Overhaul your portfolio and rethink everything you do to lower taxes on your savings. The tax laws have changed, and the techniques of tax avoidance have changed even more. In april, even as the stock market tumbled, David Gillespie had to cough up federal and state taxes on $65,000 in 1999 capital gain distributions from Fidelity Destiny I fund. He hadn't sold shares, but—like other holders—owed tax on gains that Destiny's manager realized last year. "If I'd owned stocks, it wouldn't have happened, because I'm a buy-and-hold investor," he complains.
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