11th Hour
Looking For Some Last-minute Tax Savings? We Help You Beat The Clock.
Although the end of the year is quickly approaching, there's
still time to scrutinize your tax situation and zero in on
strategies to help trim your 1997 tax liability. Year-end planning
is especially critical this year because of the new Taxpayer Relief
Act of 1997. The law contains more than 800 changes and nearly 300
new provisions to the IRS code, according to CCH Inc., a provider
of legal, tax and business information in Riverwoods, Illinois.
Except for a cut in the capital gains tax from 28 percent to 20
percent, however, most of the new tax law's changes won't
affect your 1997 return. But they will impact the tax moves you
make in the new year.
As far as your 1997 tax return is concerned, you have until
December 31 to put your strategies in place. "Too often, when
April rolls around, taxpayers look back and say `I have all this
income, and I wish I had written off more expenses last year,'
" says Susan Jacksack, a small-business analyst with CCH.
"But at that point, it's too late to do much about
it."
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