Happy July 4th, America!
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Tax Carnival #72: Independence Day

July4-vintage-postcard_zazzle America's birthday, in addition to being a grand holiday, is also a good time to take stock of your taxes.

The arrival of July 4 means that the second half of the tax year is just underway.

And that means, I hope, that you're far enough from the frustration of filing back in April to take a dispassionate look at your tax situation.

Even better, you've got lots of time to take some tax steps to lower your 2010 bill.

So although it's the day after America's birthday, our 72nd Tax Carnival: Independence Day is pleased to ignite some tax fireworks for your sparkly, colorful tax-saving enjoyment.

Let's start with some advice for folks who still have some tax tasks to take care of since they definitely need some freedom from this worry!

Did you miss the April 15 filing deadline? Robert Moore discusses what you need to do now in File Back Taxes, posted at 2011 Tax.

What should you do when you forget to file an estimated tax payment? Craig Ford has some suggestions in What To Do When You Have A Late Estimated Tax Payment, posted at Money Help For Christians.

Maybe these folks need some tax and/or accounting help. Angela Peterson suggests checking out the Top 100 Accounting Advice Blogs, posted at Online Accounting Degree.

I suspect the tax advisers will agree with Thornton Plexton, who says paying for a tax refund advance when is not the best option for your tax planning. He explains in Tax Refund Advance, posted at 2008 Taxes.

And all of us can benefit from BackTaxesHelp.com's suggestion that we Start Now: Get Organized for Tax Filing in 2010, posted at Back Taxes Help.

For those curious about the filing process once you're through with your 1040 (on time or late!), Silicon Valley Blogger has the answers in After I Do My Taxes, How Does My Tax Return Get Processed? It's posted at The Digerati Life.

Every filing season, make sure you claim all the money-saving tax breaks you can.

Jeff Rose, CFP, presents Tax Deductible Medical Expenses, posted at Good Financial Cents.

FMF presents Dorothy in Taxland: Tax Credits, posted at Free Money Finance.

Jackson reminds us to make sure to deduct all state sales taxes paid during the year when entering that amount (instead of state income tax) on your Schedule A. Details at 5 Overlooked Tax Deductions from Turbo Tax, posted at 2009 Tax.

4th of July vintage poster (2) IRA issues are on the minds of a couple of Tax Carnival contributors.

Mike Piper takes us on a walk-through of the special rules that apply to beneficiaries of inherited IRAs. Details in Inherited IRA Rules, posted at The Oblivious Investor.

PT notes that it's possible to avoid taxes and penalties when taking money out of a Roth IRA by following IRS rules. Find out more in 5 Things to Know About Roth IRA Withdrawals, posted at PT Money.

Although the 72nd Tax Carnival celebrates America's birthday, we're delighted to welcome a couple of contributors from beyond our borders to the party.

"Green products are costly. Will tax credits help? Perhaps yes," says Lubna Kably, "but India needs to provide tax incentives to consumers to help ensure a cleaner, greener world." She elaborates in Law Street - Economic Times (June 2010) - Towards a greener world, posted at Talking Tax.

Attention UK taxpayers, David de Souza says the tax free allowance has recently been increased. Find out what it means and how it will affect you in Inland Revenue Increase Tax Free Allowance, posted at Tax Return Blog.

Some of our tax bloggers get reflective when it comes to taxes.

Super Saver offers some mostly tongue-in-cheek Taxing Thoughts, posted at My Wealth Builder.

Bill James presents a simply computed chart of tax burden for people at different income levels in different tax years. Check out his numbers at Tax Bracketology, posted at Discrete Ideas.

And Tax Resolution tells us of the Top 7 Tax Resolution Lessons Learned from the Worst Cases of Celebrity Tax Evasion, posted at Tax Resolution.

One of the big stories this summer has been the Deepwater Horizon oil spill. Now taxes are coming into play here as Congress is considering tax relief for Gulf Coast folks affected by the mess. Yes, this is from me at Don't Mess With Taxes, but I figured I could include it since I'm working on the Tax Carnival this holiday weekend!

As for other tax action on Capitol Hill, the biggest completed bill so far this summer is the first-time homebuyer credit closing extension. As the tax break's June 30 deadline neared, homebuyers waited anxiously to see if they'd get more time to close on a tax credit-eligible deal.

But some folks, says Ryan, already had an extension. He gives us details in Homebuyer Tax Credit Extension for Military and Overseas Federal Employees, posted at The Military Wallet.

As for the extension for everyone else, a couple of Carnivalistas give us their takes.

BWL presents $8000 Homebuyer's Tax Credit Extended Until September, posted at Christian Personal Finance.

Madison DuPaix presents Home Buyer Tax Credit Extension, posted at My Dollar Plan.

And the tortured path of the homebuyer credit is a perfect lead-in to our final Tax Carnival post this month, Robert D Flach's commentary on the legislative process in What Fools These "CongressCritters" Be! It's posted at The Wandering Tax Pro.

And with that, we wrap up the 72nd Tax Carnival: Independence Day.

Fireworks_wide (2)

Thanks to all this month's contributors and to all y'all for reading.

We'll be back with another Tax Carnival on Aug. 2. You can be a part of that collection of tax fun and insight by sending your tax post (and tax-only items please; check the guidelines for details) to the Blog Carnival page.

Comments

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Lubna

Happy Belated Independence Day, Kay. Hope you had a nice long weekend.

PT

Nice job, Kay. Love the vintage art.

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