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 t's not too late to reduce your 1998 tax bill. The IRS Restructuring and Reform Act of 1998 brought about revisions to the Taxpayer Relief Act of 1997 -- recent changes that could add up to more benefits and possibly more savings for you.
Capital gains
If you sold your home in 1998 and lived in it for two of the last five years, you can exclude up to $500,000 of net gain if you're married and file jointly, or up to $250,000 for single filers.
Child tax credit
If your children are under age 17, you can receive up to $400 in tax credits per child.
Individual Retirement Accounts
Under the new law, you can convert from a traditional to a Roth IRA. If you converted in 1998, you can spread the tax payments on the transferred amount over four years.
Consult your tax or financial advisor regarding your individual situation.
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