Monthly Archives: March 2010

Identification of stock sales

The stock market continues to have its ups and downs. Therefore, it’s not unusual for an investor to own shares of the same stock purchased at different times and different prices. How are tax gains or losses calculated when a few shares are sold? When in doubt, the IRS assumes the first shares bought are [...]

Hiring Incentives to Restore Employment Act (HIRE)

President Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE), an economic stimulus plan that contains $15 billion dollars in new incentives for businesses, which hire unemployed workers in 2010. Two key provisions that may affect you: Eliminating the current 6.2 percent employer Social Security tax for eligible new hires A $1,000 [...]

What documents are acceptable as proof of identity and foreign status?

There are now 13 acceptable documents the IRS will accept as proof of identity. An original, or a certified or notarized copy, of an UNEXPIRED passport is the only document that is accepted for both identity and foreign status. If you do not have a passport, you must provide a combination of current documents that [...]

How do I make sure my tax return is received by the IRS?

The tax court has ruled that a tax return is not considered timely filed if it is lost by the U.S. Postal Service and it was not sent by registered or certified mail. In order to avoid the risk of your return being lost in the mail, and therefore, treated as not received by the [...]

Questions that arise when a loved one departs

What papers will I need? Here is a list of the papers that you will probably need: Certified copies of the death certificate (at least 10). You can purchase them through the funeral director or directly from the county Health Department. Copies of all insurance policies -- which may be in the deceased's safe deposit [...]

Should you pay off credit cards with a home equity loan?

One of Shakespeare's oft-quoted lines — "Neither a borrower nor a lender be" — is sage advice, especially for many cash-strapped Americans. But perhaps you haven't followed Shakespeare's wise counsel. If credit card payments are taking a big chunk from your paycheck, you may wonder if it's a good idea to use your home equity [...]

When is income taxable, and when is it not?

You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do you know the tax status of other types of income? Here's a quiz to test your knowledge. You tell your son he'll be the sole [...]

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