Tax time with Sheeba the cat
States that get the most federal money

Tax Carnival #74: Labor Day 2010

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City. Two years later, the first Monday in September was selected as the holiday's annual observance date.

What hasn't changed over the years is the reason for Labor Day. It continues to be an annual tribute to the contributions of America's workers.

In that spirit, today's Tax Carnival #74: Labor Day 2010 spotlights the efforts of tax and personal finance bloggers who help workers pay as little tax as possible on their earnings.

LaborDay What better way to start a holiday recognizing work than with retirement-related tax topics.

If you've been wondering How to Prioritize Multiple Retirement Accounts, then Mitch Archuleta has the scoop at Retirement Planning Blog.

"The Roth IRA is a favorite of many but there are times when a traditional IRA makes more sense," says freefrombroke, who offers a post In Defense of the Traditional IRA at Free From Broke.

"Thousands of IRA investors miss out on important tax benefits each year because they are not familiar with the tax laws," says Hussein Sumar. "Others make crucial errors when filing their tax returns." Find out more about some potentially costly mistakes in Tax Saving Tips for IRA Investors, posted at Roth IRA.

 Elsewhere on the legislative front, Mike Piper takes a look at likely tax changes for 2011 and offers some thoughts on planning for those changes in 2011 Tax Brackets: What Will Change and How Should We Plan for It? It's posted at The Oblivious Investor

"The tax cuts started during the Bush Administration are set to expire at the end of the year unless Congress extends them," says Ryan. Read what it might mean in How Expiring Bush Tax Cuts Affect Taxpayers, posted at Cash Money Life.

Another tax area still up in the air is the estate tax. "If you want to bequeath everything you've ever worked for to government bureaucrats, then it doesn't matter when you die," says Greg. "Otherwise, you need to die strategically." And read Nothing succeeds like succession, posted at Control Your Cash.  

Other changes might come eventually from the president's economic panel. Robert D Flach looks at The Report on Tax Reform Options, posted at THE WANDERING TAX PRO.

Whatever happens on the tax law front, chances are tax pros will continue to be in big demand.

LaborDay_jobs Jacob A. Irwin presents Preparing Taxes – Doing it Online vs. Hiring a Professional, a guest post at My Personal Finance Journey.

Now about those professionals you might consider hiring, BackTaxesHelp.com reminds us that Tax Preparers in 2011 Will Be Licensed, posted at Back Taxes Help.

And Dan Meyer explores the new rules more in Drilling Down on the Registered Tax Preparer Regs. It's posted at Tick Marks

We get more tax and politics from Wenchypoo, who presents A New Day, A New Tax Avoidance Tip, posted at Wisdom From Wenchypoo's Mental Wastebasket, saying, "A new way to keep Obama and Uncle Sam off your back should the Universal Savings plan become reality."

Educational issues are examined by a couple of Carnivalistas.

Super Saver presents Stealth School Taxes posted at My Wealth Builder

Ken explores the Hope Credit: Who can still use this educational tax credit? It's posted at Spruce Up Your Finances.

Proving that taxes affect just about every aspect of our lives, we have a variety of tax issues to fill out our Labor Day Tax Carnival.

Realm of Prosperity asks How Long Should I Keep My Tax Returns? The answer is posted at Realm of Prosperity.

Steve says, "Tax debt can ruin your credit history if you fail to quickly pay off the outstanding balance. Get professional help in a timely manner to keep your score clean." Get details in IRS Debt, posted at 2009 Taxes.

Sheryl Owen offers us The Best Ways to Challenge a Property Tax Assessment, posted at Change of Address.

Smart small business tax planning can save you a fortune and more, says Neal Frankle, including government help paying for your business vehicle and even the vacations you take. Get details in 8 Overlooked Small Business Tax Deductions, posted at Wealth Pilgrim.

Labor-day_ww2-style_EgreelingsNetwork "The Lebron James saga can teach us a lot about taxes from a local, state or federal level," says Khaleef, offering details in Lebron James, Wealth, and Taxes, posted at Faithful With A Few

FMF tells us how to Save Money by Donating Things You Were Going to Throw Away. "A simple and easy way to get a tax deduction is to donate something you don't want (but still has value) to a charity," says FMF of the post at Free Money Finance.

PT presents HSA Insurance: What Makes an Insurance Plan HSA Compatible? Find out at Prime Time Money.

Labor Day is a U.S. holiday, but joining the Tax Carnival celebration this weekend are some bloggers from outside the country. 

We start just to the north, with Tom's item on Marginal Tax Rate Explained, posted at The Canadian Finance Blog. "Your marginal tax rate is the tax you pay on your last dollar of income," says Tom. "Since Canada operates on tax brackets, you will pay more tax when you earn more."

 

David de Souza offers our U.K. readers Landlords: 3 Ways To Reduce Your Tax Bill, posted at UK Tax Blog, saying, "If you are a landlord, you may be paying too much tax on your property income."

Lubna Kably brings news of India's impending new tax code in Law Street - Economic Times (Aug 2010) - New Tax Code on the anvil, posted at Talking Tax. "About time," says Lubna. "The existing Act dates back to 1961, though we have yearly amendments via the Finance Bill." Still, she adds, recent news is that there is minor tinkering in tax slabs for individuals; the corporate rate will remain at 30 percent; and the country's Minimum Alternative Tax rising marginally from 18 percent to 20 percent. "Shouldn't tax be really progressive in nature" asks Lubna, "with adjustments to the cost of living?"

Finally, on this holiday honoring work, the Labor Day Tax Carnival looks at a couple of types of taxable income.

CFP Jeff Rose presents Paying Taxes on Earned Income, posted at Consumer Boomer, saying, "It is a good idea to understand what earned income is, and also to understand how you can reduce your overall taxable income with the help of deductions and credits."

Madison DuPaix raises an important question in this economy: Do You Have to Pay Taxes on Unemployment? Find out at My Dollar Plan.

Tax carnival logo And with those work-related tax issues to ponder, we wrap up Tax Carnival #74: Labor Day 2010. I hope you had a great long weekend and the information here makes your tax planning the rest of the year and filing in 2011 less laborious.

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

We'll be back here on Oct. 4 for the 75th Tax Carnival. Join us then as a reader or as part of the tax fun by sending your tax post (and tax-only items please; check the guidelines for details) to the Blog Carnival page.

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Comments

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Betty Kincaid

Kay,

Thanks for including us in this carnival. Hope you had a fabulous labor day weekend!

Betty

Craig/FFB

Thanks for hosting!

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