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Brace Yourself

Want to avoid getting hit by the IRS? Plan ahead.

This story appears in the April 2004 issue of Entrepreneur. Subscribe »

The annual season of giving-to Uncle Sam, atleast-is upon us. It's not such a bad thing for themajority of taxpayers. After paying through automatic withholdingall year long, we're rewarded with a refund once we send in thepaperwork.

But that's not necessarily the case for people with asubstantial amount of income from sources other than wages subjectto withholding. Capital gains fall into that "other"category, as do self-employment income, interest, dividends, rentalincome and retirement distributions.

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