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Tax Carnival #38: Lingering Tax Fireworks

Did you stumble into work today, still a bit hung over from a long holiday weekend filled with celebrations of America's 232nd birthday? I'm there with you. Lots of BBQ, pyrotechnics and relatives, both mine and the neighbors' visiting kin, have taken a toll.

Uncle-sam-fireworks-4th-of-july-vintage-postcard I would have loved another day to recover, but, alas, the break is over and real life calls. And taxes continue to demand attention as we head into the second half of 2008.

So, without further ado, let's get right to the 38th Tax Carnival's look at Lingering Tax Fireworks.

Filing issues
If you're like me and still haven't filed your 2007 tax return, then you might want to check out Silicon Valley Blogger's quick review of tax bracket data in Tax Brackets For 2007 and 2008: How Much Tax Do I Owe? The info is posted at The Digerati Life.

All of us procrastinators probably will want to pay attention to FMF's advice on How to Hire a Good Tax Professional, posted at Free Money Finance.

Individual taxes aren't the only filings with deadlines. Dan Meyer reports that preparers have one less month to extend trust, estate and partnership federal tax returns. Dan has details in Noncorporate Business Extension Period Sliced by IRS, posted at Tick Marks.

You folks who have filed, probably will relate to Super Saver's admission that Our Tax Return Weighed Over A Pound, posted at My Wealth Builder.

Tax troubles
And what if when you filled out your 1040 you discovered you owed a lot? So much so that you couldn't come up with it all at once? Then check out Beckie's post What is the Online Payment Agreement? You'll find it at A Tax Consultant for All Seasons.

This is a scary thought, but something we need to be careful about. Jim from Blueprint for Financial Prosperity tells us about Four Ways You're Unknowingly Cheating on Taxes.

Some folks don't inadvertently cheat; they do so intentionally. Jim at IRS Mind looks at these risk takers in Willful Failure to File?? Remember Al Capone???

Speaking of cheating, Robert D Flach presents A Very Interesting Question! on the topic at ASK THE TAX PRO.

One of the biggest tax troubles is a tax lien. Roger Hadad looks at dealing with this situation in How can a Tax Lien be removed? It's posted at Tax Help for the Rest of Us.

Rebates ruminations
An added reason for filing this year, aside from the legal requirements, is to collect your economic stimulus payment.

Leslie Carbone is conducting her own skeptical Stimulus Check Watch over at her self-named Leslie Carbone blog.

Meanwhile, Avi takes a look at the ostensible reasons for the rebate checks in $600 Rebate Check: Time for some retail therapy! It's posted at Nothing wrong in bumming around!

Diane Dean takes a look at bumps on the rebate road in Stimulus....where are they going now? The post is up at Need IRS Help?

And taxgirl, posting at her eponymous blog taxgirl, has some definite opinions on the whole rebate process in IRS Seeks Seniors Who Haven’t Filed: You’re Picking Up the Tab.

Tax policy & politics
Sure, the rebate checks were in part driven by the economy. But we all know, as the posts above noted, politics played a huge part in deciding to issue them.

And politics will continue to affect tax policy regardless of which candidate moves into the White House next year.

Redd Horrocks-Maier looks at the candidates' tax stances in Tax Cuts for the Wealthy. It's posted at Earthlier Happy is the Rose Distilled.

Another tax issue the new prez and congress will have to deal with is the alternative minimum tax. The Baglady is already asking What About the Alternative Minimum Tax (AMT)? It's at her blog The Baglady.

Investing interests
Even in these turbulent stock market times, investing is a good way to build your net worth. FIRE Finance has some info about Tax FREE Money Market Mutual Funds! It's posted at, where else, FIRE Finance.

For other holdings, however, taxes typically are due. Slackerwealth looks at those in Capital Gains, Dividends, and Taxes, posted at A Slacker's Quest For His First Million.

Residential real estate has gotten a lot of attention of late, but there's also investment property. Erica O'Leary says, "Using section 1031 of the IRS code will save real estate investors a bundle on capital gains tax," and she elaborates in Do I need to do a 1031 tax deferred exchange? It's posted at Bankers Exchange Services.

And for many folks, investments are primarily in retirement specific accounts. For you folks, retirehappy gives us Contributing to a Non-Deductible Traditional IRA, posted at My Retirement Blog.

Global tax matters
This last weekend marked U.S. independence that was sparked by a tax protest. Taxes, however, are globally ubiquitous.

Have you ever wondered what happens from a tax perspective when you decide or already have moved to our neighbor to the north? Dean Paley has answers in his post Moving to Canada? You'll find it at Tax & Financial Planning Blog.

The similarity of taxation systems worldwide always amazes me. Take, for example, Nandita's post about Fringe Benefit Tax in India. It's posted at Law Matters.

From Down Under, Gavin R. Putland asks a question raised worldwide: But why have taxes at all, dear Henry? OK, maybe we don't all ask Henry the question, but we all ask someone. Gavin's query is posted at The Zero-Tax Blog.

And the pondering of that universal "why" brings us to the end of the 38th Carnival of Taxes. Thanks, as always, to the contributing bloggers and definitely to you readers.

1040_calculator Mark your calendar for Aug. 4. That's when the 39th Carnival of Taxes will be posted.

If you have a tax-related blog item -- and please, although we do stray occasionally into general personal finance matters here, the Carnival is tax specific -- send it along by 11 p.m. Central Time on Saturday, Aug. 2.

The easiest way to contribute is via our Blog Carnival page (click here or on the tax form icon there at the right).

Until then, have a good and tax-saving summer!


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