Getting an Extension for the 60-Day IRA Rollover Period

If you take a distribution from your IRA and want to avoid any tax on it, you must roll it over-to the same IRA, a new IRA, or a qualified retirement plan-within 60 days. The 60 days is fixed by law. The 60-day period begins the day after the date of receiving the distribution and includes weekends and holidays (e.g., there is no extra time when the 60th day falls on a Sunday). More

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$1.3 Billion in Unclaimed Refunds for 2006Free

Taxpayers who are owed refunds but have not yet filed 2006 returns have until April 15, 2010, to do so. If they don't file by this date, they lose the refund forever. The IRS estimates that nearly 1.4 million taxpayers could be eligible for a refund by filing and that the median …More

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Tax Tips

InheritancesFree

Whether you inherit your uncle's gold watch or your mother's entire million-dollar estate, you are not taxed on this inheritance. There are no limits to the amount you can inherit tax free.

While the receipt of an inheritance is always tax free, some inheritances may produce taxable …More

FDIC protection for IRAs and Keoghs.Free
First-year expensing limit increases for 2008Free
Farming-Related BreaksFree
Frequent Flier MilesFree
Keep a copy of your return forever.Free
New mileage rates for 2008Free
Start-Up CostsFree

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Ask JK Lasser

Q: Is the rebate check (called a "stimulus payment") that we receive in May under the Economic Stimulus Act taxable income to us? Do we have to report it on our 2008 income tax return?Free

— Submitted by Diane

A: Good news — the rebate check is like a gift from Uncle Sam. You are not taxed on the amount of the check you receive. Also, the check won't count toward or negatively impact any other income-based government benefits, such as Social Security benefits. …More

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Small Business Help

Report It All!

Don't neglect to report all your business income. Report any interest on business bank accounts, recoveries of previously deducted bad debts, and any loan forgiveness (unless you opt to reduce certain tax attributes that will impact your taxes down the road).

Visit our Self-Employment Section »