Looking for something specific? Enter one or more keywords and search our entire site.	900 N. Kings Highway, Cherry Hill, New Jersey 08034 856.667.4100 · 215.563.0276 · Fax: 856.667.3652 Weekly Tax Tips 2002 Tax Tips Archive Avoid problems with your 2002 tax refund The IRS is still trying to find nearly 100,000 taxpayers who are due refunds on their 2001 tax returns. December 30, 2002   Make wise retirement plan choices when you change jobs When you change jobs you're likely to face a decision with major tax consequences - what to do with the balance in your retirement plan. December 23, 2002       Supporting a parent can provide tax breaks Are you supporting an elderly parent? If so, don't overlook several tax breaks that might help you offset some of your expenses. December 16, 2002   Refinancing your home loan may have tax benefits Have you taken advantage of falling interest rates and refinanced your mortgage this year? If so, don't overlook the following tax deductions. December 9, 2002       Time is running out for making 2002 tax-free gifts Each year you can make gifts up to a certain dollar limit to an unlimited number of people free of any gift tax. December 2, 2002   Donate appreciated property for a double tax break Did you know you might qualify for a double tax break if you donate appreciated property to charity? November 25, 2002       The luxury car tax expires next year If you're thinking of buying an expensive car in the next couple of months, it might pay to postpone the purchase. November 18, 2002   Get a tax credit for retirement plan contributions Beginning this year, you could receive up to a $1,000 tax credit for contributing to an IRA or retirement plan at work. That's in addition to the normal tax benefit for contributions. November 11, 2002       You can't convert to a Roth IRA if your income is over $100,000 If you're thinking of converting a traditional IRA to a Roth IRA, there are a couple of restrictions to watch out for. November 4, 2002   Consider "bunching" your itemized deductions Have you found yourself with itemized deductions you can't use? The problem arises because several types of deductions have minimum amounts you must reach before you can take the deduction. October 28, 2002       Use your alimony to fund an IRA Did you know you can use alimony payments you receive to open an IRA? October 21, 2002   Watch out for wash sales In today's market conditions, many of us are selling stocks or mutual fund shares at a loss. When you find yourself in this situation, it pays to be aware of the rules for "wash sales." October 14, 2002       Don't underestimate your cost basis in stocks and bonds To minimize your taxable gain or maximize your tax loss when you sell investments, you want your cost basis to be as high as possible. October 7, 2002   What do taxes have to do with marriage? We associate marriage with love, roses, and wedding cake. But don't wait too long after the wedding to spend a little time on tax matters. September 30, 2002       What to do when you can't collect a loan A sad but common experience is that you've made a personal loan to a friend or family member and they can't or won't pay you back. September 23, 2002   Don't overlook these tax deductions Every year, millions of Americans pay higher taxes than necessary because they fail to take legitimate deductions. September 16, 2002       Offset adoption expenses with these tax breaks The cost of adopting a child can be staggering. Fortunately, the tax law contains several tax breaks to help offset your expenses. September 2, 2002   Protect your tax benefits Did you know that there are over 20 tax breaks that disappear once your income reaches certain levels? August 26, 2002       Don't miss the August 15 tax filing deadline If you filed for an extension of the April filing deadline, you have until August 15, 2002, to send your 2001 tax return to the IRS. August 12, 2002   Reduce pollution and reduce your taxes too A recent IRS announcement provides new information about a tax deduction for hybrid cars — vehicles that combine an electric motor with a small gasoline engine. July 29, 2002       Deduct the cost of losing weight The IRS recently issued guidelines on when you can treat the costs of a weight-loss program as a deductible medical expense. July 22, 2002   Beware of the latest identity theft scheme Reports of a new identity theft scheme are coming in from across the country. July 15, 2002       Don't put off estate planning Despite a recent effort by Congress to permanently repeal the estate tax, the estate tax is not dead. July 8, 2002   Your job-hunting expenses could be tax-deductible To qualify for the deduction, you must be looking for a job in your current occupation, not in a new field. July 1, 2002       Contribute early to your retirement savings As a general rule, you should make your contribution as early in the year as you can afford it. June 10, 2002   Federal income tax estimates may be required If you have income that is not subject to withholding, you may need to pay quarterly tax estimates. June 3, 2002       Abusive tax shelters are tax traps Promoters of abusive tax shelters would like you to believe that they know tax tricks that your accountant doesn't know about and that the IRS doesn't want you to know about. May 20, 2002   Amended income tax returns are commonplace If you forgot to report income or if you failed to take a deduction that would have reduced your taxes, you can file an amended tax return to correct the oversight. May 13, 2002       Better late than never If you have not yet filed your 2001 income tax return and you did not file for an extension, file your return now. May 6, 2002   Businesses: Check out these tax credits to cut your taxes The Job Creation and Worker Assistance Act of 2002 provides a two-year extension for a couple of business tax credits that expired at the end of 2001. April 29, 2002       New law gives teachers a new tax deduction Teachers who spend their own money to buy supplemental classroom supplies can write off up to $250 in expenses as an "above-the line" tax deduction. April 22, 2002   Write off business equipment purchases faster under the new law Businesses received a new tax break from the economic stimulus package recently signed by President Bush. April 15, 2002       Don't fall for these tax scams Every year thousands of taxpayers are scammed into believing tax schemes that are too good to be true. April 8, 2002   Protect yourself with a tax extension You must pay any tax due by the April 15th deadline to avoid penalties and interest. But an extension gives you until August 15, 2002, to file your return. April 1, 2002       Itemizing could save you money Generally, you are allowed to deduct on your income tax return the greater of your itemized deductions or the standard deduction. March 25, 2002   Pay attention to the newest tax law to cut your 2001 income taxes On March 9, President Bush signed the Job Creation and Worker Assistance Act of 2002. Here are two tax breaks that may affect your 2001 income tax return. March 18, 2002       Be sure your child doesn't miss this new tax break Last year's tax law created a new 10% income tax bracket and a lot of confusion. March 11, 2002   Don't wait until the last minute to prepare your 2001 tax return If you procrastinated about preparing your 2000 income tax return, don't make the same mistake this year. March 4, 2002       Pass more to your heirs tax-free The Tax Relief Act of 2001 provides new tax rules for transferring assets by lifetime gifts or through transfers at one's death. February 25, 2002   The 2001 Tax Act creates a new deduction for education The new tax law provides taxpayers with a new deduction for qualified higher education expenses. February 18, 2002       Put more dollars into your IRA The amount you can contribute each year to an IRA has gone up. And it will continue to go up for some years to come. February 11, 2002   Shave more from your tax bill this year Last year's tax law made sweeping changes to the retirement plan rules. January 28, 2002       Use direct deposit for a faster tax refund Each year thousands of tax refunds are returned to the IRS because the post office can't deliver them. January 21, 2002   File extended 2000 tax returns by the February 12 deadline In the days following the September 11 terrorist attacks, the IRS stepped in to provide some tax relief for affected taxpayers. January 14, 2002       Some low-income taxpayers are being paid to save A new "Saver's Credit" is available from 2002 to 2006 for qualified taxpayers. The intent is to encourage those least likely to save for retirement to do so. January 7, 2002             [Business Information] [Home] "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. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.
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