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Tax Carnival #65: Presidents Day 2010

Happy Presidents Day! We used to celebrate George Washington's and Abraham Lincoln's birthdays separately. The Father of Our Country was was born on Feb. 22nd. Honest Abe was born on Feb. 12th. 

And officially, today is still just George's day.

There's never been a federal holiday for Abe. That these two men who led our country during trying times are thought of together each third Monday in February is thanks to the popularity of three-day federal holiday weekends and Americans' penchant for shopping.

Retailers in the 1980s took to calling the Washington holiday Presidents Day, slapping up posters of Lincoln alongside Washington and using the day as a hook for sales. So now this holiday usually gets more attention because of presumed money saved than from the former presidents' accomplishments.

Some of the savings we get (or think we do) come in the form of the currencies that bear the images of both former presidents. And that recognition is what I prefer to focus on today as the theme of our 65th Carnival of Taxes: Presidents Day.

As a companion post to last year's Tax Carnival (#48) which explored the U.S. presidents commemorated on coins, we'll look this 2010 Presidents Day at our national leaders who made it onto paper bills.

The United States' first president, George Washington, is the face of our dollar bill.

George_Washington_WhiteHouse
So naturally his position as number one on the White House list and on the $1 means we lead off with George and with some tax tasks that need to be considered early in the filing process.

We kick things off with Liz Chan, who tells us Tax is taxing and elaborates on how she gets tax filing started. It's posted at Taming the Cracked Snake.

Super Saver offers us Six Reasons to Consider Consulting a Tax Advisor, posted at My Wealth Builder.

Steve Patterson continues the tax help discussion in How to Find Your Tax Assistance, posted at 2008 Taxes.

And Peak Personal Finance looks at the Advantage of Having a Tax Professional Do Your Taxes, posted at Peak Personal Finance.

If you want to do your taxes yourself, you might want to head to one of today's sales at an office supply store and pick up some tax preparation software. You should be able to save some of the $5 bills that bear the visage of Abraham Lincoln.

Abraham_Lincoln_WhiteHouse
Not only was Abe our 16th president, but he also signed into law the United States' first income tax.

In fact you might save much more than $5, note several of our Tax Carnival bloggers, by finding ways to file for free.

Matt Jabs looks at Turbotax - Prepare Taxes Online - Free eFile, posted at Debt Free Adventure!

Craig Ford tells us How To File Federal Taxes Online For Free,  posted at Money Help For Christians.

That's also the focus of Ryan, who  presents How to Do Your Taxes For Free, Even if You're in High School. It's posted at The Financial Student.

And if you send your taxes in via certified mail it'll cost you around $5.

Four Pillars contemplates whether that's the way to go in Should I E-File My Taxes Or Mail Them? Find out which method prevailed at Quest For Four Pillars.

When we start getting larger denominations, like the $20 bills that feature Andrew Jackson, our seventh president, we start focusing on other tax issues.

Andrew_Jackson_WhiteHouse

ABC presents Income Tax Brackets And Marginal Tax Rates for 2010, posted at ABCs of Investing.

FMF presents a guest blogger who tells us Why I Report My Daughter's Babysitting Income to the IRS, posted at Free Money Finance.

Dan Meyer presents IRS Comes Under GAO Scrutiny for Stimulus Performance, posted at Tick Marks.

JJF presents IRS Imputed Interest Rules, posted at The Personal Finance Blog.

Darwin's Finance presents Winners and Losers Under Obama's New Tax Plan, posted at Darwin's Finance.

Benjamin Franklin never worked out of the Oval Office. But popular culture's favorite founding father lends his image and first name as slang to the $100 bill. 

Ben_franklin_100_dollar_bill
You might be able to save some Benjamins during tax season if you follow the advice of our next group of Tax Carnivalistas.

MDP tells us How to Claim Your Home Buyer Tax Credit, posted at My Dollar Plan.  

Ben presents Tax Credits for 2009, posted at Money Smart Life.

Consumer Boomer presents How To Avoid Alternative Minimum Tax, posted at Consumer Boomer.

Back to the White House. Our third U.S. president, Thomas Jefferson, also helped expand our nation's size by paying France $15 million for 828,800 square miles of territory known as the Louisiana Purchase. 

Thomas_Jefferson_WhiteHouse

During Jefferson's term, Lewis and Clark also mounted their famous westward expedition. So our Presidents Day Tax Carnival also is expanding its borders.

Tom reminds our neighbors to the North of the The Canada Child Tax Benefit (CCTB) Explained, posted at Canadian Finance Blog.

David deSouza offers U.K. filers Tax Rebate Forms - Tips and Advice, posted at Tax Return Blog.

John F. Kennedy, our 35th president, definitely had a gift for turning a memorable phrase. In his Inauguration Address he implored Americans to "Ask not what your country can do for you. Ask what you can do for your country."

JFK_John_Kennedy_WhiteHouse
A similar question often asked at tax time is what can I do for my favorite nonprofit that also will help shave a few dollars off my tax bill? A couple of tax bloggers deal with the issue of charitable gifts and taxes.

David R. Lampsen examines How to Value a Charitable Donation, posted at Personal Finance Analyst.

FIRE Finance cautions that Donating An Old Car May Not Be Deductible, posted at FIRE Finance.

Finally, we must ask the big tax question: What's ahead? We need the answer as we move beyond our 2009 return and plan for 2010.

Arohan tells us about 5 (plus 1) Tax Moves to Consider for 2010, posted at Personal Dividends.

And we close with Jeff Rose, who offers us Tax Tips For 2010, posted at Good Financial Cents.

So ends Tax Carnival #65: Presidents Day 2010. When we return to the tax midway on March 1 it will be spring (I hope!). And the filing deadline will be just six weeks away.

Be a part of our 66th Tax Carnival next month by sending your tax post (and truly tax-related stuff only, please; check our guidelines for details) to our Blog Carnival page. In the meantime, feel free to peruse our Tax Carnival archives.

Comments

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nsdl pan

From now , i'll be the regular visitor of your web. Thanks , great info.

Arohan

Thank you for including the article from Personal Dividends in the carnival. Also thoroughly enjoyed your discussion on the past Presidents!

taxreformer

I found this website that seems to be a very good tax preparation site also and is free or very reasonable. I needed to do prior year's returns and this site allows that easily and is cheaper than the Intuit or H&R Block sites, because you don't have to pay extra if you are self-employed and need to file schedule c(s).
http://www.freetaxusa.com/

Logo Design

This post is really amazing, very informative about the US presidents, Thanks for sharing such a great stuff.

Ben

I wonder how many past presidents have had good accountants or tax attorneys to help them find tasty tax loopholes for their presidential income :)

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