All the stock market turmoil has created an interesting situation for many retirees in America. Those age 70½ or older must withdraw certain minimum amounts from their retirement accounts each year under the Internal Revenue Service rules. (The purpose behind forcing those withdrawals is the fact that they become taxable when taken out, so the IRS gets a cut.)

Many retirees have seen their retirement account values drop in recent months, and would rather not take a distribution this year if they don't have to. Assets like stocks, bonds, and mutual funds would have to be sold to make the distributions, and since the value of those investments are down, selling them locks in a loss for the seniors.

Lobbyists are encouraging Congress to pass legislation that would temporarily halt the minimum distribution requirements. By not forcing withdrawals this year, the IRS would allow retirees to hold their investments, waiting for them to regain at least some of their value over the next year. Retirees must play a bit of a waiting game, however, as lawmakers have not made a decision on this issue.

Those who haven't taken a minimum distribution this year would do well to hold off. Wait until closer to the end of the year to see if there will be a temporary change to the rules that may benefit you.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

If you're not filing your federal income tax returns electronically, you are in the minority. The Internal Revenue Service has seen a big jump in the number of taxpayers using e-file over the last 10 years. In 2008, almost 58% of the 155 million tax returns filed were filed electronically, and it's time for you to get on the bandwagon.

There are plenty of benefits to electronic filing, and probably the most popular is the speed with which you can receive your tax refund. If you opt for direct deposit of your refund, you can usually expect your money in one to two weeks.

If you prefer a paper check, plan on a couple of extra weeks. In contrast, those who file paper returns never know when they'll receive their refunds. It could be several weeks or a couple of months, depending on how busy the IRS is.

The other big benefit to e-filing is accuracy. If you send in a paper tax return, someone at the IRS has to key your data into their computer system to check it against other records they have on file for you, such as W-2s and 1099s. If you file electronically, that manual process is eliminated, and you are virtually assured that the information on your taxes will end up in the IRS computers exactly as you sent it.

The IRS makes it easy for everyone to e-file. Almost every tax preparer around the country (except for a few old school types) offers e-file. And if you make $54,000 or less, you're able to e-file for free with programs in which the IRS participates

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

If you didn't get a piece of the economic stimulus pie the first time around this year because you either made too much or too little, you might still be able to get in on it.

To be eligible for a check in 2008, taxpayers had to have a minimum amount of earned income or Social Security retirement income on their 2007 tax returns. There was also a maximum in place to stop high-income taxpayers from receiving a check.

But even if they got shut out on their 2007 returns, taxpayers might still be able to get some money based on 2008 income numbers. So if your situation has changed dramatically -- say you got laid off, or something like that -- you could qualify! What matters is if your 2008 income falls within the parameters set up by the IRS. This is going to mean a little boost for those who may have lost a job or otherwise had lower-than-normal income this year.

How much does the IRS think will still go out related to this twist in the law? Another $10 billion above what's already been paid out. If you didn't receive a check this year but are eligible based on your 2008 income, you'll claim a credit on your 2008 tax return. You won't receive a separate check for it.

Uncle Sam seems to think that lots of you will be eligible to receive this benefit in 2008, so don't overlook it. With slightly higher unemployment numbers this year, it's likely that a number of people will have reduced incomes that will qualify them for the economic stimulus package.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

It is reported that home values have decreased 17% across the country. And I know they have decreased where I live, in Milwaukee -- so what gives with my taxes? They just continue to go up. We just received notice of a 14.5% increase for next year. Supposedly taxes are based on home values and our house is compared to others in the neighborhood. If values are going down -- why aren't taxes?

I know, it is said that taxes never go down. But I just don't get it. Every year services get cut, the parks are neglected and my leaves sit in the street. Not sure where the taxes are going but it isn't for services. The roads are full of potholes and they are talking about taking down Hoan Bridge, which connects my area of town to the city, because the cost of repairs are too high. Where is all the money going?

I don't know about the rest of the country but mismanagement, sweetheart deals for some of the city and county employees and waste are at least part of the problem. Milwaukee's county executive, Scott Walker, continues to cut services to our beautiful park system while giving one of his key staff members a 33% raise. Our previous county executive was a part of a pension scandal that has cost taxpayers millions. Why do I have to pay for other people's mistakes?

These are the kinds of issues that voters are upset about. Make sure your voice is heard in the voting booth.

Barbara Bartlein is the People Pro. For her FREE e-mail newsletter, please visit: The People Pro.

Joe the Plumber, friend of American taxpayers, has taken a beating over the last couple of days for daring to ask Barack Obama a question many of us would like to ask. He wanted to know how Obama's tax increases on "the wealthy" might affect him if he buys a plumbing business. How dare he ask such a question when he is behind on his taxes, has no plumbing license, and might not even be able to afford to buy this plumbing business!

Joe never claimed to be anything other than a taxpayer with a question. Yet he's been "vetted" by the media and details of his divorce and income tax situation have been blasted all over the Internet. I'm not saying there's necessarily anything wrong with people looking at these public records and discussing them, yet you have to feel sorry for the guy who really didn't ask to be put under a microscope like this. He just wanted to ask a simple question about taxes.

But it got me thinking... The implication from a number of media outlets and bloggers is that since Joe is delinquent on his taxes, he shouldn't be asking Barack Obama a question. I don't know that anyone's been so crude as to actually come out and say that, but I think the harsh criticism of Joe has made it pretty clear that many people think he should shut his mouth.

The airlines might have found a tax loophole, and you're it. The travel consultancy firm T2 recently published a worrisome blog post that is gaining traction. The airlines' extra fees, it says, aren't just costing consumers more. They're also enabling the airlines to dodge tax to our government.

Until a few months ago, checking a bag was considered a service that came with the base fare that you paid when you bought your plane ticket. That was taxed at a rate of 7.5%. But now many airlines are charging up to $50 for each bag each way, and because it's not part of the base fare, that fee isn't subject to tax. T2 says that cash belongs to the airlines, free and clear.

So a carrier like United, T2 writer Timothy O'Neil-Dunne calculates, would be cheating Uncle Sam out of tax income of $7.5 million for each $100 million it makes on extra fees. Given that United recently surmised that it stood to make $700 million on its extra fees, that's a lot of cash that won't be going to our schools, our roads, our veterans programs, and our elaborate Wall Street bailouts. Not only do consumers get screwed by these extra fees, they get screwed out of the greater good of tax revenue.

Using numbers from the non-partisan Tax Policy Center, the website AlchemyToday came up with a calculator to see how much Barack Obama would raise your taxes. It's a nifty device that should help clarify for people the big differences in economic policy in this election.

Are you making less than $603,000? If so, Obama isn't going to raise your taxes, the data show.

According to a Gallup Poll, 53% of Americans think Obama is going to raise their taxes, compared with just 34% who suspect the same of McCain. That means that at least 48% of Americans don't really understand what Obama is going to do and one-third don't understand what McCain is proposing. Where would so many people get the crazy idea that Obama's secret plan is to raise taxes? Well, it could be because John McCain tells them that every chance he gets.

Boy, were there some serious fireworks in the Dolan household over this one!

Very seldom do Daria and I VEHEMENTLY disagree on an issue...much less about something that involves things we are both passionate about -- food and good health. But we had a hot debate about this one.

Here's the issue: The state of Alabama is giving its state employees, all 37,527 of them, one year to get fit. If they don't, they start paying $25 a month for health insurance that they get currently get free.

All those who filed extensions for their 2007 tax returns, both business and personal, are probably starting to panic about now. They filed the extensions, and now they're trying to remember when the tax returns are actually due. It was much easier to put off filing even longer once the extension was sent in.

Here's a rundown of the dates you'll need to keep in mind:

• Personal taxes (Form 1040) -- If you filed an extension, you've got until October 15 to file your return. Don't wait any longer than that. If you're eligible for an economic stimulus check, you can only get it if you meet the October 15 deadline. You won't get a check if you file after October 15.
• Sole Proprietorship (Schedule C) -- If you file your business taxes as a sole proprietorship, you'll be filing a schedule C with your Form 1040, and therefore will also be subject to the October 15 deadline.
• Partnerships and LLCs (Form 1065) -- You have until October 15 to file if you sent in an extension.
  
• Corporations (Form 1120) - You have until September 15 to file if you sent in an extension.

This page provides a handy calendar regarding due dates for tax returns and estimated tax payments. Don't forget that filing an extension did not give you an extension on time to pay your taxes. All taxes due on income earned in 2007 should have been paid by January 15, 2008. If you still owe money, you will be assessed interest and penalties on any amount that was paid late.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Randy Nowak, a Florida resident, has been arrested and charge with attempted murder of an employee of the United States for plotting to kill an Internal Revenue Service employee. He wanted the IRS Revenue Officer killed because she was investigating his personal and business finances.

Nowak offered an undercover FBI agent $20,000 to kill the Revenue Officer, and even put $10,000 down toward the deed. He also inquired as to whether the undercover agent would be willing to burn down the IRS office in Lakeland, Florida. The taxpayer allegedly had $4 million hidden in offshore accounts, and was going to owe around $300,000 in back taxes. The tax liabilities related to un-filed corporate taxes for his construction business, R.J. Nowak Enterprises, Inc.

When negotiating with the IRS about tax liabilities, it's probably best if you're not trying to kill the person in charge of auditing you. It's much more cooperative if it doesn't think you're trying to hire a hit man to whack one of its officers. And believe it or not, the IRS does negotiate on tax bills and a taxpayer who goes about it the right way might have some success in reducing what's owed and making payment arrangements.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Walk past a newsstand these days and you'll see dozens of glossy magazines with the faces of the rich and famous staring back at you. Glamour, fame, fortune! But behind the fancy clothes and re-touched photos, celebrities are just people who, like us regular Joes, make serious mistakes. No, not bad plastic surgery or making the Worst Dressed list, we're talking about making serious money mistakes.

Here are nine that have made headlines recently...

Money Mistake #1: Not Signing a Pre-nuptial Agreement
If the rampant rumors are true, Madonna and Guy Ritchie may be the latest celebrities calling it quits--and the latest to potentially end up in a nasty fight over money since the Material Girl apparently didn't have a prenuptial agreement. This puts Madonna's estimated $600 million fortune at risk. Remember, earlier this year another British court ordered Sir Paul to pay ex-Heather Mills a whopping $48.7 million, so this could cost Madonna dearly.

You don't need to be filthy rich to need a pre-nup. If you bring assets to your partnership that you want to be sure you keep 100% of if things don't work out, it's essential you work out a pre-nuptial agreement before you are married.

Money Mistake #2: Not keeping your will up to date.
Actor Heath Ledger's tragic death was compounded by the fact that neither his girlfriend, Michelle Williams, nor their daughter, Matilda, was included in his will. That wasn't a slight...Ledger just hadn't updated his will since 2003, well before either was in his life.

We all get busy, and visiting a lawyer to update your will isn't at the top of anyone's "fun" list, but it's one of the most important things you can do to protect your loved ones should something unexpected happen to you. Be sure you update your will to address any major life event, such as marriage, divorce or the birth of a child or grand-child.

Money Mistake #3: Losing a home to foreclosure
You've probably seen former Tonight Show host Ed McMahon in the headlines lately. In a sad turn of events, McMahon, once famous for knocking on people's door to make their dreams come true, is now facing the nightmare of losing his home to foreclosure.

Records show McMahon is $664,000 behind in payments on his Beverly Hills mansion. How could this happen? Simple: McMahon got caught by the housing bust just like so many other Americans. He bought a big house and took out a home equity loan when banks were saying "yes" to almost any request. Meanwhile, the value of his house went down with a very weak real estate the market, and he got behind in his payments.

Other celebs to lose their homes this year include queen of soul Aretha Franklin and disgraced baseballer Jose Canseco, who simply abandoned his $2.8 million pad -- just walked away and let the bank take it. (See a gallery of recent celebrity foreclosures here)

Money Mistake #4: Going Bankrupt
We know, we know, cry us a river, right? It's hard to muster much sympathy for celebrities who made a fortune and squandered it all, but the list of celebs forced to declare bankruptcy is surprisingly long. The newest member to join this unfortunate club is rapper MC Hammer, who burned through $30 million with his penchant for fancy cars, homes and a huge entourage. Other bankrupt celebs include boxer Mike Tyson, figure skating darling Dorothy Hamill and Debbie Reynolds.

Keep reading to learn about the two superstars who are in danger of adding their name to the list...

See the full list

A couple big stories out today in BusinessWeek and the Los Angeles Times talk about how state and local governments are getting pinched by both high gas prices and falling home values, which cut property tax revenues. They're just as broke as the rest of us. Governments are coming up money-saving schemes that range from creative to despicable. With expenses up and revenues down, governments are hoping to boost other revenues, like traffic tickets and lottery sales. So unless you plan to make up the budget shortfall, watch out.

Twenty-four states are in the red this year, the Times says, quoting stats from the National Conference of State Legislatures. They're cutting the favorite targets of school budgets and public health benefit. Local governments are cutting back on services like buses or parking the bookmobile. Some places are cutting back on all the unnecessary grass-mowing. BusinessWeek says Stillwater, Oklahoma cut its mowing in half, letting parkland turn into prairie. Somewhere Lady Bird Johnson must be smiling.

As much as no one wants to cut back on public safety, for some districts it's inevitable. Cops around the country have to watch their gas spending. Some are switching to alternate vehicles, like golf carts, or just doing foot patrols. Cops in El Paso County, Colo., saw their gas bill climb from $160,000 in 2003 to a projected $700,000 next year, the Times reported, so they stopped car patrols, a move they say will mean they won't be able to catch as many drunk drivers. BusinessWeek says Arizona is going to boost traffic tickets from cameras -- how many speeding tickets can a cop in a golf cart issue -- and stepped up lottery sales. Earlier this year California hatched a new lottery plan and Colorado decided to increase ticket fees. Expect to see these schemes around the country.

I'm all for the government cracking down on collecting child support payments, and taking the money directly out of IRS payment seems like a winning plan. But the $2 billion that the government has collected so far isn't all from deadbeat dads. I, for instance, am part of the 39% of those who had money withheld for an unpaid federal debt. And I still don't know why.

I apparently owed the federal government $89.49 and they took it from my rebate check. I got a letter in the mail from the Department of the Treasury that told me, "As authorized by Federal law, we applied all or part of your Federal payment to a debt you owe." Then it gave an address and phone number for a Birmingham, Ala. processing center.

I called, of course, and all they could tell me is that the Transportation Security Administration had taken my money. They said they could give me their main number. They might as well have offered to give me the number for the White House to ask President Bush what was up with my payment. I didn't figure you could just call a mammoth government agency and get any kind of response.

Betty was excited about receiving her IRS stimulus check -- but when she called to inquire about why the money hadn't arrived in her account, she was politely informed that she was dead.

Now the IRS is taking weeks to correct its mistake and Betty, who is living on a fixed income, is struggling to cover her living expenses. Check out the video below.

The San Francisco Chronicle reports that Ivana Trump -- the former Mrs. Donald and mother of Ivanka, Donald Jr. and Eric -- failed to pay a $145,216 tax bill because of all the excitement surrounding her $3 million wedding to Rossano Rubicondi.

According to The Daily Dish, "Trump was named and shamed by Florida authorities after failing to pay the property tax on her $10 million estate."

I say leave this woman alone. Not only did she marry Donald Trump, she slept with him enough times to have 3 children. Anyone who did that should not have to pay taxes again. She's suffered enough! I know that she received a reported divorce settlement of more than $40 million but still. That's not nearly enough for putting up with him.