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What can I do to reduce my income tax for 2002?
These general principles should apply to most taxpayers: defer income to next year and accelerate deductions into this year. You can pre-pay state income taxes and real property taxes before year-end. You can make charitable contributions (cash and/or property). You can sell securities that are losers, but you can deduct only $3,000 in excess of your capital gains. Use caution: your tax adviser can advise you if any of these techniques will not provide tax savings because of the alternative minimum tax (AMT).
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