Word: deducting
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...provision, but victims of natural disasters (El Nino victims, listen up!) are eligible for special tax relief. They can deduct losses incurred in '98 on their '97 return. To do so, they must be in a federally declared disaster area. The move fast-forwards your refund by a year. But there are income limits. If you expect to report dramatically lower income in '98, you may be able to deduct more of your loss then than you can on the '97 return...
...worth noting that the self-employed may deduct 40% of family health-care premiums--up from 30%. And here, according to KPMG Peat Marwick, are a few other items to consider...
...gave stock to a charity, you can deduct the market value at the time of the gift--not your cost. That provision had expired but was extended through June 1998. It will probably be extended again...
EDUCATION LOANS You can deduct up to $1,000 on interest paid in '98. The amount increases in later years. The income limit for joint filers is $75,000 a year...
...doesn't Jane lead by example? She should work side by side with others in the community, without fanfare or thanks. Being on Good Morning America isn't the solution. Jane, roll up your sleeves, keep your mouth closed and work hard. Make a donation if you like; deduct it from your income tax if you can. Don't make a federal case of it. KEN KELLER Valencia, Calif...