Everything for People Concerned About Smoking & Nonsmokers' Rights FIRST on the Internet for Smoking News and Documents
.
	Action on Smoking and Health A National Legal-Action Antismoking Organization Entirely Supported by Tax-Deductible Contributions      Home  Search  About ASH  Why Join  Comment  Email Page

TAX-TIME: THINGS TO THINK ABOUT

For more of us it's almost time to file our federal income tax return.

That's a good time to think for at least a few minutes on how to save on taxes -- if not now, then in the future.

It's also a good  time to try to avoid the perils of  probate, and in general to make sure your financial house is in order.

Here, from ASH's attorneys, are a few simple tips:

1. CHECK YOUR BENEFICIARIES:  Make sure that any life insurance, pension, and similar plans have the proper beneficiaries listed.  People often fail to review them each year, and there could be very serious problems if the listed beneficiaries aren't updated to reflect any births, deaths, or other serious changes.

2. EVALUATE CHANGES:  Make sure you know about and evaluate any relevant changes in the U.S. tax laws -- including interpretations of existing law by the Internal Revenue Service -- before preparing your tax return.  You can find summaries on various financial web site,  as well as in major newspapers and other sources.
    For example, the costs of smoking cessation programs are now deductible as medical expenses, see: IRS Approves Tax Breaks For Tobacco Related Medical Treatment [07/13/99]

3. UPDATE FINANCIAL RECORDS:  Make sure your financial records -- including account numbers, telephone numbers, web site addresses, policy numbers, etc. -- are up to date so that you -- as a spouse or friend in the event of your death -- can easily find the relevant information.  This is particularly important when so many banks and other financial institutions are merging or changing names, addresses, etc.

4. MAKE OR CHECK YOUR WILL:  If you don't have a will, make one.  If you do have one, check it to make sure it's up to date and reflects any changes in your family structure, estate planning goals, etc.  By the way, to learn more about how easy it is to change your will to add ASH as a beneficiary -- and why you should consider doing so -- Please click here. 

5. TAX-DEFERRED SAVING PLANS:  Check out your 401(k), 403(b), and other plans to make sure they are also up to date and reflect your current circumstances.  Moreover, to prevent "confiscatory" taxes on your tax-deferred retirement plans, consider setting up a CRT.  For more information, please click here.

6. USE TAX-SAVING GIVING TECHNIQUES:  Most everyone has favorite charities they wish to help support, and we certaintly hope that ASH is one of yours.  For a number of tips on how to save lots of money on taxes, avoid probate problems, assuring yourself or a loved one of a steady income, and other ideas, check out some tips;
These include making contributions in the form of:
* stocks which have appreciated
* an insurance policy no longer needed
* a remainder interest in real property
* and, of course, setting up a charitable remainder trust (CRT)
   For additional tips, please click here:  ASH'S  TAX-WISE GIVING TIPS

THANK YOU FOR SUPPORTING ASH!