Top 10 Halloween Season Tax Tips

Halloween is one of my favorite holidays. I always look forward to my law firm’s annual celebration. However, there is more to Halloween than costumes and trick-or-treating. The end of the year is only a few weeks away, and Halloween season is a good time to start thinking about taxes. To help my readers save a little money this year, I have put together ten spooky Halloween tax tips.

1. Haunted Home Renovations

Before you have guests over for a Halloween party, you might want to consider making some green renovations to save on energy. By installing a programmable thermostat, or upgrading to dual pane windows, you can keep your guests comfortable and also qualify for an Energy Star tax incentive. For more information, check out EnergyStar.gov.

2. Spooky Soiree's

Most teachers try to throw Halloween parties for their students, but due to budget cuts many educators are forced to finance these events out of their own pockets. Fortunately, if you are a qualifying teacher then you can use these expenses as part of your educator expense deduction.

3. Supernatural Savings

The average consumer spends about $66 each year on Halloween decorations, costumes and candy. Unfortunately, if you visit your local party supply store then you may end up paying more then you need to for your Halloween supplies. Instead, check out deals online to make your money stretch.

4. Eerie Extensions

If you had to file a tax return extension in 2009, then October 15th was the deadline to get your return in. The longer you wait to file your return, the more you will have to pay in IRS late penalties. If you have not yet competed your return, I highly recommend calling a tax professional right away.

5. Chilling Charity

As the weather cools down in October, charities begin asking for cool weather donations. When you have some free time, go through your winter wardrobe with your family to see if you have any extra sweaters, or blankets to donate. Keep the receipt for your contributions, and you can deduct the donation on your next tax return. However, you will need to itemize your return to qualify for this specific tax incentive. For more information, you can read this article explaining the charitable contribution deduction on RDTC.com.

6. Tip or Treat

If you receive tips at your job, then the IRS requires that you keep track of your total tips and report them to your employer. According to Topic 761, if you get $20 or more in tips during a calendar month then you are required to report them to your employer by the 10th of the following month.

7. Witchy Work Party

Throwing a Halloween party at the office is not only great for moral, but also comes with a nice little tax deduction. Food and supplies purchased for your employees can usually be written off if the party is held on the premises. If you plan a dinner or get together at a nearby restaurant then you can deduct half of the expense.

8. Dastardly Deadlines

Since every taxpayer is not required to make estimated quarterly tax payments, it can be easy to forget about the deadlines. Unfortunately, September 15th was a payment due date, and if you did not remember to send in your check then you should try to do so as soon as possible to avoid excessive penalties.

9. Franken-Farming

October is a busy month for many farmers. Luckily, there are several ways for taxpayers who own farms to save on their taxes. Hiring family members or depreciating capital farm assets are both tax savvy moves to make. For more information, you can read IRS Publication 225, Farmer’s Tax Guide.

10. Creepy Calculating

Like it or not, Halloween means that there are only two months left in the year. It is a good idea to think about calculating your tax liability so that you get a head start on end of the year tax planning. If you are looking for ways to prevent owing the IRS a large payment, then check out this article on RDTC.com with advice on how to lower your tax liability.

The 10 Richest Presidents

Forbes put together a great story on the 10 wealthiest Presidents of the United States. To see what Presidential faces grace the list, check out a segment of the story below or watch this slideshow on Forbes.com.

Don't believe all that born-in-a-log-cabin hype. Only four United States presidents actually started out that way, Abraham Lincoln being the most famous. By the time the other three, Franklin Pierce, James Buchanan and James A. Garfield, entered the nation's highest office, they shared one trait with its other 40 occupants: All had achieved a certain measure of financial prosperity.

Despite two centuries of campaign rhetoric touting identification with the common man, the simple fact is that no truly poor individual ever has become president of the United States.

Can anyone grow up to be president? If history is a judge, one just cannot become President unless they first amass sufficient financial wherewithal to withstand often income-less political races. (If Sarah Palin runs for president she'll need that $10 million Forbes estimates she has earned in book advances and speaking fees over the past year.)

Like citizens themselves, some presidents have been richer than others as they exercised their weighty responsibilities. Who were the flushest?

For our money, George Washington wins hands down. In the largely tax-free environment that characterized colonial America, he was considered one of its richest residents, a product of his shrewd business sense, a marriage to a wealthy widow and several inheritances. He benefited from an older brother's marriage into a powerful family, while early work as a surveyor helped give him a keen understanding of land.

Report: Ohio Tax Climate In Top 10 For Small Biz

Ohio has become one of the top 10 best places to run a small business in the US, claims the Dayton Business Journal. You can find a snippet of their post below, but the full article can be read here.

Ohio has climbed into the top 10 of an annual ranking of states with tax climates a business advocacy group considers friendly to small companies and entrepreneurs.

The Small Business and Entrepreneurship Council in its Business Tax Index 2009 ranked the state 10th based on 16 various tax measures combined into a single score. Those measures include a state’s top personal income tax rate and capital gains tax rate along with its sales, unemployment, gasoline and property taxes.

Ohio was ranked 14th on the council’s list a year ago.

Topping the list this year was South Dakota, followed by Nevada, Wyoming, Washington and Texas. The study considered the District of Columbia’s tax climate the unfriendliest to small business. It was followed by New Jersey, Minnesota, Maine, California and New York state.

Ohio fared best in the report’s look at states’ top corporate capital gains tax rates and corporate income tax rates, ranking sixth in both measures. A breakdown of states’ gasoline taxes was the state’s worst showing, Ohio ranking in the bottom 20 for its levy of 28 cents a gallon.