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Tax Carnival #105: Dog Days of Taxes

We're well into the Dog Days of summer, but when it comes to taxes, you don't necessarily want to let sleeping dogs lie.

Often times you need to get proactive with your taxes to make sure you get the best tax advantage.

That's exactly what Tax Carnival #105: Dog Days of Taxes intends to do.

Bassett In Front Of Fan Animated Graphic


So let's let the dogs out in no particular order and sic 'em on some tax topics.

Michael Kitces provides details on one of the impending implications of the fiscal cliff on the horizon: The End Of Qualified Dividends For Small Business Owners. It's posted at Nerd's Eye View.

John says if you have more than a cool million that you plan on passing down to your kids or others you'd better start making plans to get that money out before the lifetime gift-tax exemption amount drops at the end of the year. Details at Upcoming Changes to Gift-Tax Exemption May Cost Your Children Millions, posted at Wallet Blog.

Miranda notes that the IRS uses a system of different income classifications and the way yours is earnings are classified will decide exactly how much in taxes you pay. She looks at the possibilities in How the IRS Classifies Your Income, posted at Wallet Hub.

FMF is frequently asked Are Investment Management Fees Tax Deductible? The answer: It depends. Details are at Free Money Finance.

Glen Craig says now that the Patient Protection and Affordable Care Act, aka Obamacare, has been upheld by the Supreme Court (thanks to a tax provision), one big question is How will Obamacare Affect Small Business? Find out the answer at Free From Broke.

Steve presents Tax Credits Calculator: What It Can Do? Part of the answer: compare this year's tax situation to last year's and give you an overview of the changes in credits. It's posted at 2012 Taxes.

David John Marotta says we're not teaching our teens things that can make a big difference in their lives, such as a Roth IRA. To remedy that, he suggests sharing Fund a Teenager's Million-Dollar Retirement with young people you know. It's posted at Marotta On Money.

Neal Frankle says if you want to lower your taxes (and who doesn't?) income shifting is a smart financial tax planning strategy. Get details in How to Use Income Shifting to Save Taxes, posted at Wealth Pilgrim.

Lubna Kably says the Indian government hastily introduced GAAR provisions in India, but fortunately is now taking remedial steps to boost confidence among the shocked corporate world and investors. Get the scoop in GAAR Aftershocks, posted at Law Street.

Greg Field presents The Untold Story of How Credit Cards Can Help or Hurt Your Taxes. It's posted at NerdWallet Blog.

Bill Smith knows it's 2012, but he says filing those neglected past year taxes can prevent a larger problem down the road. The details are at Change Your Life By Filing Your 2010 Tax Return, posted at 2010 Taxes.

Dan Meyer takes us to the London 2012 Olympics with And Uncle Sam and his IRS Revenue Agent Buddy Step to the Podium. The specifics on the intersection of sports and taxes are posted at Tick Marks.

And with that, we wrap up our Dog Days Tax Carnival.

Tax carnival iconThanks to all the contributors and especially to all y'all for reading. We'll be back with the next edition on Sept. 3.

Be a part of that Carnival of Taxes by sending your tax posts (and tax-only items please; the guidelines page has details) via the Carnival of Taxes submission page.

Social media fans can send Tax Carnival posts via Twitter (I'm @taxtweet; please use hashtag #TC106) or by posting them on Don't Mess With Taxes' Facebook wall.

Or if you prefer email, send your tax blog item to me at taxcarnival@gmail.com.

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