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Tax Tips
of the Week

December 31, 2001 Note the new standard mileage rates for 2002
These rates can be used in lieu of keeping track of actual vehicle expenses when conducting business, working for charity, moving to a new home, or traveling for medical care.
December 24, 2001 Some home improvements are deductible medical expenses
Assuming your home improvement is for a bona fide medical purpose, the construction cost is deductible to the extent that the cost exceeds the increase in value of your home.
December 17, 2001 Don't get taken for a ride
The charity promises a tax deduction in return for your old car, boat, or aircraft. Is this pitch too good to be true?
December 10, 2001 Some estates benefit by the drop in the stock market
The estate administrator can use the date that is most advantageous to the estate.
December 3, 2001 Know which dependents you can claim
For any number of reasons, you could find yourself opening your home to relatives in need. In some cases, the guests could become fairly permanent occupants.
November 26, 2001 Be aware of taxes when you sell a gift
Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being due by the donor.
November 19, 2001 How to make the best use of your accountant
If you have a tax return that is anything other than the very simplest, you can benefit from professional help.
November 12, 2001 A little planning can save you big dollars
As we approach the end of the tax year, here are some tax-cutting decisions you should consider:
November 6, 2001 Alimony: save money by knowing the tax rules
It can be financially painful to make huge long-term payments to an ex-spouse.
October 22, 2001 Deduct your "points"
If you recently purchased a home or refinanced your home mortgage, you may be entitled to a tax deduction.
October 15, 2001 Consider these tax breaks to cut your education costs
As your child heads to school this fall, consider these tax-advantaged ways to pay for college expenses.
October 8, 2001 Take precautions for disaster
Following the September 11 terrorist attacks, President Bush declared five New York boroughs and Arlington County, VA as federal disaster areas.
October 1, 2001 Reverse 2000 Roth conversion before October 15 to cut taxes
Fortunately, you can still reverse a 2000 Roth rollover and eliminate the tax bill on the conversion.
September 24, 2001 Start your year-end tax planning now
It may be tempting to ignore your taxes until you sit down to prepare your 2001 return.
September 10, 2001 Businesses: Set up SIMPLE plan by October 1
If you're self-employed or own a small business and don't currently have a retirement plan in place, consider setting up a SIMPLE plan (Savings Incentive Match Plan for Employees).
August 27, 2001 Get an appraisal before you donate
If you are planning to donate a major asset to a charity, it's a good idea to get an appraisal before you donate the property.
August 20, 2001 Get tax relief following a natural disaster
If you suffered damage to your home or other property from a natural disaster (flood, tornado, hurricane, earthquake, etc.), you might find relief in the form of a quick tax refund.
August 6, 2001 Avoid IRA beneficiary blunders
Earlier this year, the IRS announced new rules for retirement plans. Now you can change your IRA beneficiary anytime, even after you've begun taking distributions.
July 30, 2001 Get tax breaks from your vacation home
If you own a vacation home (some boats and recreational vehicles also qualify) that you also rent out to others, keep track of who uses it during the year to maximize your tax breaks.
July 23, 2001 Avoid this divorce trap
Dividing marital property when couples divorce can be a tedious and difficult process. In many cases splitting the assets 50-50 may appear to be a fair distribution, but not all assets are created equal under the tax law.
July 16, 2001 Take these tax breaks if you support your parents
Supporting an elderly parent can be expensive, but you might be entitled to these tax breaks to help offset some of your costs.
July 9, 2001 Get the most mileage out of your retirement plan assets
The IRS announced new rules for retirement plans this year.
July 1, 2001 Turn your losses into a tax break
If you are holding worthless or underperforming stocks in your investment portfolio, you may be able to use them to cut your taxes this year.
June 25, 2001 Avoid this costly mistake
When you change jobs, you may be faced with making a decision about what to do with your 401(k) money.
June 18, 2001 Employers: Withhold less tax after June 30
The IRS just released new wage withholding tables (Publication 15-T) to reflect the rate reductions effective July 1, 2001.
June 11, 2001 Expect a tax rebate check soon
Sometime in the next few months, millions of American taxpayers will receive an advance refund check for 2001.
June 4, 2001 Get ready to "crunch the numbers" with new tax law
Congress just passed the $1.35 trillion Economic Growth and Tax Relief Reconciliation Act of 2001.
May 28, 2001 Don't forget to recover your cost
Good recordkeeping is essential to keeping your taxes the lowest allowed under the law.
May 21, 2001 Don't give Uncle Sam a tax-free loan
While some taxpayers rely on the IRS to help them save money, these refunds amount to interest-free loans to the IRS.
May 14, 2001 What to do if you missed the April 16 filing deadline
Whether you owe the IRS money or the IRS owes you, don't stick your head in the sand when it comes to filing your income tax return.
May 7, 2001 Take advantage of the stock market decline
The decline in the stock market might not be all bad news. In fact, it might present a great opportunity to save taxes.
April 30, 2001 Choose your auto expense method wisely
The IRS allows two different methods to calculate your tax deduction - the actual expense method and the standard mileage method.
April 23, 2001 Don't overpay your income tax
Oversights and errors are not uncommon, so the IRS provides a way for you to correct them.
April 16, 2001 What's an "above-the-line" deduction?
Above-the-line deductions reduce your adjusted gross income (AGI).
April 9, 2001 Cut a deal with the IRS
If you can't pay the entire balance due on your 2001 income tax return, you may be able to work out a monthly payment plan with the IRS to avoid its other collection efforts.
April 2, 2001 You don't need to replace your home
When you sell your home, you don't have to buy a more expensive house in order to postpone taxes on the sale.
March 26, 2001 Reclaim your garage and get a tax deduction too
Is your garage or storage unit full of "treasures" that you will never use again?
March 19, 2001 Understand your tax bracket
What does it mean when someone says he is in the 28% tax bracket? It means that the top tier of his income is taxed at a 28% rate.
March 12, 2001 Pick the best filing status
Understanding your filing status choices and selecting the one that is best for you can cut your tax bill.
March 5, 2001 Follow the IRA rules or pay a 50% penalty
IRA's rules are complex and they just changed again.
February 26, 2001 Keep these items in mind for April 16
This year, you have until April 16 to file your Federal individual income tax return, because April 15 falls on Sunday.
February 19, 2001 Don't overlook legitimate tax deductions
The filing deadline for your 2000 individual tax return is April 16. In your rush to send your return to the IRS, don't overlook valuable tax deductions.
February 12, 2001 Use tax breaks to lower the cost of raising your child
Adding a child to your household can enrich your family, but it can also deplete your bank account.
February 5, 2001 Avoid becoming a pen pal with the IRS
Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary.
January 29, 2001 Check to see if the IRS owes you money
The IRS is holding over 90,000 refund checks worth more than $67.4 million because it can't find the taxpayers they belong to.
January 22, 2001 Make sure your social security numbers are correct
If your tax return has an incorrect or missing social security number, the IRS may increase your tax or reduce your refund.
January 15, 2001 It's not too late to change your mind about your IRA
When you make an IRA contribution, you must specify whether you are contributing to a traditional IRA or a Roth IRA.
January 8, 2001 The year 2000 was not a good year for Roth rollovers
Most investors saw their stock portfolios drop in value as 2000 came to a close.
January 1, 2001 Your investment expenses are deductible, within limits
Investment expenses such as investment counseling, office expenses, and management fees are deductible as miscellaneous itemized deductions.
   

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