Tax Carnival Ecstasy – October 4, 2012

Mitt Romney at one of his presidential campaig...
Mitt Romney at one of his presidential campaign rallies. (Photo credit: Wikipedia)

Welcome to the October 4, 2012 edition of Tax Carnival Ecstasy. In this edition we have some very good articles including the first one by David de Souza on How Do Your Tax Credits Compare With The Rest Of The UK? Anisha at Nerdwallet.com takes a look at Tax-Advantaged Savings Vehicles. How will Mitt Romney handle The Debt Ceiling Deal? Bill Smith has a post for your consideration. And finally Edward Webber examines Which Countries Have The Highest Tax Rates. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back soon.

credits

Samantha Savory presents Let the (Budgeted) Fall Shopping Season Begin! | Miss Money Bee posted at Miss Money Bee, saying, “Temperatures are getting lower and soon the leaves will start changing, which can only mean one thing: Fall is nearly here! For most people, the fall season brings pumpkins, cozy sweaters and cool nights to mind. For others, it signals the time to put away their summer wardrobe and prepare for sweater dresses and boots. After you get done with the task of packing away your favorite tank tops and shorts, you might find that last year’s threads are worn or damaged.”

David de Souza
presents How Do Your Tax Credits Compare With The Rest Of The UK? posted at Tax Credits, saying, “This blog post shows which areas of the UK recieve the most tax credits, with London top of the table at over 5,200 pounds.”

filing

Bill Smith presents TurboTax 2012 Program posted at 2012 Tax – Free Tax Filing Options, saying, “Turbo tax is a company that specializes in filing taxes. You can file your 2012 tax with them relatively easy.”

Bill Smith
presents Impressive Free TurboTax posted at 2012 Taxes – Free Tax Filing Options, saying, “Free TurboTax is a very easy way of getting taxes prepared and filed ready for submission. It is an ideal way for businesses and individuals to file their taxes.”

retirement

[email protected] presents How to Save on Tax? Tax-Advantaged Savings Vehicles posted at NerdWallet, saying, “Get expert opinions on popular tax-advantaged retirement savings vehicles and factors to consider.”

taxes

Bill Smith presents Mitt Romney and The Debt Ceiling Deal posted at 2011 Taxes, saying, “Mitt Romney called the deal between the White House and the congressional Republicans “a mistake”. He went on to say that the deal would cut our defense budget badly.”

Edward Webber
presents Which Countries Have The Highest Tax Rates posted at TaxFix, saying, “If you think you are paying a high amount of tax, you should compare the tax rates of some of the other countries in the world.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Planning For Tax Changes

Potential changes in the tax laws proposed by President Obama mean that right now is a great time to start budgeting for your 2012 taxes.  One major change will be a change for those in the highest tax bracket from fifteen to nearly forty percent as part of sweeping increases in taxes collected from high-income individuals in the next ten years.

The plan calls for high taxes on earnings from dividends, a departure from earlier policies that protected earnings on this type of income.  The White House feels that the system for taxing investment earnings is one of the most unbalanced part of the current tax code, and this measure is one step to help fix the issue.

For those planning for their 2012 taxes, this means that individuals and couples need to begin looking at their investment income from previous tax years and determining whether they will be subject to these increased tax rates.  Setting aside additional money from a monthly or yearly budget to cover this potential tax increase is the best way to offset the effect of higher rates without suffering tax-time shock.

The overall goal of President Obama’s tax changes is to reduce the federal budget deficit that has plagued the US during this economic downturn.  While this change is not expected to eliminate the deficit entirely, it is part of a long term plan to use tax money from wealthy Americans to reduce the tax burden on lower income workers while still raising needed revenue.