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I receive a monthly Quicken
Newsletter. Several ideas and links are listed in this newsletter. I have not
checked them all out. Larry
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1998 SPECIAL YEAR-END TAX EDITION - QUICKEN.COM NEWSLETTER
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TAX HIGHLIGHTS:
1) Smart Moves For Investors
2) Don't Be A Roth Sloth
3) Year-End Tax Tips
4) Bond With Municipals
5) For the Self-Employed
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'Tis the Season for Tax Planning
http://www.quicken.com/taxes/?s=5
We all know the holiday season is a time for family gatherings and plenty of parties. But
it's also a great time to think taxes.
Yup. We're serious. And no, we're not trying to be Scrooges.
Take the time to do some basic tax planning before the end of the year, and the tax elves
at Quicken.com can guarantee that your greatest holiday gift will arrive next April 15.
(O.K., so perhaps a lower tax bill isn't the greatest gift. But there is something to be
said for a stocking stuffer that saves money, rather than straining your wallet.)
The Quicken.com team has been plenty busy creating tax-saving strategies and tips for you.
Our complete roster of smart tax moves is available at our tax home page:
http://www.quicken.com/taxes/?s=5
1) Smart Moves For Investors http:http://www.quicken.com/taxes/articles/911520814_6440?s=5
If you've got a loss on an investment this year -- small cap stocks and emerging market
funds are two likely culprits -- our article, "Turn an Investment Loss into a Tax
Win" is a must read. You
can use losses to offset gains from your winners, or the losses can be used to reduce up
to $3,000 of ordinary income. And once you know the IRS rules, you can simply buy back
your loser, if you indeed think it is still a smart long-term investment. How's that for a
tax-savvy holiday bonus? To read "Turn an Investment Loss into a Tax Win", go
to:
http://www.quicken.com/taxes/articles/911520814_6440?s=5
Plus, there's another way to use your stocks (and funds) to reduce your tax bill. In our
story, "Tax Smart Giving", we explain that if you donate stock that has
appreciated in value, Uncle Sam is happy to play Santa Claus. You're permitted to claim a
deduction for the entire amount of the charitable donation, and you don't have to pay a
dime in capital gains tax. Ho! Ho! Ho!
http://www.quicken.com/taxes/articles/911846541_17810?s=5
****************FROM OUR SPONSOR: AMAZON.COM*****************
Need to learn more about taxes? See Amazon.com's list of best-selling tax books. Go to:
http://www.amazon.com/exec/obidos/stores/intuit-article
*************************************************************
2) Don't Be A Roth Sloth
http://www.quicken.com/retirement/RIRA/planner/?s=5
If you're eligible for a new-fangled Roth IRA, by all means, don't delay converting your
traditional IRA. Why the rush? Well, in a rare gift to taxpayers, Congress decided that if
you make the conversion before December 31, 1998 you can spread the tax bill on your gains
over the next four years. However, if you delay your conversion until 1999, your entire
tax bill will be due in the year you make the move.
To help you determine if you should Roth or not, check out our Roth IRA Planner at:
http://www.quicken.com/retirement/RIRA/planner/?s=5
3) Year-End Tax Tips
http://www.quicken.com/taxes/articles/911861536_26607?s=5
For starters, take a look at our article "All the Right Year-End Tax Moves" that
can sharply reduce your 1998 tax bill. For example, if you ask the boss to pay out your
bonus in January 1999, you won't owe taxes on it for 1998. Or a key deduction booster is
to pay your January 1999 mortgage this month, which allows you to take the interest
deduction on your 1998 return. Go to: http://www.quicken.com/taxes/articles/911861536_26607?s=5
Bonus: To get a feel for how those moves could lower your 1998 tax bill, simply click on
our handy Tax Estimator for 1998 at:
http://www.intuit.com/turbotax/taxcenter/estimator/start.htm?s=5
4) Bond With Municipals
http://www.quicken.com/taxes/articles/910723054_9803?s=5
If taxes on investment income and fund distributions have darkened your holiday mood, we
have a suggestion that is sure to boost your spirits more than eggnog. Our article,
"Now is a Great Time to Bond with Municipals", explains why tax-exempt
securities and funds are a savvy investment move in today's market. To read, go to:
http://www.quicken.com/taxes/articles/910723054_9803?s=5
You can figure out exactly how munificent munis are for you by using our new Taxable
Equivalent Yield Calculator at: http://www.quicken.com/taxes/taxequivcalc/?s=5
5) And For the Self-employed...
If you've been planning to open a Keogh Account for tax-deferred retirement saving, the
clock is ticking. Although you may be able to defer up to $30,000 in income from Jan 1
through April 15 of the next year, you must open your account by December 31 to get the
tax deduction for 1998. Don't miss out! Go to: http://www.quicken.com/small_business/focus?s=5
Everyone at Quicken.com wishes you a happy holiday season, and may the new year be less
taxing.
Tony Cook,
Managing Editor
http://www.emailpub.com
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