Hello and Welcome !

Hello, my name is Elvira Reyes and I'm glad you've decided to visit my Blog. Here I will do my best to give you as many updates as I can from the IRS as well as the Department of Homeland Security (U.S. Citizenship and Immigration Services) .
But if you feel there was some information I left out, please don't hesitate to post a comment along with the information and where you got it from. Remember this blog was created to help you! By giving me more information and feedback you can help me help others.

Monday, October 18, 2010

Some tax points/ Algunos puntos de Impuestos

Loophole:  Sell securities short against the box.  This is a way to lock into a gain n a stock at current prices and put off the payment of the tax on that gain until  the following year.  The strategy is made even better if you anticipate the price of the stock to fall before the end of the year.
Pitfall: Transferring money from a company pension plan to an IRA.
Transfers to an IRA must be completed within 60 days to avoid tax. If more than 60 days pass before you make the transfer, the entire amount is taxable as income and if you are not age 59 1/2, there is an added 10% penalty, and be careful not to receive a check for the transfer, has to be from the Institution to Institution not to you, and then the institution.
Dificultades/ Consecuencias: Transferir su Dinero de un plan de pension de su trabajo a una cuenta de retiro individual conocida como IRA, debe realizarse en un periodo de 60 dias para evitar pagar impuestos, si pasan mas de 60 dias estara sujeto a pagar el impuesto en toda la cantidad que retiro, y si es usted menor de 59 1/2 aƱos se le agregara un 10% de penalidad, tambien tenga mucho cuidado que la transferencia se haga directamente de una institucion a la otra, usted no debera aceptar un cheque y despues depositarlo usted mismo a la otra institucion eso equivale a que usted lo retiro.

Client's Tax & Financial Update

Thursday, October 14, 2010

Small Business Health Care Tax Credit

This new credit helps small businesses and small tax-exempt organizations afford the cost of covering their employees and is specifically targeted for those with low- and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees. Learn more by browsing our page on the Small Business Health Care Tax Credit for Small Employers.