TAXING TAX CUT FIGURES

Physician's Money Digest, August31 2003, Volume 10, Issue 16

Tip:

Before you get too happy aboutthe recently enacted tax cuts, expertssay, think about the paperwork messyou'll be facing come next April.Different capital gains rates and complexnew rules regarding what dividendsqualify for capital gains taxtreatment may well turn the nuisanceof filling out your annual tax returninto a nightmare. If you want an ideaof how bad it will be, you can get apreview of next year's tax forms atthe IRS Web site (www.irs.gov). Forexample, next year's Schedule D (ie,the form you use to report capitalgains and losses) will have 53 lines,13 more than the 2002 tax year'sform. If you're still doing yourown taxes, this may be the year tolook for a professional tax preparer.