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The Online Advisor - March 2000
Even though 1999 is history, it may not be too late to cut your 1999 tax bill. Consider these possibilities:
--You can set up a 1999 IRA and make a contribution up to April 17, 2000.
--If you contributed to an IRA in 1999 but didn't reach the maximum $2,000 by December 31, 1999, designate those contributions you make in 2000 prior to April 17 as 1999 contributions (up to the maximum $2,000 allowed). You can then deduct these amounts on your 1999 return for a quicker tax benefit.
--If you had self-employment income in 1999, you can contribute to a SEP or a Keogh pension plan. (The Keogh had to be in place by December 31, 1999.) Contributions can be made up to the due date of your 1999 return, plus extensions.
--If you sold stock or mutual funds in 1999, check your records carefully for reinvested dividends that will add to your basis and reduce gain on the sale.
--Check for carryover items that could reduce your 1999 taxes. Check prior years for unused capital losses, investment interest expense, business operating losses, and charitable contributions.