Alloy Silverstein - 2003 Weekly Tax Tips Archive

July 19th - 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.

July 12th - 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.

July 5th - 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.

June 28th - 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.

June 21st - Payroll tax update
As the second calendar quarter of the year winds down, a business owner's thoughts turn to... payroll tax.

June 14th - 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.

June 7th - 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

May 31st - Military tax breaks are available
National Military Appreciation Month trivia question: How many military tax benefits can you name?

May 24th - Do you need to file an FBAR?
Remember the FBAR!
No, it's not a reminder for law school students or a rallying call for a historical event. FBAR is the acronym for the Report of Foreign Bank and Financial Accounts, a form you have to file each year by June 30 if you have an interest in a foreign bank or brokerage account.

May 17th - 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?

May 10th - 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?

May 3rd - Don't ignore employer penalty notices
So, did you reconcile your payroll reports for 2008? If not, you may want to check your figures.

April 26th - Penalty abatement may be possible
Sometimes you can't help doing what you'll have to find an excuse for later.

April 19th - The HIRE Act offers tax breaks for hiring
Are you thinking of hiring new employees, or rehiring previously laid-off workers? You may qualify for a payroll exemption as well as a business credit under the newly enacted Hiring Incentives to Restore Employment Act (HIRE Act).

April 12th - Direct deposit: Should you buy savings bonds?
Everything old is new again.
Forty years ago, you could choose to have your federal tax refund sent to you in the form of U.S. savings bonds. That option, among others, is once again available on your 2009 return.

April 5th - 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.

March 29th -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.

March 22nd - 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.

March 15th - 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.

March 8th - 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.

March 1st - Did you receive Form 1099-C?
What is that mystery form?
If you borrowed money that your lender says you no longer have to repay, you may have received a tax information statement you've never seen before. Form 1099-C, which lenders send to you and to the IRS, shows the amount of the cancelled debt — an amount that may be taxable income to you.

February 22nd - Missing a W-2?
Accept no substitute.
Fortunately, you can forget that slogan when events like natural disasters or bankruptcies cause your employer to neglect issuing your W-2. The IRS will accept a substitute in situations that leave you unable to obtain year-end wage statements.

February 15th - 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.

February 8th - 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.

February 1st - 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.

Janaury 25th - 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.

January 18th - Payroll – A 2010 employer update
When it comes to employment tax, 2010 is a year when many things change — and much remains the same.

January 11th - 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?

January 4th - 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.