More Galleries
Our biggest money highs and lows How much money do you need to feel rich? What are your biggest money mistakes? Money magazine surveyed 1,000 Americans for the answers to these and other questions. See how your answers stack up. More
How we feel about our finances Participants in an exclusive Money magazine survey reveal how they feel about their finances. Although the Great Recession may be over, they're not all that confident about their prospects for the long run. More
8 ways to cut your tax bill To keep your tax bill as low as possible this filing season, you need to stay on top of all the ways the rules have changed. More
Special Offer

Six top tax savers

Still searching for that last-minute eureka on your 1040? Perhaps you'll find it here.

1 of 6
BACK NEXT
1. Anything I can still do to cut my 2007 bill?
Anything I can still do to cut my 2007 bill?
Trim your taxable income with these strategies, and don't miss frequently overlooked deductions.

Look for losses. If you took a hit in the market in 2007 or even if you switched investments within a fund family at a loss, you can spin the pain into tax gold. First you must use losses to offset capital gains. Then you can deduct another $3,000 worth against ordinary income. What's left carries over to later tax years. So make sure you don't have any leftover losses from, say, a bad bet on GM in 2005.

Pad your retirement. You can fund an IRA for 2007 until April 15 (the max is $4,000; $5,000 if you were 50 as of Jan. 1). And don't assume you earn too much to write it off. Even if you and your spouse have retirement plans at work, you can deduct part of your contribution if your modified adjusted gross income (AGI) is below $103,000. For a full deduction, your modified AGI must be $83,000 or less.

Itemize. Some 63% of taxpayers don't itemize - at their financial peril. A 2002 Government Accountability Office report found that filers who should have itemized but didn't paid $438 extra on average.
NEXT: I'm stuck paying the AMT. Isn't there a way out?
Last updated April 11 2008: 9:07 AM ET
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.