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Tax Carnival #90: Labor Day 2011

Labor-day-flag-wrench Labor Day was created to celebrate the efforts of workers. It was first celebrated on Tuesday, Sept. 5, 1882, in New York City. The annual observance date that we now recognize came two years later.

One day a year doesn't do justice to folks who are doing their jobs. And this year's Labor Day is bittersweet given how many people are out of work and long to labor.

Here's hoping that everyone looking for work finds if not their dream job, at least one that helps them get their lives back on track.

As for the employed among us, Tax Carnival #90: Labor Day 2011 salutes you and the taxes you pay on your income. This month's Carnivalistas are here to help you pay the Internal Revenue Service as little as possible.

Mike Piper gives us a look at the most common categories of deductions in Types of Income Tax Deductions, posted at Oblivious Investor.

Tax Debt Help has some tips for folks looking for work in Job Seeking Tax Deductions: Which Expenses are Tax-Deductible? It's posted at Back Taxes Help Tax Blog.

Labor day b&w drawing Chloe Simpson notes that if you're moving because of a new job, you could Make the IRS Pay Your Moving Expenses. It's posted at

Flexo points out that a higher house assessment means a higher property tax. But there is a way to appeal the decision and lower your property taxes. He tells how at Appeal Your House's Assessment to Lower Your Property Tax Bill, posted at Consumerism Commentary.

Dr. Dean also looks into property taxes and raises the question Property Taxes: Are You Paying Too Much? Find the answer at The Millionaire Nurse Blog.

Glen Craig notes that the tax-favored Roth and Traditional IRAs offer the account owner many different forms of investments. But there some things you can't hold in an IRA. Find out the limits in What You CAN'T Hold in an IRA, posted at Free From Broke.

Then there's the other side of retirement saving.

Darwin says he's bucking conventional wisdom and borrowing $50,000 from his 401(k). Get details at I’m Borrowing $50,000 From My 401(k) – Here's Why! It's posted at Darwin's Money.

Neal Frankle says that if you receive disability benefits, the last thing you want to do is run afoul of the IRS. So it's important to have the right answer to the question Are Disability Insurance Benefits Taxable? I Hope So. It's posted at Wealth Pilgrim.

Labor day red white blue words

Daniel says the amount of sales tax from online purchases that states are missing out on will total $10 billion this year and asks Should Online Merchants Have to Pay Sales Taxes? The pros and cons are posted at Sweating The Big Stuff.

Wendy Litten, EA, has answers to a question that strikes fear in any taxpayer: Why Am I Being Audited? Find the reasons at Tax Problem Solver.

An audit might be easier to deal with if you have the documentation to support your tax claims.

FMF hangs onto all tax records and backup material ever filed, but others keep different numbers of years and shred the rest. Find out the right way to handle these sensitive documents in How Long to Keep Old Tax Records, posted at Free Money Finance.

Madison was wondering about next year's tax rates and brackets and tracked down the data. Find it at What Will the 2012 Tax Rates Look Like? posted at My Dollar Plan.

Labor Day is an American holiday, but taxes are global. So we've got several international Tax Carnival contributors.

Jessica Bird reminds United Kingdom auto owners of 3 Car Tax Rules You Should Follow to avoid being fined or losing your car. It's posted at

Vintage workers drawing Nick Park points out that U.K. residents also owe tax based on brackets for earnings levels in How Much Tax Do You Pay? It's posted at TaxFix.

Lubna notes that all governments facing tax revenue shortfalls are adopting innovative ways to keep the wheels turning. Be it proposing a mandatory CSR spend in India (which could mean less expenditure for the government) or a bonus payout to employees on dividend declaration in France (which could mean, more cash in the economy and higher disposal income propelling the demand and boosting the economy). Once taxes were the sole method for collecting revenue or acting as a deterrent. This scene appears to be shifting, even if slightly. Lubna explores this possible emerging trend in Law Street in The Economic Times (August 2011), posted at Talking Tax.

Jeff Canon lets U.K. residents in on Child Tax Benefits - The things you should know, posted at Tax Credit Calculator.

After our quick Tax Carnival Labor Day weekend tax vacation abroad, it's back home and to a couple of school related items.

Carrie Smith presents Education Tax Breaks: Credits and Deductions, posted at Careful Cents.

Rick Sincere says tax-free holidays for school supplies purchases are needlessly complicated. Check out why in Tax-Free Shopping Revisited, posted at Rick Sincere News and Thoughts.

John offers five steps that the many taxpayers who were victims of Hurricane Irene can follow to minimize financial loss and expedite recovery. Details in Hurricane Recovery Tax Benefits Explained, posted at Wallet Blog.

And we close this edition with some words of warning.

Steve alerts us to Top 5 Online 2011 Online Tax Scams, posted at 2011 Taxes.

1040 icon_square And with that, we wrap up September's Tax Carnival #90: Labor Day 2011.

The 91st Carnival of Taxes will be posted Monday, Oct. 3. Be a part of that collection of tax advice and information by sending a tax post (and tax-only items please; check out the guidelines for submission details) via the Blog Carnival page. If you have problems with the official form, you send your tax post's link to me at Twitter (I'm @taxtweet) or via email to taxcarnival@gmail.

And now to today's most important words: Enjoy your day off!


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