12/6/2010 - Remember your RMD
Reminder: Required minimum distributions (RMDs) are back for 2010!
11/29/2010 - Gaining an understanding of capital gains
Are your investments gaining in value? Then you'll want to understand how the capital gain tax works. Here's a refresher.
11/22/2010 - Education Tax Benefits
Are you or a family member paying education expenses this year? If so, you may be eligible for a variety of tax benefits. Here's a review.
11/15/2010 - Information reporting rules don't change for 2010
You've probably been hearing about changes to Forms 1099 for purchases of goods, payments to corporations, real estate rentals, and credit card transactions.
11/8/2010 - Tax strategies investors should consider at year end
As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering.
11/1/2010 - Funding your trust is important
A trust can be a valuable part of your financial and estate plan — as long as you do more than just sign the trust agreement. Adding property to your trust, known as "funding," is an important step that allows your trust to function so you can achieve your goals.
10/25/2010 - Privacy issues and taxes
Business taxes involve a lot of paperwork, and those papers typically contain a lot of personal financial information. Are you taking steps to make sure your records are secure?
10/18/2010 - Consider the tax aspects of incorporating
October is the traditional month for asking tricky questions, so here's one you may have on your mind: Is incorporating a good idea?
10/11/2010 - Avoid these penalties
Tick-tock. Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2009 individual income tax return.
9/27/2010 - October tax reminders
It's easy to forget to remember. Unfortunately, forgetting to remember tax deadlines can cost money.
9/20/2010 - Limited liability companies and the IRS
After much consideration, you've decided the best form of ownership for your business is a limited liability company (LLC), which offers limited protection from creditors along with managerial flexibility.
9/13/2010 - Build America bonds: Some important facts
When you think of municipal bonds you probably also think of tax-exempt interest income. But did you know some municipal bonds generate taxable income?
9/6/2010 - A review course on education tax credits
As the fall semester starts up, so do questions about education tax credits.The interest is natural - credits are valuable tax breaks, because you can subtract them directly from the income tax you owe.
8/2/2010 - Pay yourself reasonable wages
What rule do you follow if there are no rules to follow?
7/26/2010 - The kiddie tax: A basic review
Got college-bound kids? Then you might have questions about the kiddie tax, since these federal rules can apply to the unearned income of full-time students up to age 24.
7/19/2010 - Follow IRA withdrawal rules
"You put your money in, and you take your money out." Unfortunately, the rules for taking withdrawals from your IRA are not as simple as those for performing the classic children's dance.
7/12/2010 - Homebuyer tax credit extension
If you signed a contract before May 1 to buy a home, but have been unable to close the deal, you still have time to apply for the homebuyer tax credit. The deadline for finalizing the paperwork on your new home has been extended through September 30, 2010.
7/5/2010 - Collectibles face special tax rules
Thinking of selling part of your memorabilia collection or investing in an exchange traded gold fund? While these items are generally considered capital assets, tax rules can differ from those that apply to other investments.
6/28/2010 - Rental property tax rules are complicated
Whether you're an intentional landlord or an accidental one, you may have questions about how to report rental income and expenses. That's understandable. The rules are complex. Even the IRS admits it, saying errors related to rental real estate activities contribute to what's called the "tax gap," a measure of tax law compliance.
6/15/2010 - Don't overlook the Roth five-year holding requirement
The new, less restrictive rules in effect this year for Roth conversions may have you pondering whether now's a good time to convert your traditional IRA funds to a Roth IRA. While your decision involves many factors, one wrinkle to consider is the five-year holding period for converted assets.
6/1/2010 - Questions to ask before retiring
If you're within a stone's throw of retirement — for most folks, that's somewhere between the ages of 55 and 65 — you've probably spent at least a little time dreaming about life after work. But before you turn off the computer and turn in your retirement paperwork, consider three important questions.
3/29/2010 - Can you take a home office deduction?
As you celebrate "National Organize Your Home Office Day" in March, you might discover a tax break under the clutter: the home office deduction. The deduction is available when you use part of your home regularly and exclusively as your primary place of business, or for meeting clients.
3/15/2010 - Homeowners get tax breaks
You've no doubt heard about the refundable federal income tax credit for first-time or long-term homebuyers who purchase a new home. But you may be wondering what credits or deductions are available if you're already a homeowner and you're not planning to move.
3/8/2010 - Take a closer look at Form 1099-R
Forms 1099-R — they arrive in your mailbox this time of year, taxing reminders of your retirement account decisions during 2009. Right there, in box one, is the total amount you withdrew from your pension, annuity, IRA, or other retirement plan.
2/15/2010 - Who has to file an income tax return?
Your father asks if it's true people over age 70 no longer need to send in tax forms. Your workout buddy wonders whether everybody has to file, even when no tax is due. Your college freshman wants to know if she'll need to prepare a return for 2009 since she's a full-time student and you'll be claiming her as a dependent.
2/8/2010 - New law allows early deduction for Haiti relief donations
A law signed by President Obama on January 22 lets you take an early tax deduction for contributions you make for earthquake relief to Haiti. And if you use your cell phone to donate via a text message, the new law gives you an easier method for substantiating your contribution.
1/25/2010 - What's your status?
While gathering information to complete your income tax return, you may give little thought to your filing status. But there's a reason "filing status" choices appear at the beginning of tax forms: They're important.
1/4/2010 - What to expect on your 2009 return
So what's new? If the question is about your 2009 federal income tax return, the IRS has been ready with the answer since June, when a draft copy of this year's Form 1040 was released.
"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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