Monday, March 24, 2008

Tax Carnival #33 - Deduction Tips, Rebates, and Tax Planning

Welcome to 33rd edition of Carnival of Taxes. First, I would like thank Kay Bell at Don't Mess With Taxes for allowing me to host this esteemed Carnival. Second, I would like thank the authors who submitted articles during the busy tax filing season and the holiday weekend. For your reading pleasure, here are the tax related submissions for this week's Carnival.

Tax Tips

Kevin presents Claiming Pizza Delivery Mileage On Your 2007 Taxes posted at Pizza Delivery Stories. Kevin's tip is also worth considering if any employer doesn't reimburse one for business use of a car. However, remember to keep written documentation of the mileage, since the IRS may request this information to validate any deductions.

Speaking of mileage, Nickel reminds us not to forget the volunteer miles driven for qualified charities in Uncommon Charitable Tax Deductions posted at fivecentnickel.com. Other tips include charitable deductions for uniforms and appreciated property.

For those who are still deciding on tax preparation software, FMF presents Review: TaxCut posted at Free Money Finance. Although it was only briefly mentioned, the Deduction Pro feature may help identify opportunities that weren't previously considered.

Tax Rebates

Phil presents The Top 6 Reasons Why the Tax Rebate Won't Stimulate the Economy posted at Phil for Humanity, sharing "the reasons why the Economic Stimulus Act of 2008 and tax rebates will not stimulate the American economy out of this recession." While it may not impact the economy, Dan Meyer notes that the rebate has already stimulated a number of con artists in A Surfeit of Stimulus Scams posted at Tick Marks.

In case you're wondering when YOUR rebate will arrive, the two submissions below provide the answer. Raymond presents Economic Stimulus Payment Schedule posted at Money Blue Book showing it will be based on one's social security number. Kay Bell, at Don't Mess With Taxes, tells us the Rebate delivery schedule is announced , and advises taxpayers to "schedule your rebate shopping plans now! The IRS has announced the checks' delivery schedule."

However, Penelope Pince cautions Don't Spend that Tax Rebate Just Yet posted at Our Fourpence Worth, sharing, "a few suggestions based on an article by Liz Pulliam Weston about one of this year's popular tax topics, the very anticipated tax rebate."

Tax Planning

Getting married? Don't forget to think about one's tax situation. Diane Dean points out the options at Filing as Married on your W-4 posted at Need IRS Help?.

David Gross share how he achieved paying zero federal income tax in Money Magazine tells its readers how to pay zero taxes posted at The Picket Line. Money Magazine even featured the unconventional method he used, advising against taking the same approach due to an "ascetic lifestyle" one might need to follow.

Tax Process

Wenchypoo presents Update: The FairTax Crafter Finally Answers Me posted at Wisdom From Wenchypoo's Mental Wastebasket, which shares her displeasure with the response she received from Congressman John Linder, co-author of the The FairTax Book, on her questions about the FairTax.

Ever wonder what happens when people don't file for their refunds? Beckie provides the answer in Unclaimed Refunds posted at A Tax Consultant for All Seasons. When moving, it's also probably a good idea to send a change of address form to the IRS, if one expects a refund :-)

Finally, our tax withholding system has caused some people to focus on big refunds versus lower tax liability. Here is Why I Don't Like A Big Tax Refund posted at My Wealth Builder.

This concludes this edition of the Tax Carnival. The April 7, 2008 Tax Carnival will return to its home at Don't Mess With Taxes and submissions can be made via this blogcarnival form.

This is not financial or tax advice. Please consult a professional advisor.

Copyright © 2008 Achievement Catalyst, LLC

1 comment:

Kay said...

Thanks so very, very much for hosting the Tax Carnival! It's fantastic and I appreciate your interest and the breather! I've (finally) let my readers know where to find it!