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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Picture of Tax Filings and Audits Last YearFree

The IRS has released its annual Data Book, which covers filing and audit activities for the government's fiscal year ending September 30, 2009. It shows some interesting facts: …More

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Tax Tips

FDIC protection for IRAs and Keoghs.Free

If you keep these accounts in a bank, deposits are insured up to $250,000. This limit is separate from any other deposits, such as a personal savings account, held in the same bank. Caution: If you split your accounts between two banks that merge, you will lose your double protection …More

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Ask JK Lasser

Q: What would be the basis for my deduction of income from collector's items sold at a charity auction — cost or market value?Free

— Submitted by Dewey

A: In general, you'll be able to deduct the fair market value of the prints. How that is determined is a bit tricky. One could argue that the price paid at the auction would be the fair market value. I would be leery of that. I know a charity auction where people pay 6 figures for …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).

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