Word: offsetting
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What's clearest is that Congress has created a record-keeping nightmare. "We believe the forms are now so complex that for some people the savings will be offset by the need to hire professional guidance," says Roberto Viceconte, a tax attorney at M.R. Weiser & Co. in New York City. He notes that there is already a movement in Congress to simplify the changes. But for '97 your tax return will have to allow for a baffling set of rates...
...might expect, there are some hidden gems in all this confusion. When offsetting capital gains with capital losses, you must match rates where possible. So if you sold a long-held stock at a loss before May 7, where the 28% rule applies, you're obliged to use it to offset any gains where the 28% rule applies. But, notes Jere Doyle, an estate-planning manager at Mellon Private Asset Management, if you have losses in excess of any gains at a given tax-rate level, you can use those losses to offset gains at another tax-rate level...
...late now to fiddle with your '97 portfolio. But by examining your records closely, you may find room to mismatch gains and losses in your favor. Remember, though, that you can use any capital loss (as long as there are no countervailing capital gains) to offset up to $3,000 of ordinary income in a given year. That's generally the best way to use a loss...
...self-respecting restaurant designer would have a field day with the salt shakers here, and Salts does not disappoint. The salt is offered in a wide, black matte clay bowl, offset by a simple wooden spoon. The restaurant's name is a reference to the ancient practice of offering salt as a sign of hospitality. Apropriately enough, the waitstaff is remarkably hospitable and prompt, and capably serving the spot's unusually delicious food...
However, there are ways to offset the cost of bottled water. "It's much cheaper to just buy one bottle, and then keep refilling it," asserts Jackson. She refills her brand-name bottle with Cambridge water, even though it isn't as pure as the original product...