Word: though
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Dates: during 1990-1999
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...expect any of these things to kick in soon, though. Since next year is an election year and much of the rhetoric in Washington will be centered on how to save Social Security, tax experts say it's unlikely there will be any major tax changes before 2001. So plan around what's known--not what might happen. On these pages, we look at six ways to cut your taxes before Dec. 31. Generally, you'll want to reduce your taxable estate and income while maximizing your tax-deferred savings. Here...
...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 reduce your estate. You can choose where to send the money next year. A number of mutual-fund companies have such funds, though they give you less freedom in choosing where to ultimately direct the money...
...undo it. The deadline was recently extended to allow those who converted without knowing whether they qualified for the Roth the opportunity to correct their error. Many rushed to convert in 1998 because of a one-time grant to spread the resulting tax over four years. The effect, though, was to extend the period in which you can unconvert and then reconvert to the Roth. You'd want to do that if your IRA's value is much lower now than when you originally converted. It can save a bundle in taxes. You lose the ability to spread...
...general, you should max out on any tax-deferred savings opportunity. This has been especially true since Congress two years ago rolled back a punishing 15% excise tax on withdrawals from retirement accounts deemed, through a complicated formula, to be too large. Be careful, though, if your tax bracket will rise in retirement. Withdrawals from tax-deferred accounts get taxed as income. If you'll be retiring soon, new contributions might not have enough time to grow tax-deferred. You might be better served putting new savings into a tax-efficient mutual fund, like an index fund. When you cash...
...pals. Clutching a plastic bag, he is pleased with his purchases, which include Augmentin, Proscar and that modern elixir, Viagra. Nearby, Bill Gibson picks up Tagamet, the stomach medication, for a mere $7.50--far less than the $62 he says he would pay back in Oklahoma City, Okla., "even though it's made by the same company as the stuff...