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Nov. 6, 2009
Rabbi Berel Wein: Choosing to hear
JWisdom.com Zero to 1/60th: How to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Caroline B. Glick The mullahs' big week
Suzanne Fields A Fallen Wall for Fallen Man
Nov. 5, 2009
The Kosher Gourmet: Three scrumptious -- but simple -- butternut squash dishes
JWisdom.com Hidden Hints: Unlocking Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
Tom Hamburger and Kim Geiger: Should prayers be covered?
JWisdom.com When God played peacemaker With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
Martin Peretz: Beware, Barack. Beware, Rahm. Beware, Axelrod
JWisdom.com Are you are closet idolater? With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
Paul Greenberg: The Holocaust is now on Facebook
JWisdom.com Abraham's Strange Change With Rabbi Yitzchok Fingerer (5 minutes)
Oct. 30, 2009
Rabbi David Aaron: Secret to Immortality
Caroline B. Glick Silencing dissent in America
Oct. 29, 2009
Lini S. Kadaba: Do tactics avert flu or reduce humanity?
JWisdom.com We Must Revamp our Religious Vocabulary With Gavriel Aryeh Sanders ( 10 minutes)
Oct. 28, 2009
Rabbi Yonason Goldson: Atheists in Bubbleland
JWisdom.com Why what we wear impacts who we are With Rabbis Mordechai Becher, Menachem Golberger and Aliza Bulow ( 10 minutes)
Oct. 27, 2009
Paul Greenberg: The United Nations Is Outraged Again, Or: Department of Mideast Static
JWisdom.com The Science of Love With Rabbi Jonathan Rietti ( 7 minutes)
Oct. 26, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir: Damaging disclosures with a twist
JWisdom.com Wisdom and Wonks With Rabbi Eytan Feiner ( 7 minutes)
Oct. 23, 2009
Rabbi David Aaron: Are you ready for the ultimate pleasure?
JWisdom.com Watermark and oneness with Rabbi Sroy Levitansky ( 4 minutes)
Caroline B. Glick Stop using limited powers in a way that expands our enemies' advantages over us
Oct. 22, 2009
Steven Emerson: Terror Cases Share Desire to Kill Americans
JWisdom.com No More More Family Fights --- Really? By Sarah Chana Radcliffe ( 5 minutes)
Oct. 21, 2009
Tonya Alanez: Holocaust denier sues survivor, calling Auschwitz memoir 'vicious lies'
JWisdom.com Meditating Jewishly: A Panacea for Success by Sarah Yoheved Rigler ( 7 minutes)
Oct. 20, 2009
Dennis Prager: Obama and Dalai Lama: Why Israel Worries about U.S. President
JWisdom.com Abraham was not religious By Rabbi Yitzchok Fingerer ( 6 minutes)
Oct. 19, 2009
JWisdom.comWhy Good People Do Bad Things By Rabbi Eytan Feiner ( 7 minutes)
Oct. 16, 2009
Rabbi Yonason Goldson: The Perfect Number
JWisdom.com Hearing Voices By Rabbi Sroy Levitansky ( 5 minutes)
Caroline B. Glick How Turkey was lost
Oct. 15, 2009
Jeff Jacoby: Peace vs. the 'peace process'
JWisdom.com: Former MTV producer and stand-up comedian Rabbi Lawrence Hajioff: Taming a Control Freak (A VERY fast 15 minutes)
Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

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:

  • 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.

  • 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.

  • 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.

  • 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.

  • 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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