Word: deductionism
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Dates: during 1990-1999
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For years, the state has copied the Federal government's model. The tax deduction was capped at $1,000 in cumulative savings over the first five years of repayment.
Consider charitable donations of assets that have greatly appreciated. You can take a full deduction for the market value of the asset, yet skip the capital-gains tax. If you aren't sure which charity you want to favor and you're giving cash, consider establishing a gift fund to...
If you're on the fence about taking the standard deduction or itemizing, you might consider a strategy, known as bunching, in which you defer deductions one year, accelerate them the next, and so on. That allows you to benefit from itemizing every other year while taking the standard deduction...
Bradley assumes that among those not eligible for a subsidy, millions will buy insurance because his plan would give them a tax deduction for the amount they pay in premiums. That may be doubtful. Even after Bradley's tax break, a family of four making $50,000 would still have...
LEMON WATCH Donating your clunker to charity? Beware of ads promising "full Blue Book" value deductions regardless of condition; you may be giving your car away to for-profit companies that team up with or pose as charities. Red flags include handing the car over to someone with no visible...