our carnival guidelines, as well as our archives.


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Chief Family Officer

Thanks for including my post!

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