Beginning in 1998, a tax credit is available for each qualifying child under age 17. This credit is $400 for tax year 1998, and $500 for 1999 and thereafter.

If you consistently receive a tax refund you should consider changing your payroll withholding since you are giving the government an interest free loan. Get the money in your paycheck each pay period rather than a refund at the end of the year.

There are potential major tax benefits to borrowing against the equity in your home. The effective after tax rate for home equity loans may be 6% or less, while the interest rate for credit cards, unsecured personal loans, and new automobile loans can exceed 18%.

Dividend reinvestment plans that permit you to invest at less than market price can allow you to earn a higher yield because your are receiving "extra" shares.

Wealth can be built up much faster in an IRA or other tax-deferred retirement plan than in your own retirement program. Since you do not have to pay income tax as your earnings accumulate in the plan, your investments compound in value much quicker.

You may deduct expenses on your rental property during a period in which it is not being rented as long as you are actively attempting to rent the property.

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Last modified February 26, 1999