Don't overlook these tax breaks

Article Abstract:

Older people can take a number of steps to reduce their taxes. These include taking advantage of the increased income limits for deductible individual retirement accounts, going back to school to qualify for a new Lifetime Learning Credit and claiming a $400 tax credit for each grandchild under 17.

Evaluation, Tax deductions

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Act now to cut your '98 taxes

Article Abstract:

Taxpayers can cut their 1998 taxes by deferring income, hastening expenses, lessening tax on Social Security benefits and contributing to an Individual Retirement Account. Taxpayers can also contribute to a Keogh plan, if they have one, and resolve any underwithholding.

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The estimated-tax trap

Article Abstract:

Unearned income may result in an income tax balance due of $1,000 or more, which triggers a requirement to pay quarterly estimated taxes. This can be avoided by increasing taxes that are withheld. Making payments under the annualized income method is another option.

United States, Management, Estimated taxes

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