Word: deductionism
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Dates: during 1990-1999
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Alternative minimum tax. Designed to afflict only the superrich, this monster increasingly soaks the middle class. More than 1 million taxpayers will owe it this year, and 9 million by 2008--including many earning considerably less than $100,000 a year. Little more than a decade ago, fewer than 100...
In the spirit of holiday shopping, let's consider some 11th-hour tax planning. It won't help you score a Furby for your toddler, but the right financial moves before the end of 1998 will have far more impact on Junior's well-being. The same basic year-end...
The new Education IRA, which lets you set aside $500 per child each year, must be funded by year-end. Like the Roth, it allows your money to grow and be withdrawn for college free of tax, but it offers no deduction. You can take as much as a $1...
Remember that gifting money to heirs is not the same as donating to charity. In the latter case, as long as you write the check this year, you can take the deduction. But gifts occur in the year that the check clears--a quirky distinction.
If you're in the midst of refinancing your mortgage a second time, get it done before year-end. Any points you paid on the earlier refinancing become immediately tax deductible. If you refinanced into a bigger mortgage and used the difference for a home improvement, you can take an...