Estate tax is still dead, but dual options for heirs being considered
George Orwell, Pennsylvania tax collector

Tax Carnival #70: May Day

How was your Tax Day 2010? I hope all y'all made it through the final filing chaos relatively unscathed.

Now it's time to either 1) think about your Oct. 15 responsibilities if you decided to get an extension to file or 2) start working on ways to cut your 2010 tax bill. Actually, even if you still have to finish your 2009 return, you need to also be thinking about your 2010 taxes.

To help you take care of whatever tax task(s) you still face,the 70th Carnival of Taxes this first weekday of May takes as its theme the many meanings of May Day.

In keeping with the focus of the May 1 holiday for workers, the Carnival acknowledges all the effort that goes into complying with tax laws. 

For filers who are done with their taxes for the year, we embrace the traditional May Day celebrations.

Popular Festivities:

Then there's the international call for help, which Tax Carnival #70: May Day hopes to fulfill.

So let's get to it!

Jeff Rose gets us right into the swing of things by noting, "Tax season has just come to an end, but that doesn’t mean you shouldn’t be preparing for next year."  To that end, he presents Tax Tips for Freelancers, posted at Good Financial Cents.

Ben presents Stimulus Tax Credit Help from the IRS, posted at Money Smart Life.

BIFS says the 5 Tax Myth Article Seemed Wrong to Me, so he offers his own take. It's posted at Budgeting in the Fun Stuff.

Consumer Boomer presents 47% Don't Pay Income Taxes – Who Pays Them? It's posted at Consumer Boomer.

Ryan reminds us that "You can save a lot of money with green technology - both at home and on your taxes!" He explains in Green Energy Tax Breaks, posted at Cash Money Life

Wenchypoo disagrees with the contention that health care reform is a tax break in disguise. "This HCR is NOT as tax break if you make less than $100,000 a year, have insurance premiums twice the penalty amount and are healthy," he says, and blogs about it in Health Mandate--A Tax Break in Disguise, posted at Wisdom From Wenchypoo’s Mental Wastebasket.

Craig Ford wonders, Can't Pay IRS Taxes in Full? His tax payment options are posted at Money Help For Christians.

Madeleine Begun Kane keeps up cheerfully apprised of Taxing Deadlines at Mad Kane's Humor Blog.

Madison DuPaix tells us about Surprising Things That Count as Taxable Income in the post at My Dollar Plan.

Sun presents How to Check Your Tax Refund, posted at The Sun's Financial Diary.

Once you have your IRS cash in hand, a couple of Carnivalistas have suggestions.

Jessica Bosari offers Five Smart Things to Do with Your Tax Refund, posted at Billeater.

Arjun Rudra recommends you Begin A Savings Plan With Your Tax Refund, posted at Investing Thesis.

Nelson reminds us that the popular Section 179 deduction allowing small businesses to deduct certain capital expenditures without depreciating them was set to drop back to pre-stimulus levels for 2010. However, new legislation changed that and he elaborates in 2010 Limits Section 179 Deduction for Small Businesses Taxes, posted at Finance Gourmet Blog.

Rick Lindquist asks Small Employer Health Care Tax Credit -- How Does it Work? Get the answers at his guide to calculating the credit posted at Clarifying Health.

"Uh-Oh! You owe Uncle Sam, now what?" That the question Jason asks and answers in What to Do When You Owe IRS Back Taxes, posted at Redeeming Riches, saying, 

Kim Luu goes a bit out of the tax box (and I love such forays!) in Non Profits Tax Exempt Status Puts Donors At Risk, posted at Money and Risk.

If you're sure your favorite charity is on the up and up, then give.

And check out Anthony Samuel's tips on How to Value a Charitable Donation, posted at Personal Finance Analyst.

Mike Piper offers "a straightforward answer to one of the most-asked tax questions:" How to Choose an IRA: Traditional or Roth, posted at IRA Reviews

PT asks, Am I Required to Make Estimated Tax Payments on Extra Income?, posted at Prime Time Money, saying, "What you need to know about making estimated payments."

For our north of the border readers, Tom has some Canadian tax tips to start planning for next year in 5 Simple Tax Tips To Save You Money, posted at The Canadian Finance Blog.

Staying international, Lubna Kably tells us that "Indian companies are waking up from the economic slowdown and are busy negotiating overseas acquisitions or setting operations overseas. However, a huge tax levy on dividends repatriated back to India, necessitates use of an intermediary jurisdiction. Indian tax laws need to keep abreast of the emerging needs of its global tax payers." She discusses that issue in Law Street - Economic Times (April 2010) - Overseas acquisitions, posted at Talking Tax.

The Investor, based in the United Kingdom, says "fiscal drag is a hidden way in which governments sneakily raise the taxes we pay," and wonders Do you realise you are paying more income tax? It's posted at

Back in the U.S., The Smarter Wallet presents Executive Pay Cuts at Troubled Companies: Paying Back The Taxpayer posted at The Smarter Wallet.

Silicon Valley Blogger presents Day Trading & Taxes: Free Tax Resources For Traders From TradeKing, posted at The Digerati Life.

Hussein Sumar looks at the Economic Growth & Tax Relief Reconciliation Act of 2001 and How a 401k Plan Increases your Savings Opportunities, posted at 401k.

"If you're in the market for a new appliance, make sure it's an energy efficient product," says Case Ernsting. "These products can earn you tax credits." Get details in Cut the Fat, Feed the Pig, posted at FinditLocal411 Blog.

Eric Gargiulo tells us that "Moody's Investors Service broke the news that states will see increased costs with federal health care reform, particularly with regard to Medicaid." More on that issue in Federal Health Care Reform To Cost States, posted at

FMF reports that "Homeowners are starting to fight assessment values -- and some are even winning!" He provides details in Overtaxed Homeowners Fighting Back, posted at Free Money Finance

BWL gives us "a look at the proper way to file a late tax return" in Filing Late Tax Returns 101, posted at Christian Personal Finance.

1040 icon_square And with that bit of timely advice, we've reached the end of the 70th Tax Carnival: May Day.

We'll be back next month, specifically on June 7. You can be a part of that Carnival by sending your tax post (and tax-only items please; check the guidelines for details) to the Blog Carnival page


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Our tax season will begin now, for individuals in July, for corporates a bit later. You sure must be relieved that the tax season is over, at least for this year.

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