Word: deductions
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...quite high - in the millions for many. But you must, according to the rules of the fund, subtract all the money you are getting from other sources except charities. A court settlement would not be diminished this way, but this is not a court, Feinberg repeatedly points out. Deduct life insurance, pension, Social Security death benefits and workers' compensation. Now you have the total award the government is offering you for your loss...
...your real estate and state income taxes by Dec. 31, so you can deduct them on your 2001 return...
...Make charitable contributions. Remember, you can use your credit card to make such contributions in December and deduct them from your 2001 taxes, while waiting until January to pay the bill. Donate appreciated stock or mutual-fund shares by Dec. 31. If you have owned them more than a year and the value has gone up, you can deduct the full market value on the date of the gift and avoid paying tax on the capital gains...
...Winners ICHIRO SUZUKI Veteran Japanese baseballer wins American League "Rookie of the Year." He's a rookie in the same way, say, that Madonna is a virgin JEFF LIBERTY Canadian Olympic diver rescues pregnant woman trapped in sinking car. Judges deduct .2 for his premature exit from tucked position SYLVESTER STALLONE Sly considers a Rambo sequel back in Afghanistan. David Hasselhoff announces a season of Baywatch Nights set in Kunduz Losers JORDAN Burglars swipe photos of the British model, writing "Slag Jordan" on a mirror. If that's her first name, no wonder she goes by Jordan KEN CAMINITI Onetime...
...Finally, in honor of tax season, let's pose the question everyone's really asking themselves: Can I deduct a round of liposuction as a charitable contribution? If so, I've got about 5 pounds here I'd be happy to hand over - in the interest of science, of course...