* Kelly Phillips Erb, the internet’s TAX GIRL, provides an excellent primer on the difference between the federal deficit and the federal debt in her post “Ask the Taxgirl: Who Owns the US Federal Debt?”.
* Kelly also answers the question - “Who Benefited From the Economic Stimulus Plan?”. It came as no surprise to me! As for myself – I made about an additional $200.00 during the tax season by filing 1040As for rebate purposes only.
* A TAX QUIP from Tax Mama Eva Rosenberg discusses “Preparing Offer in Compromise”.
An Offer in Compromise is what is being advertised in the tv ads that promise you can settle your tax debt for “pennies on the dollar”. If you think an Offer in Compromise may be appropriate for your situation DO NOT pay attention to these erroneous tv ads – and DO NOT contact the companies that make such a promise. Trust me - you will not be let off the hook for “pennies on the dollar”. If you want to know more about an Offer in Compromise contact your tax professional.
* I realize that TWTP is about individual income tax issues – but Ryan Ellis reports on a change for partnership returns that will affect extended 1040s in “IRS Shortens Extension Deadline for Partnerships” at his TAX INFO BLOG.
* Kay Bell provides a one-two punch on increased state excise taxes in her posts “New England Cigarette Taxes on the Rise” and “Fuel Taxes Increase Again” over at DON’T MESS WITH TAXES.
* William Perez makes a good suggestion in his post “Making a Mid-Year Tax Projection” at his tax-planning blog on About.com. “July is a good time to do some quick tax math and make projections for how your taxes might look for the full year.”
* Joe Kristan of the ROTH AND COMPANY TAX UPDATE BLOG has found what he thinks some Americans have been doing with their economic “stimulus” rebates (those who have actually received them, that is) and tells us in his post “ Well, They Do Call It ‘Stimulus’”.
* Hypnotist (?) Joshua Seth gives 4 excellent suggestions for “What To Do With Your Tax Rebate Check” at his blog, which I learned about from the Carnival of Everything Finance #19.