Alloy Silverstein - Resources

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.

8/30/2010 - Unclaimed property can be a business issue

It sounds like a crossword puzzle clue: Name a seven-letter medieval word that can affect your 21st century business.

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.

6/21/2010 - Payroll tax update

As the second calendar quarter of the year winds down, a business owner's thoughts turn to... payroll tax.

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.

6/7/2010 - Can you qualify for the small business health insurance credit?

Graphics, videos, and four million postcards from the IRS. The small business tax credit that you might qualify for when you provide health insurance coverage to your employees has gotten a lot of publicity.

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.

5/31/2010 - Military tax breaks are available

National Military Appreciation Month trivia question: How many military tax benefits can you name?

5/24/2010 - Do you need to file an FBAR?

Remember the FBAR!

5/17/2010 - Roth IRA conversion: Act now, pay later?

Are you thinking of converting your traditional IRA, SEP IRA, SIMPLE IRA, or other qualifying retirement plan to a Roth IRA this year?

5/10/2010 - Start your 2010 planning with your 2009 tax return

Have you been too busy to start this year's income tax planning? Would having an already completed reference guide help?

5/3/2010 - Don't ignore employer penalty notices

So, did you reconcile your payroll reports for 2008? If not, you may want to check your figures.

4/26/2010 - Penalty abatement may be possible

Sometimes you can't help doing what you'll have to find an excuse for later.

4/12/2010 - Direct deposit: Should you buy savings bonds?

Everything old is new again.

4/5/2010 - The Patient Protection and Affordable Care Act reforms health care

The recently signed health care legislation has an official name, but you probably think of it simply as health care reform. And now that it's law, you may be wondering what tax changes are in store.

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.

3/22/2010 - Deducting interest expense: What you need to know

Where does your interest lie? If interest you paid during 2009 rests in a tax-deductible category — or sprawls across several of them — you may be able to reduce your tax bill.

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.

3/1/2010 - Did you receive Form 1099-C?

What is that mystery form?

2/22/2010 - Missing a W-2?

Accept no substitute.

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.

2/1/2010 - The dependency exemption: What you need to know

Who depends on you? When the people counting on you for support are qualifying children or relatives, you may be eligible for a dependency exemption of $3,650 on your 2009 federal income tax return.

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.

1/18/2010 - Payroll � A 2010 employer update

When it comes to employment tax, 2010 is a year when many things change — and much remains the same.

1/11/2010 - Review payroll reporting for 2009

Would you be ready if your business was one of the 6,000 companies expected to be randomly chosen for employment tax audits beginning this February?

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.