Word: deduction
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Dates: during 1990-1999
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Americans seem happy to share their wealth: they gave $143 billion to charities in 1997, up 7% from 1996, according to figures out last week. Religious and health groups got the most. Tip: instead of cash, donate appreciated stock, which you can deduct at market value without paying capital-gains...
...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...
...worth noting that the self-employed may deduct 40% of family health-care premiums--up from 30%. And here, according to KPMG Peat Marwick, are a few other items to consider...
...gave stock to a charity, you can deduct the market value at the time of the gift--not your cost. That provision had expired but was extended through June 1998. It will probably be extended again...
EDUCATION LOANS You can deduct up to $1,000 on interest paid in '98. The amount increases in later years. The income limit for joint filers is $75,000 a year...