Slash your tax bill
New rules and a new President have changed the tax game. Use these strategies to save on your 2008 bill - and reap even bigger savings in the years to come.
7. 2009 and beyond: Don't tap retirement accounts
Normally, the year you turn 70 1/2, you must make the minimum IRS-required withdrawals from your traditional IRA and 401(k). (See IRS Publication 590 for details on how much you need to take.) But for this year only, the required minimum distributions for these accounts has been waived. If you can afford to defer your withdrawals, you'll give the account a chance to rebound while reducing your taxable income, says James Lange, a C.P.A. and author of Retire Secure!: Pay Taxes Later.
NEXT: 2009 and beyond: Maximize tax breaks
NEXT: 2009 and beyond: Maximize tax breaks
Last updated March 02 2009: 9:16 AM ET
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