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July 2, 2009
Rabbi Abraham J. Twerski: The hallmark of a person
Abe Novick: Up, up, and aliya
July 1, 2009
Rabbi Avi Shafran: The Road Taken
The Kosher Gourmet
by Marialisa Calta: Get into the holiday spirit with these Star-Spangled desserts
June 30, 2009
Rabbi Binyomin Ginsberg: What makes a great parent?
Caroline B. Glick: Ideologue-in-Chief
June 29, 2009
The Jewish Ethicist
by Rabbi Dr. Asher Meir: Beware of 'Caveat Emptor'
Steven Emerson: ACLU pushing for more money for Hamas
June 26, 2009
Rabbi Yoni Posnick: Learn the secret to a healthy marriage from a scriptural villain
Caroline B. Glick: Barack Obama vs. International Law
June 25, 2009
Rabbi Shimon Apisdorf: The Absurd Power of Truth
Jordan "Gorf" Gorfinkle's strip:
Everything's Relative
June 24, 2009
Rabbi Yonason Goldson: Advancement of technology is a wake-up call for humanity
The Kosher Gourmet by Andrea Weigl: Summer on a stick: Making frozen treats can be easy, creative and fun
June 23, 2009
Martin M. Bodek: 'On Surnames': And so, We Begin
Caroline B. Glick: The Obama Effect
June 22, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir: Working for a corrupt firm
N. Richard Greenfield : Where are American Jews?
June 19, 2009
Rabbi Abraham J. Twerski: Emotion v. intellect
Caroline B. Glick: Israel's rare opportunity
June 18, 2009
Jonathan Rosenblum: Sometimes it is more essential to define the nature of evil than good
Jordan "Gorf" Gorfinkle's strip:
Everything's Relative
June 17, 2009
Rabbi Yonason Goldson: The Language of Confusion
The Kosher Gourmet by Linda Gassenheimer: Nothing pleases Dad more than a thick, juicy onion-smothered steak. Add home-Baked Potato Chips and …
June 16, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir: Career v. Careersism
Caroline B. Glick: Obama's losing streak and Israel
Richard Z. Chesnoff: Palestinians: Never Missing an Opportunity …
June 15, 2009
Israeli Prime Minister Binyamin Netanyahu: How Judea and Samaria can become 'Palestine'
Daniel Pipes: Where Netanyahu's speech failed
June 12, 2009
Rabbi Abraham J. Twerski: Some big thoughts about not acting so big
Caroline B. Glick:
Obama's High Commissioner
June 11, 2009
Victor Davis Hanson: Our historically challenged President
Mitch Albom: Beware the True Believers
Lewis Grossberger: What we learn from the new Hitler photos
June 10, 2009
Mort Zuckerman: What Obama and his advisors won't -- or refuse to -- grasp about Israel and the Muslim world
The Kosher Gourmet
by Steve Petusevsky Lotsa pasta: Tips, techniques and (amazing) taste
June 9, 2009
Anne Bayefsky: Obama's stunning offense to Israel and the Jewish people
Frank J. Gaffney, Jr.: America's first Muslim president?
June 8, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir: Merchant must take responsibility for careless shopper?
Mark Steyn: A superpower that feeds on mediocrity cannot survive for long on leftovers from the past
Richard Z. Chesnoff: How do you say 'kumbaya' in Arabic?
June 5, 2009
Rabbi Abraham J. Twerski: In quest of spirituality
Caroline B. Glick: Obama's Arabian dreams
Charles Krauthammer: The Settlements Myth
June 4, 2009
Paul Greenberg: The War Comes to Little Rock
The Kosher Gourmet
by Judy Hevrdejs: Splash it on! Tap your inner jazz musician and improvise when stirring up a vinaigrette
June 3, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Should terrible teacher be exposed?
Jonathan Rosenblum: The Israel Lobby: Missing in Action
June 2, 2009
Dennis Prager: The Speech President Obama Won't Dare Give in Egypt
Frank J. Gaffney, Jr.: Pressure on Israel raises war risk
Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)
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Jewish World Review
Sept. 24, 2008
/ 24 Elul 5768
Take bite out of tax filing
By
Vicki Lee Parker
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http://www.JewishWorldReview.com | (MCT)
The turbulent financial market is causing people to shake up their financial portfolios, dump underperforming stocks, adjust retirement funds and sell homes and investment properties. The moves have tax consequences that, if ignored until the end of the year, could cause headaches.
I talked to several tax experts to find out what taxpayers can do now to be ready for the next tax filing season.
Here's what they said:
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If you had a foreclosure, deed-in-lieu of sale, mortgage loan modification or a short-sale, you should be aware of the Mortgage Forgiveness Debt Relief Act of 2007, says Kay Bell, tax expert for Bankrate.com in Austin, Texas. In tax law, the amount of forgiven debt is typically treated as income and is taxed. But to help people who are affected by the mortgage crisis, Congress excluded homeowners whose mortgage debt was forgiven in years 2007, 2008 and 2009. Keep good records, and keep track of the amount that the bank wrote off.
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If you sell stocks this year that result in a loss, familiarize yourself with the "wash sale" rules, says Greg Hicks, CFO and owner of Financial Resource Management in Raleigh, N.C.. These rules set time limits on when you can sell or repurchase stocks that you sell at a loss. For example, if you sell a stock at a loss and then want to buy it back when the price increases, you may have to wait 30 days to use the initial loss to offset other income.
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If you have a financial loss this year from the sale of stocks or other property, you can use that loss to offset capital gains from a property or stock sale, said William Muth, first vice president at investment firm Davenport & Co. in Richmond, Va.
If your losses exceed the capital gains, you can apply as much as $3,000 toward ordinary income, Muth says. Any amount of the loss above that limit can be carried forward to future tax returns. So if you had a capital gain of $10,000 and a $15,000 loss, you could offset the gain and apply $3,000 to ordinary income and carry over $2,000.
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Gather records and receipts of work-related expenses that weren't reimbursed, recommends Lee West, owner of M. Lee West in Sanford, N.C.. Many companies are cutting back on expenses, and as a result, more employees are paying for their own professional training and conventions. If those costs exceed 2 percent of your income, you can deduct them. Suppose you earned $50,000. You could deduct work-related expenses above $1,000. If you attend a convention and spend $2,300 on airfare, hotel, registration and cab fees, you can deduct $1,300.
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If the down economy has led you to open a side business, use a spreadsheet such as Excel or Lotus to summarize all of your income and expenses for the year, says Genevia G. Fulbright, a CPA with the Durham, N.C., accounting and financial planning firm Fulbright & Fulbright.
Comb through purchase documents such as credit card statements, loan papers and check registers for assets such as business furniture, machinery, office equipment and laptops. You can take depreciation, or if you meet certain requirements, take a direct write-off. Other deductions to look for include fees for tax preparation, business consulting and legal assistance, as well as other expenses directly related to the production of business income, such as mileage, meals and phone charges.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Vicki Lee Parker is a columnist for The News & Observer. Comment by clicking here.
Previously:
Just like that, home equity line cut in half
Easier way to fight corporate abuses
Before buying a car
How to move it without losing it
Want a free laptop? I'm still waiting
Put an escape hatch in your travel plans
Put up or shut up for card companies
Don't fall for rebate check scams
Recall agency needs help
Account can help you save
Gift refund made him feel cheated
7 gifts to build wealth
Dump your bank escrow account, earn some interest
Enticing e-mail may lead to viruses, ID theft, malware
Ask to receive discounts
Learn from a con man
Nitrogen: pricey way to keep tires pumped
Buying private health coverage
Better Business Bureau ramps up
Two beeps, one item: Listen for overcharges
Recalls: What to do next
Do your homework before home repairs
To tip or skip it: Gratuity must be earned
Advice is free, if you look
Hire a cleaner who won't clean you out
Teach children smart money tips that will keep them busy all summer long
Warning: Don't trust the ATM
Reasons to beware of We Buy Homes
Too wise to fall for a scam
Untethering cell phone from carrier
Re-check your credit card rewards
Treasure might be buried in medical bills
Tax-time saving tip: Free filing is available
College money is waiting; don't procrastinate
Extended warranties rarely worthwhile
Too busy for tax planning? It'll cost you
© 2007, The News & Observer Distributed by McClatchy-Tribune Information Services
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