Word: deductionism
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In the spirit of holiday shopping, let's consider some 11th-hour tax planning. It won't help you score a Furby for your toddler, but the right financial moves before the end of 1998 will have far more impact on Junior's well-being. The same basic year-end...
The new Education IRA, which lets you set aside $500 per child each year, must be funded by year-end. Like the Roth, it allows your money to grow and be withdrawn for college free of tax, but it offers no deduction. You can take as much as a $1...
Remember that gifting money to heirs is not the same as donating to charity. In the latter case, as long as you write the check this year, you can take the deduction. But gifts occur in the year that the check clears--a quirky distinction.
If your state doesn't offer a college-savings plan, you can still participate through an out-of-state plan. You won't get the state tax deduction, but you will get tax-deferred investment growth; and when the money is tapped, it will be taxed at the student's...
Both plans invest mostly in stocks in the early years and slowly shift into bonds and money markets as your student nears college age. You get no say in this allocation. The impact of tax deferral is big. TIAA-CREF estimates that someone in the 28% tax bracket saving $5...