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Welcome everyone to the Carnival of Taxes! That’s right, the blog article festival where we party like it’s 1040…Form 1040 that is!
The purpose of the Carnival of Taxes is to serve as a continuing compendium of tax-related postings, ranging from tax news to commentary on taxes (and the politics and politicos who create them) to filing tips and tax-saving strategies.
I hope you enjoy the money stories and the tax horror stories spread throughout, and stop by to say “hi” again on my non-carnival days as well.
Editor’s Top 3 Picks
1. 39 year veteran tax professional, Robert D. Flach, presents What to Give Your Tax Preparer posted at THE WANDERING TAX PRO. In this very well-written, detailed piece, Robert explains what is necessary to give and not to give your tax professional when preparing your taxes. Read and learn!
2. MoneyNing presents Tax Time: Do I Have to Report that Income? posted at Money Ning. So, you’ve started a little home business, but the money is only dribbling in. When do you have to start putting that income on your tax forms for the IRS? Find out here!
3. Jeff Rose, CFP presents Flexible Spending Accounts (FSA) Changes for 2011 posted at Jeff Rose. In this post, Jeff takes us through the ins-and-outs of the changes for FSA accounts for this new year. I’ve read a lot of these “FSA Changes” posts this past month, but this one has some new details that I hadn’t read yet! Enjoy!
Tax Horror Story # 1
Well it has been ten years since my father’s passing and we have still not seen any money. If and I do mean if we are lucky, then maybe at the end of this year after we pay the last $350,000 to federal and pay the state, my mother, sister and I may have all of $200,000 to split between us. Great.”
Listed below are the rest of the great tax article submission for this edition (listed in order of 1st to last submitted):
Daniel presents Federal and State Estimated Quarterly Tax Payments are Due! posted at Sweating The Big Stuff.
Trent Green presents How Social Security and Medicare Payroll (or FICA) Taxes Work posted at Money for Regular People.
Miranda presents Tax Planning 2011: Things to Think About This Year posted at Personal Dividends.
Pinyo presents 2010 Tax Tables, IRS Federal Income Tax Rates And Tax Brackets posted at Moolanomy Personal Finance.
Jason presents Common Tax Deductions Reminder for Filing Your Personal Income Taxes posted at One Money Design.
Kay presents Tax refund debit card pilot program raises Congressional questions posted at Don’t Mess With Taxes.
I was fined by the IRS for missing a payment for my home based business while I was ill. I appealed with the help of my accountant and tax attorney. After a long winded process, I received a notice, by registered mail, to say my appeal had been rejected. The same day, there was a knock at my door and a man in an expensive looking suit flashed some ID and said he was from the IRS to collect a payment. He was inside before I had chance to object. He showed me a copy of the notice I had received and said he would like a check. Fortunately I had kept the money aside in a money market account so I could pay. Once he had the check he was much more pleasant. I asked if this was normal practice and he said that he almost always collects payments in this manner due to the “transient” nature of business owners in Southern California.
Ann Douglas presents Tax Advantages of First Time Home Buyers Explained posted at DoorFly.com.
Also, if you are interested in hosting an upcoming edition of the Carnival of Taxes, you can read the hosting requirements and submit your request at the following link.
***Photo courtesy of http://media.photobucket.com/image/taxes/mmatters/taxes.jpg