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Monday, October 05, 2009 at 1:09 p.m.

Read more: Economy

From Cynthia Scott of OMC Financial Services:

Avoid the capital gains trap if you intend to invest in mutual funds before year's end:

>>Check when the mutual fund intends to declare capital gains or special dividends
>>If you invest before a capital gain is declared, you will pay taxes on the gain even if you have only owned the fund for one day
>>Even some bond funds and/or exchange trade funds may pay capital gains
>>If you want to take advantage of any market correction, do your homework first; it may cost you more in taxes
>>Qualified money, such as 401K's, IRA's and 403B's are not affected.
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