Important 2011 tax filing deadlines:
Jan. 14, mid-February, April 18, Oct. 17
Health care reform: The law's effective dates and repeal prospects

Tax Carnival #78: Happy Tax New Year!

Can you believe that another new year is already here?

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More to the ol' blog's point, can you believe that it's already another tax filing season?

I know that some of you are still recovering from some serious ringing in of 2011, so I'll try not to type too loudly.

But it is time to sober up when it comes to taxes or you could end up with a tax-induced headache that's much worse than any produced by excessive celebration. To help prevent that type of fiscal agony, let's get started with tax advice, tips, commentary and more in our first Tax Carnival of the year, and number 78 overall, Happy Tax New Year!

Since it's a new year, let's start with some new tax laws.

Money Thinker notes that there were many changes over the past year that may affect your return and examines some of the most significant in Tax Changes for the 2010 Tax Year, posted at Money Thinking.

Sticking with 2010, Pinyo presents 2010 Tax Tables: IRS Federal Income Tax Rates and Tax Brackets, posted at Moolanomy.

Now to the new year.

Madison DuPaix looks at exactly how the 2011 payroll tax holiday will impact paychecks in 2011 Payroll Tax Cut: What Your Paycheck Will Look Like, posted at My Dollar Plan.

Mike Piper contemplates 2011 Tax Brackets: What Will Change and How Should We Plan for It? It's posted at Oblivious Investor.

Darwin presents Energy Tax Credit 2011 – Not What It Used to Be, posted at Darwin's Money

There's also this year's tax timing issue. Wise Bread notes that the IRS Delays Start of Tax Filing for Some Taxpayers in 2011, posted at Wisebread.

When you are able to file, you'll want to maximum every tax break. Be careful, though.

Eric J. Nisall reminds us that donating to charities is a common tax-planning tool, but not all groups are qualified charities and not all contributions are deductible. Get the details in Charitable Donations Are Not Always Tax Deductions, posted at Let's Blog Money.

FMF looks at another donation option, An Example of Why to Give Appreciated Securities Rather than Cash, posted at Free Money Finance.

And the IRA charitable rollover option has been extended through 2012. Super Saver looks at how it works in Reduce Taxes by Using an IRA Charitable Rollover, posted at My Wealth Builder.

Brandon reminds us that Savings interest must be reported on taxes, posted at Sound Finance.

From earnings to losses, we go to Ken, who presents Can I Deduct Gambling Losses and How Do I report it? Get details at Spruce Up Your Finances.

And one big tax break might soome be on its way out. Tax Debt Help tells us that the Mortgage Interest Deduction and More Is Potentially In Jeopardy, posted at Tax Debt Help.

Businesses offer some special tax challenges and tax breaks.

AEDINSY presents 10 Ways To Reduce Tax Burden For Your Small Business, posted at Small Business Advice.

Travis Winn presents Internet Based Home Business Tax Deductions, posted at Home Business Success Blog.

If worse comes to worst, you could end up owing more than you expected or can pay.

But be careful when selecting a tax debt solution, says Steve. He elaborates in Settling Tax Debt, posted at 2011 Tax.

The annual concern about taxes is global, as Lubna Kably tells us in Law Street - Economic Times (Dec 2010) - Rounding up 2010, posted at Talking Tax. "The year 2010 has just ended. However, old litigations continue, such as the issues relating to import of software in India and the withholding tax obligations," says Lubna. "Technology has moved on to cloud computing, brining with it another plethora of tax issues. In tax land, there is never a dull moment."

Some of us are hoping for a few dull moments in retirement. Several of our New Year's Tax Carnivalistas look at how taxes affect our post-work plans.

Silicon Valley Blogger asks Planning To Roll Over Your 401K To A Rollover IRA? Get the answers at The Digerati Life.

Neal Frankle offers a few financial tax planning tips (and a warning) for investors, especially those who own ETFs or mutual funds in Financial Tax Planning Tips To Save You Money, posted at Wealth Pilgrim.

Jeff Rose says investing in Roth 401(k) has benefits and some of them are tax related. Some of the tax benefits are discussed in What Are The Benefits Of A Roth 401K?, posted at Consumer Boomer.

Steve presents What to Know About Roth IRA Rules, posted at 2010Taxes.

During the debate on the recently enacted new tax law, there was much discussion on how it could help the economy, who pays how much in taxes and what would be fair. Those topics continue to be explored by several Tax Carnival contributors.

BackTaxesHelp.com looks at Why The Richest Americans Pay the Least Amount in Taxes, posted at Back Taxes Help.

Daniel presents Comparing the Tax Cuts and Stimulus Packages, posted at Sweating The Big Stuff.

Control your Cash has some thoughts on the concept that our tax system is simple, fair, unobtrusive and not beholden to people whom our elected representatives owe favors to. "If you believe that," says CYC, "you don't need to read Greg McFarlane's commentary on a proposed diagonal (not "flat") tax." Read more at Is a flat tax feasible? The discussion is posted at Control Your Cash.

We're almost done. Now all that's left to do is file. To that end, FIRE Finance has something you might be interested in, FREE TurboTax + Discounts & Promotion Codes! Details are posted at FIRE Finance.

And with that, we bring Tax Carnival #78, Happy New Tax Year! to a close

1040 icon_square Thanks for reading and a special thanks to all the contributors. We'll be back on Jan. 17 with another Tax Carnival, just as the 2011 filing season hits high gear.

Be a part of that Tax Carnival by submitting a tax post (and tax-only items please; check the guidelines for details) via the Blog Carnival page.

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Comments

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Florence R. Cummings

there will more than likely never be a tax free year unless the gov. stops collecting them from then on. if it happened once people would never want to pay again.

Betty Kincaid

Hi Kay,

Thanks for starting the year off by featuring our article "Is a Flat Tax Feasible?" in your carnival.

Here's to a tax-deferred (exempt?) New Year!

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