
December 2003
Volume
23
(back
issues)
In
this Issue
New
Library Employees
Lauren
King Law Library Circulation and Access Library Services Assistant
I began work on November 10, 2003. My home town is Wallingford. I attended Philadelphia
University. I enjoy spending time with my family, reading, cooking, and watching
the Yankees are my interests. |  |
Paul
Belbusti Acquisitions Acqusitions Assistant I I began work on
Tuesday, November 4, 2003. My home town is North Branford, CT. I attended Southern
Connecticut State University. My interests are playing guitar and singing in my
band leftandright, writing of any kind, brewing beer, hiking, pretending to be
a wine connoisseur. Great to be a part of the team! Check out my band's web site
at www.leftandright.net . Come see us
perform! |  |
Elisa
Nascimento Latin American Collection Acquisitions Assistant II
I began work on November 3, 2003. My home town is Orange, CT. I
attended Boston University's College of Arts and Sciences. My interests are reading,
movies, and cooking. |  |
Kathryn
Trotti Serials Support Team/Acquisitions Department Acquisitions
Assistant II I began work on November 10, 2003. My home town is Atlanta, Georgia.
I attended Kennesaw State University in Kennesaw, GA. My interests are reading,
taking classes, and hiking with my dog Chance. | |
Cindy
Zwies Catalog Department Science Libraries Cataloging Coordinator/LSF
Cataloging Coordinator I started on November 10, 2003. Huntington Beach, CA
is where I came from, my home town is Honolulu, HI. I attended the University
of Hawaii at Manoa. My interests include British comedy (TV) fan--(particularly
KUA). I've fallen in love with beautiful Connecticut! |
|
Staff HighlightsMoving
Forward Feedback
On Tuesday November 4 around, two hundred members
of the Yale University Library (YUL) gathered for an all day large-group meeting,
which brought together staff members representing all levels and locations. The
purpose of the meeting was to continue participation in translating the Library's
mission, vision, and values into action,
evaluate progress so far, and explore
what needs to be done to continue moving forward. Moving Forward was the final
of a series of large group meetings where all members of the YUL community contributed
to the Library's strategic planning efforts. For more information on the Library
strategic plan, please visit (http://www.library.yale.edu/strategicplanning/)
What
some participants wrote about the meeting:
"The one thing that today accomplished
was to finally involve everyone in the process."
"The best part
of these meetings is meeting people from outside your unit and learning what they
do."
"Action remains to be seen-but these meetings and guidelines
have given each of us permission to do our part of the action and to push for
more."
"Wonderful participation. Unclear on previous progress/meetings.
Seems there are gaps that have been overlooked as yet (for progress across the
board)."
"I think that there is still much to do with regards
to communicating of strategic goals-that they are still not well understood by
significant numbers of staff."
"We received updates on what has
been done so far, but I don't feel that there was much room for evaluation of
the strategic plan. We gave a lot of ideas based on the strategic plan but putting
them into action remains to be seen. We need to follow up meetings in about a
year."
"A lot of people at my table kept coming back to the question:
"What will this mean for me on a day-to-day basis?" I think we next
need to address those questions."
"While it is always good and
helpful to get people together to promote a sense of community-I felt that the
strategy goals were confusing and full of jargon-not realistic."
"It
was a good learning experience."
"Process worked well but will
fade without constructive, engaging follow-up."
Comment
from Sheilah Robinson, Library Assistant in Manuscripts & Archives
I
attended the Moving Forward meeting on November 4, 2003 with reservations. To
be honest I expected one long boring day of talking about nothing. However, that
was not to be the case, instead it was a fast moving day of activities, sharing
and discussions with other Library employees I might not have met otherwise. We
came together from different areas of the university and we all had different
thoughts and ideas. Still in spite of any differences, we all had one common goal
. That goal was to move our work places and the Library as a whole forward in
a way that everyone might flourish. It would be nice to come together again in
a few years to measure our accomplishments and how far forward we moved. |
Staff
Member in Focus
Joan
Emmet
Collection Development
Who
is Joan Emmet and What is NERL?
Many
of you probably know Joan Emmet either by name or perhaps by sight. But exactly
who is Joan and what does she do in room 127?
Joan
is the Program Support Librarian for NERL, a position she has held at Yale Library
since May of 1999. But what is NERL you ask? NERL stands for NorthEast Research
Libraries Consortium which was founded in 1996 by 16 core member institutions.
Their objective was to collectively license electronic resources at better prices
and terms than was possible as individual institutions. Today they remain true
to that goal and have 26 core members (all are also members of ARL) and 39 affiliate
member institutions and are under license from 60 vendors or publishers. Members
pay annual dues to cover operating expenses and attend an annual meeting hosted
by a member institution to discuss how the group is working and to look at their
three-year sunset clause. Joan says that though the organization spreads some
of the resource investigation among the members, the day-to-day operations are
mostly a one-person operation. With the help of Ann Okerson, the NERL Coordinator
and inspiration behind the group, Joan has been able to increase the volume of
electronic resources licensed. Ann donates her time and expertise daily to NERL
efforts. The office also receives valuable clerical support from Diana Quinones.
Joan says that NERL has saved thousands of dollars for the member institutions
and is also economical for the publisher as well.
For
more information on NERL visit it's website at http://www.library.yale.edu/NERLpublic/
~~
~~~~~~~~~~~~~~~ ~~
And now
who
is Joan Emmet? Having received her MLS from Syracuse University in 1997 Joan says
she enjoys attending ALA in various parts of the country. But she says that 2002
was her big year. She received three awards for her work from various committees
that year. First, there was the Association of Connecticut Library Boards Award
for her volunteer activity (Joan maintains their website). Then the Friends of
Connecticut Library gave her an award for maintaining their web site. Joan also
received the Service Quality award from the Yale Library.
About
four times a year, Joan travels to Florida to visit her parents. She enjoys books
on CD (mostly mysteries) while driving back and forth from Durham and enjoys listening
to Jazz and Blues. Joan also likes to read and likes most movies. (She has seen
all three of the Matrix movies.) She likes popcorn (a lot!), cookies, and Indian
food. (Joan is a vegetarian!) She is not much of a TV person, but does occasionally
catch CSI or Law and Order (although she says she can hardly stay up late enough
for L&O).
Joan's husband
is a polymer chemist, her son is a junior at Worcester Polytechnic Institute,
and her daughter is a senior in high school. Joan said they are starting the college
application process for her right now. Two dogs and a cat round out Joan's family.
But
I know Joan as the "Fair Lady." The Durham Fair is held the last full
weekend in September, and Joan volunteers in the canning department and data processing
department (computer resources). In the canning department she helps to take in
the over 1,000 entries they have each year and enters them into the computer.
The largest category is pickles and jams and jellies. She has also judged pickles
for the past several years. This involves opening and tasting hundreds of jars.
Joan says that no two pickles are created equal. One must look at the technical
aspect of the pickle even if one doesn't like the taste: aspects such as the fullness
of the jar, clarity of the liquid, texture of the pickle, and does it represent
what it is labeled as.
When
not judging pickles, Joan will be serving on the committee of the Northeast chapter
of ACRL (Association of College and Research Libraries). She will plan the food
and assist with the agenda for their spring conference at Bryant College in April
of 2004.
And last, but
not least, Joan is Chair of the Accessibility Resource Network Committee for the
Yale Library. This group will be co-hosting with STOD a Disability Awareness Forum
on December 10, 2003. For more information on Library Services for People with
Disabilities go to:
http://www.library.yale.edu/services/disabilities.html
So
the next time you are in the vicinity of Joan's office stop by to say hello and
check out her aquarium window to the world.
By
Randy Main
Technical
Services
Staff
Submissions
Recipes
Pumpkin
Chiffon Pie (Gourmet, 1979)
Dana Peterman
Social Science Library
Ginger
Snaps
Julie Niemeyer
Music Library
back
to index
A
Word From the University Librarian
Connecting
with Library staff: a mixed picture
of strategic planning; planning for budget reductions; continued collaboration,
celebrations and teamwork
November
has been a busy month for staff activities. The Moving Forward meeting for some
two hundred staff at the Omni Hotel on November 4 was the last in our series of
large group meetings, and fulfilled the aim of involving virtually every member
of staff in the strategic planning activity. With the Strategic Plan now in place,
there is a good record of achievement to set against each of the action plans.
This latest meeting considered how to measure our success during the next five
years, and how to establish targets and measures that take full account of the
quality of the Library's work, not just numeric measures. Each of the large group
meetings, starting with Focus Forward in January, has provided distinctive thinking
at different stages of the process. The challenges are to demonstrate the progress
we have made, and to ensure that we do indeed reap full benefit from the contributions
made by all staff. A full record of the Moving Forward meeting, including all
the comments and feedback, as well as responses to questions asked at and after
the meeting, is being mounted on the staff front door, at www.library.yale.edu/strategicplanning.
It is even more of a challenge to continue moving forward at a time of cuts in
staffing levels. Expectations will have to be reexamined in every sphere, and
where it is not possible to reach earlier targets with streamlined resources,
that will have to be made clear, and targets will need to be reexamined and if
necessary, adjusted. The good news is that we have a period of eighteen months
in which to achieve the full 5% reductions that the university expects of us.
During that time, reductions will be achieved both by reducing expenditure on
equipment, subscriptions and other non-staff items, and by choosing not to fill
just a small number of the vacancies that will arise naturally from resignations
and retirements. Nobody expects to see any layoffs in the Library's ranks as a
result of these budget reductions.
The
Library Management Team will be looking at all vacancies to determine which are
the most important to fill, either to continue core operations, or to fulfill
high priorities in the Strategic Plan. Where any vacant position is not filled,
the supervisors concerned are asked to specify the consequences of doing without
it, so that necessary adjustments in their department's work can be made. In addition,
we will be redoubling our efforts to win grants and endowments for some Library
activities, bringing in externally-funded positions to replace some that were
formerly funded from the university's general allocation. Across the university,
teams of managers are taking a close look at redundant activities and areas where
work can be shared between units. This will help achieve the necessary savings
for the university as a whole and, I hope, may also reduce some of the administrative
burdens placed on the Library. It is never easy to face budgetary cuts, but with
a well articulated Strategic Plan and the action plans flowing from it, we are
in a strong position to do so with clear understanding of the impact on our core
services and staff, and to plan how best to fit our priorities for the future
to these reduced resources. In all of this, the suggestions, comments and team
work of all members of staff are critically important. I will be visiting all
departments within the next few months; and I shall look forward to hearing personally
from as many staff as possible. The comments page on the staff front door (www.library.yale.edu/~fdstaff)
is available at all times for thoughts and suggestions.
Meanwhile,
it has been an unalloyed pleasure to welcome large numbers of new staff to the
Library's ranks. Twenty-seven new members of staff attended a day-long orientation
program on October 30 and on November 13 LiSA, the Library Staff Association,
organized a reception to welcome the sixty-nine people who have joined the staff
during the past twelve months. There is an extraordinary number of national origins
and language skills among our new colleagues, and an even greater array of special
interests and leisure activities. During the past year, people have moved from
Florida, California, France, Latvia, Sweden, Indonesia, and a host of other places
far and near, to join Yale University Library. Some staff write fiction or poetry,
some swim, some run, quite a few keep pets, many are theater buffs and several
are involved in performing music or drama themselves. Many members of the staff,
both long-standing and new, contribute actively to the community as volunteers
in different capacities. The Holiday Party on December 4 will give us all our
next opportunity to meet up, get to know more about each other, and meet each
other's families. I look forward keenly to being there.
by
Alice Prochaska
Join
Alice, The University Librarian
for Tea Time @
the Sociology Lounge
Thursday,
December 18, 2003 9.30 - 10.30 am Sociology Lounge Remember
Alice has office hours every Monday between 8:30am-9:30am. Please call
Antonia for an appointment @ ext. 21818. |
Library
in Focus
Manuscripts
and Archives
Manuscripts
and Archives is a major Yale center for historical documentation, promoting and
sustaining the research and teaching missions of the University, and serving as
the documentary memory of the Yale community. The resources and services of Manuscripts
and Archives are available to all members of the Yale community as well as to
researchers from outside the University who wish to make use of them.
To
visit the Manuscripts and Archives web site click here:
http://www.library.yale.edu/mssa
Did you know...
Manuscripts and Archives includes The Lucie Weinstein Papers which comprise
.5 linear feet of correspondence, writings, clippings, and photographs documenting
her efforts to establish a memorial to Jewish victims from Bad Berleburg who died
in the Holocaust, and efforts by family members to assist and trace relatives
in Europe during and after World War II. The collection is open to researchers
in Manuscripts and Archives.
|
Lucie Weinstein
(nee Krebs) was born in Bad Berleburg, Germany, in 1924. She was expelled from
school in 1938 for being a Jew. While her parents awaited permission to emigrate
to America, and fearing for the safety of their children, they sent Lucie and
her brother and sister to live with the Lindheim family (Lucie's mother's sister's
family) in Belgium. After two years, the children went back to Germany. Their
parents, with the help of relatives in the United States, had finally obtained
permission to emigrate. The family arrived in America in 1941. Almost all of the
remaining members of both their immediate and extended families, who remained
in Germany and elsewhere in Europe, died in the Holocaust. Lucie married Stanley
Weinstein in 1951. She traveled to Japan with him and while living there,
attended the Tokyo University of the Fine Arts. She later earned a Masters degree
from Harvard, and a Ph.D. from Yale University, specializing in Buddhist art.
She taught art history at Southern Connecticut State University for twenty-five
years. In the late 1990s, Lucie worked to establish a memorial to Jewish victims
from Bad Berleburg who died in the Holocaust. The
monument was dedicated in Bad Berleburg in May 2000. |
Information
was provided by Nicole Benevento in Manuscripts and Archives
Department Highlights
Service
Quality Improvement Awards
The
deadline for the Service Quality Improvement Awards has been extended to Monday,
December 8.
If over the
past year, you have thought to yourself that a colleague's activity or project
was deserving of a Service Quality Improvement Award, please take a moment to
fill out the nomination form.
The
time period for consideration is July 1, 2002 to September 30, 2003.
Nominations
should be returned by December 8, 2003 to the attention of Bernadette Cioffi in
Library Human Resources.
More
information regarding the awards is available at:
http://www.library.yale.edu/Administration/SQIC/about.htm
Nominations
shoudl be returned by December 8, 2003 to the attention of Bernadette Cioffi in
Library Human Resources. The time period for consideration is July 1, 2002 to
September 30, 2003.
The
nomination form is available to print at:
http://www.library.yale.edu/Administration/SQIC/nomination_form2003.pdf
Please
do not hesitate to contact any member of the committee if you have any questions
or wish to discuss the award process.
2002-2003
Service Quality Improvement Awards Committee
Sharon
Forbes
Jan Glover (Chair)
Claire Halloran
Jeanette Murdock
Holly Grossetta
Nardini
Bernadette Cioffi (Ex-Officio)
Danuta Nitecki (Sponsor)
Watch
for more information about the SQI Awards Ceremony that will be held in late January
or early February 2004.
Canned
Food Drive
Going
to the grocery store this weekend? Think about getting a few extra canned food
items to contribute to the canned food drive going on now through December 18th.
The drive benefits the Connecticut Food Bank, which is the largest centralized
source of donated emergency food in the state. It serves 450 agencies in Connecticut,
such as soup kitchens and food pantries, and provides food annually for an estimated
250,000 people in need. Collection
boxes have been placed at the following locations: *
Sterling Memorial Library, Wall Street Entrance * Cross Campus Library Circulation
Desk * Art & Architecture Library Circulation Desk * Beinecke Library
Lounge * Divinity Library Staff Lounge * Kline Library Kitchen * Law
Library Circulation Desk * Medical Library Administrative Office * Social
Science Librarian's Office Sponsored
by LiSA |
HR
in Focus |
back to index
Calendar
of Events
December
Events Holiday
Party Thursday, December 4th 4:00 p.m. to 6:00 p.m. President's
Room, Woolsey Hall.
Along with the Holiday Party will
be the Holiday Raffle. Tickets are available now. The subcommittee chair for the
Holiday Party is Kelly Shand. The subcommittee co-chairs for the Holiday Raffle
are Kathleen Burns and Mary Bradway.
The Holiday Canned Food Drive The
subcommittee chair is Steven Bernstein.
Library
Orientation Dates Sterling Memorial Lecture Hall January 29,
2004 March 25, 2004 May 27, 2004 July 29, 2004 September 30, 2004
December 2, 2004 January 27, 2005 The
orientation is for new and existing employees.
SCOPA
Lorcan Dempsey, Vice-President for research at OCLC (Online Computer Library
Center) Tuesday December 2, 2003 SML Lecture Hall 1:30pm Cosponsored
by Meg Bellinger, AUL for Integrated Access and Library Technical Services http://www.oclc.org/research/staff/dempsey.htm
SCOPA Annual Librarian Promotion Review Informational MeetingWednesday
December 3, 2003 SML Lecture Hall 3:30-5pm University Librarian Alice
Prochaska, Paul Stuehrenberg, former chair of the Promotion Review Committee,
and Diane Turner will conduct an informational meeting for candidates who are
applying for promotion consideration in January 2004. Supervisors of candidates
are required to attend. The meeting is open to all librarians therefore, those
interested are encouraged to attend. Prior to the meeting, please refer to the
promotion documents at: http://www.library.yale.edu/lhr/policies/perfexpect.html
SCOPA Frank
Turner, Director Beinecke Rare Book and Manuscript Library Thursday
December 4, 2003 SML Lecture Hall 2-3pm Newly appointed Director
Turner will introduce himself to Yale Library staff and discuss the Beinecke's
ongoing mission, its future, and various projects and initiatives.
SCOPA Annual
Report to Staff Alice Prochaska, University Librarian, Wednesday December
10, 2003 SML Lecture Hall 3:30-5
SCOPA OACIS Online
Access to Consolidated Information on Serials Thursday December 11, 2003 SML
Lecture Hall 11-12:30 OACIS team members, Ann Okerson, Kimberly Parker,
Simon Samoeil, and Elizabeth Beaudin, will discuss Yale OACIS for the Middle East
project. For additional information on this important project, go to http://www.library.yale.edu/oacis/.
Disability Awareness Workshop Wednesday, December
10, 2003 SML Lecture Hall 10 a.m.- 11:30 a.m. Register at: http://learn.caim.yale.edu/lcdb/courses_lib/classinfo.asp?CourseID=704
Supervisory
Discussion Group Meeting Dates January 22nd 10:30-12:00 Lecture Hall February
12th 11:00-12:00 Lecture Hall March 11th 11:00:12:00 Lecture Hall April
29th 11:00-12:00 Room 409 May 20th 11:00-12:00 Room 409 June 17th
11:00-12:00 Room 409
|
Yale Holiday Calendar
Official
Yale Holidays 2003
Recess Day Wednesday, December 24 Christmas Day Thursday,
December 25 Recess Days Friday, December 26-December 31, 2003 New
Years Day Thursday, January 1, 2004
|
HR
Updates
In
Case of Snow
The following
excerpt, from the University Extreme Weather Policy, is the core of the University
policy concerning staff obligations and pay practices in the face of extreme weather
conditions. The full policy can be found online at www.yale.edu/hronline/exweath.htm
As we know,
Yale is a complex institution with thousands of residents who must be fed and
sheltered regardless of the weather. Health-care services to the ill, police protection
and many research projects cannot cease. In short, the University never totally
closes. Accordingly, no department or school has the authority to release staff
with pay. Only the Secretary & Vice President of the University may authorize
the early release of nonessential employees with pay. If the Secretary authorizes
such an early release, department and schools may release nonessential employees
in accordance with the policy
At the very minimum those services that are
defined as essential to the operation of the University must still
be provided by staff members.
To
view the current weather status, visit www.yale.edu/snow.
An inclement-weather telephone message line is also available by calling 432-SNOW
(7669).
Strategic
Planning Web site
New
documents related to YUL's strategic planning initiative continue to be added
to the Strategic Planning Website (http://www.library.yale.edu/strategicplanning/).
The newest addition includes staff feedback from the Focus Forward and Spring
Forward large group meetings. Additional feedback and information will be added
after the Moving Forward meeting. Please take a few minutes to review this site,
and catch up on the Library's progress!
And
while you're at it, be sure to review the Staff Front Door (http://www.library.yale.edu/~fdstaff/)
and offer us feedback on what you find useful in this site.

Suggestions and Comments
Send all comments to the Editor,
Jessica Linicus
If
you would like something or someone featured in the next Library Links, please
contact me at jessica.linicus@yale.edu.
Library
Human Resources hopes you enjoyed this issue of Library Links.
You can also
contact one of the members of the Library Links Committee.
~Robin
Gordon~Randy Main~Marybeth
Bean~Nicole Benevento~Susan
Brady~Lynn Sette~George
Stranz~Pedro Soto~
Julie
Niemeyer~Tanya Allen~Emily
Horning~Diane Ducharme~Ceasar
Zapata~
Wellness
in Focus |
back
to index
Humor
in Focus
| Celebrities
as Librarians Here
is an example of what patrons might hear at the circulation desk if their librarian
was a celebrity. Jack Nicholson
: "Have you ever danced with the librarian in the bright moonlight?"
Arnold Schwarzenegger : "You'll be back." Dustin Hoffman :
"This is definitely on the shelf. Yeah, definitely." Alec Guinness
: "Use the index." Harrison Ford : "Tapes. I hate tapes."
Bill Murray : "Back off man. I'm a librarian." Kyle from "South
Park" : "Omigod, they killed the OPAC!" Homer Simpson : "Mmmmmm...barcodes."
Judy Garland : "I don't think we're in NOTIS any more." James
Earl Jones : "Look, I am your shelver."
Julie
Niemeyer has supplied this article from: http://www.ukans.edu/~assoc/buller.htm
|
Wellness
Now










Controlling
Weight During the Holidays
It
is the holiday season. With all the parties and merry going, how can you resist
the temptation to overindulge and keep within the carefully charted weight control
program? The following tips from USDA dietitians can help you navigate the caloric
minefield.
-
Slow down! It takes 20 minutes for your brain to send the signal that you've had
enough to eat. This also means that, you may not need a second helping most of
the time. Your brain hasn't got the message that you had enough yet due to the
20 minute lag time in communications!
- Check
out the buffet table and decide what you really want to sample. Allow yourself
to eat a little of your three or four favorite dishes.
- Don't
stand near the buffet table while socializing. You're likely to nibble on extra
food without even realizing it.
- Know
when to skip a party. If you overate at a party the night before, you might want
to bow out of the next day's gathering to help get your eating patterns back under
control.
- Don't drink
alcohol on an empty stomach. It lowers your inhibitions and can set up your body
to crave more food. And remember, alcohol is a high-calorie substance, too. So
try to alternate between drinking alcohol and water. You'll cut the calories you're
drinking in half.
- Even
if it's traditionally a time of struggle for you diet-wise, try not to think of
the holiday season only in terms of don'ts. (It may make you feel depressed and
then eat to compensate!)
Concentrate
instead on following these nutritional guidelines from the Center for Science
in the Public Interest:
Eat a low-fat diet with adequate protein.
Eat five servings of fruit
and vegetables a day.
Eat plenty of roughage--good sources are whole
grains and high-fiber cereals.
Go easy on salt.
Try to consume
1,000 to 1,500 milligrams of calcium daily from low-fat foods and/or take a calcium
supplement.
Take a multivitamin/mineral supplement with roughly 100 percent
of the daily value for most nutrients, including vitamin D, E, and folic acid.
Another essential component
for a successful management of your weight during the holiday season is exercise.
Technically, if you burn the calories you consume, you cannot pick up any weight.
However, this gets tougher as you get older. Your metabolism will slow down over
time and burn fewer calories. So, older people need more exercise than their younger
counterparts -- so don't quit exercising during the holidays. You need it more
at this time than at any other time. Exercise burns calories and also lessens
stress, which commonly leads to overeating.
Dont
be too harsh on yourself in case you overindulge in the spirit of the season.
Formulate a solid strategy on how you're going to eat during the holidays, and
if you do overeat, don't be so disappointed with yourself that you give up your
positive eating habits. One day of overindulgence won't ruin your health or body
permanently. Even if you make some mistakes during the holidays and pick up a
few pounds don't despair; you have plenty of time to lose the extra weight and
you'll have one resolution ready to go on New Year's Eve, like millions of others:
lose those pounds!
(Source:
USDA, Center for Public Interest)
Jessica
Linicus has supplied this article from:
http://www.1stholistic.com/liv_controlling-weight-during-holidays.htm
|
Tip
of the Day Formulate
a solid strategy on how you are going to eat during the holidays. |
Think
Now
| Tax
Tips The
Truth About Tax-free Mutual Funds If you decide to sell those tax-free
mutual funds you bought, be prepared to settle with Uncle Sam. Even if your dividends
from the mutual fund were not taxable, you must report either a gain or a loss
when you sell your shares. The gain is taxable and loss can be used to offset
other ordinary income with some limitations. Determining
the Value of Inherited Assets The fair market value of assets on a person's
death determines the basis for the beneficiary. If the fair market value is less
than the descendant's basis, the property will "step down" to the fair
market value. If the fair market value is more than the descendant's basis, the
property will "step up" to fair market value. Leveraging
your Life Expectancy During Retirement If your current income isn't quite
funding your early retirement, IRA regulations allow you to take penalty-free
distributions based on your life expectancy. If you do this, you must continue
until at least age 60, and you may not change the payment schedule once it has
been determined. Several ways exist to figure the amount of the payment, so contact
a qualified advisor. Once you reach age 60, you can stop taking payments if you
choose or you may increase the amount you withdraw. Turning
Profit-sharing Income into a Roth IRA If you want to transfer profit-sharing
retirement plan proceeds from a previous employer to a Roth IRA, you must first
roll the proceeds into a traditional IRA. You can then convert the traditional
IRA to a Roth. You must pay tax on the amount you convert to a Roth IRA in the
year you make the conversion. IRA
Contributions not Always a Tax Shelter Contributing to an IRA could reduce
your taxes, depending on your eligibility for a deductible IRA. IRA contributions
can result in a reduction of your adjusted gross income but don't reduce your
tax liability dollar-for-dollar. A
Gift to Your Children You can give your children as much as you'd like
per year in stocks or cash. However, depending on the value of the stock or cash,
you may have to file a gift tax return, Form 706. Bonding
with Your Interest Accumulated interest on a taxable discount bond is
reported as taxable interest even if you didn't receive a check on the interest.
Accumulated interest on a nontaxable discount bond is reported as nontaxable interest
on Line 8b of Form 1040A or Form 1040. The accrued discount on the bond is reported
in the same manner; if you purchased the bond after the original issue date (OID),
the OID may have to be recalculated. Given the complexity of the process, we advise
you to consult an H&R Block tax professional. Selling
Your Stock the Right Way Selling your stock shares with the lowest basis
requires advanced planning. Before you sell, you must specifically identify the
shares at the time you are selling them and your broker must confirm in writing
that those were the shares sold. If you don't do that, you are deemed to have
sold the stock in the order you purchased it. The next time you consider selling,
be sure to ask your broker about the requirements of specific identification. The
Advantages of Having a DRIP A DRIP is a Dividend Reinvestment Plan. It
allows you, as an investor, to buy additional shares or partial shares with your
dividends rather than receiving a check. Many DRIPs allow you to invest a certain
dollar amount every week, month or quarter, so the amount of shares you purchase
depends on the market value of the shares at the time of the purchase. It is a
common practice of most mutual funds and investment programs to enable you to
make an automatic reinvestment of your dividends. Buy
Low, Sell High, and Tell Your Tax Guy Daytrading transactions create capital
gains and losses, which are reported on Schedule D. Any net losses exceeding $3,000
need to be carried over to subsequent years. Be aware of wash sales. If you sell
a stock at a loss and buy it again within 30 days before or after the sale, you
cannot deduct the loss, but the loss does reduce the basis of the replacement
stock. You can deduct your investment expenses, not your losses, on Schedule A
as an itemized deduction. Reduce
Taxes with Income Timing If you have a year-end bonus coming that you
plan to save rather than spend and you know your income will be lower next year,
see if you can arrange to have the bonus paid to you after the new year. If you're
considering selling stock that will bring you a large gain, ask your tax preparer
about the tax effect of postponing the sale until next year or offsetting the
gain with a loss from the sale of other stock. Smart
Gifts Make Great Write-offs There's a special break if you donate property
such as stock or mutual fund shares to charity. If you owned the asset for more
than a year, you get to write off its value on the day that you made the gift,
not what you originally paid for it. You don't have to pay tax on the appreciation
while you owned the stock, either. In the past, that untaxed appreciation could
fall victim to the alternative minimum tax, but no more. Take advantage of this
break now if you donated appreciated property last year and keep it in mind in
the future. Whenever you make substantial contributions, consider using appreciated
property instead of cash. What if you really want to keep the stock in your portfolio?
Donate the shares you own and use the cash you would have given to buy shares
on the open market. The advantage is that you'll owe tax only on profit that accrues
after you repurchase the shares. If the stock or mutual fund shares you plan to
donate have decreased in value, sell the shares and donate the cash. That way,
you can deduct your loss and claim a charitable deduction as well.
George
Stranz has supplied this article from:
http://taxes.yahoo.com/tips/invest/
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