What to Do Now with Coverdell ESAs

Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are set to expire at the end of 2010 and likely will not be extended; starting in 2010, old rules will again apply. These old rules are not very favorable; you may want to take action with respect to existing Coverdell ESAs before the end of the year. More

Tax Tips

Don’t donate stock that has declined in value.Free

You can claim a charitable contribution deduction based on the value of the stock at the time of the donation, provided you itemize your deductions. Best strategy: Sell the stock and donate the proceeds. This way you get a capital loss …More

Ask JK Lasser

Q: I want to buy my first house. Can I use my IRA to help make the down payment?Free
— Submitted by Peggy

A: Surprise, even if you've owned a home before, you could still be considered a "first-time" home buyer in the eyes of the IRS. The tax code defines a first-time home buyer as someone who hasn't owned a home for the past two years, even if you owned one before then. …More

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).

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