Year End Tax Tips for Tax Year 2008
Tax Question Central
We're no longer accepting new tax questions, but you can read all of Kevin's answers here.
Question: Buying Stock for
Grandchildren
I regularly contribute to stock for my grandchildren on their birthdays and at Christmas--Avon, Coca-Cola, RPM. Should I go ahead with my modest contributions for this Christmas?
-- Sandra Rooney, Green Valley, AZ
Answer:
If you can afford to, I would certainly recommend it. Despite how scary this volatile market is, you know you can buy at bargain basement prices compared with a year ago. History tells us that over the long-term that your grandchildren have to invest, today will likely be looked back upon as a great time to buy. That doesn't mean the downdraft is over -- tomorrow may be an even better time to buy -- but over the long-term you can count on a market recovery.
-- Kevin McCormally
NBR's archived Tax Tips:
March & April 2008
Tax Tips for Tax Year 2007
November 2007
Year End Tax Tips for Tax Year 2007
March & April 2007
Tax Tips for Tax Year 2006
The year is nearing its end, which means it's time for an early taste of "Tax Tips." NBR's tax guru, Kevin McCormally of Kiplinger's Personal Finance, has more pointers that could help you lighten your tax load come April. And, those small savings could be a great relief during these difficult economic times.
Watch Kevin's tips during the TV program the week of November 17th through the 21st. Then explore the Q&A section of this page to ask Kevin your own tax questions and to read his answers.
Tip #1 - Delay Taking Your RMD
November 17, 2008
A possible rule change could impact your IRA's required minimum distribution.
Read Transcript | Video
Tip #2 - Beware Mutual Fund Payouts
November 18, 2008
Funds devastated by the market meltdown will be making taxable payouts.
Read Transcript | Video
Tip #3 - Make the Most of Market Losses
November 19, 2008
Before you sell shares, be sure to identify those that will maximize the tax benefit.
Read Transcript | Video
Tip #4 - Consider IRA to Roth Conversion
November 20, 2008
Tax advantages can come from converting an IRA to a Roth.
Read Transcript | Video
Tip #5 - Don't Forget FSAs and Kid IRAs
November 21, 2008
Tax rewards can come from flexible spending accounts and IRAs for children.
Read Transcript | Video
A list of general tax resources as well as links to any websites Kevin McCormally mentions in his tips.
Internal Revenue Service (IRS)
The IRS collects taxes and enforces U.S. tax law. Among other things, the IRS website contains tax forms and a system for filing taxes online.
Kiplinger's Personal Finance
Kevin McCormally is editorial director of Kiplinger's Personal Finance.
*If you click these links, you will be taken off the NBR website on PBS.org. NBR has no affiliation with these sites.
