Word: taxingly
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Dates: during 1990-1999
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...thing to consider, says Doyle, is amending a previous tax return. You have three years to do that. If you sold a house a couple of years ago and were over 55 at the time--and did not take the $125,000 exclusion--you can amend that return and take the exclusion...
...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...
...take a tax credit for adoption expenses. The credit is capped at $5,000 per child but goes to $6,000 for children with special needs...
...just licked the stamp and dropped your 1997 tax return in the mailbox--with return receipt requested. But this is no time to nap. The taxman has given you plenty to think about in '98. Now is the time to tune up your strategy or get ground up next April in the wheels of change...
Most of the provisions in last year's blockbuster tax "relief" act kick in this year, and if you plan well, they can bring bountiful tax savings. The changes are aimed directly at middle-class taxpayers with dependent children, offering a host of new ways to pay for education and salt away money for retirement. But there's plenty in the new code for others as well. Unfortunately, the laws are more complex than the math for a lunar landing...