Have you been victimized by an investment Ponzi scheme like Bernie Madoff's? A new IRS ruling says you can deduct such a loss as a theft loss rather than a capital loss.

A savvy real estate owner can postpone tax by selling property on the installment sale basis. But you may be able to postpone the tax bill even further. Strategy: Consider using a “wraparound sale.” In effect, you offer to carry the buyer’s note to facilitate the sale of the property.

Without a pawnshop and a gold onyx ring, Patrick Heinaman's grandmother might have missed her daughter's funeral. The short-term loan put the 412-mile trip to Port Lavaca within reach. It was costly, but her only option. But Heinaman's grandmother and other low-income borrowers would have a harder time getting an emergency loan of that type if the legislation Congress is considering to cap interest rates on all consumer credit transactions passes.

Q. In a recent article, Roth conversions: a partial maneuver, you said you could convert part of an IRA to a Roth. Can you undo a partial conversion?

Although summer is officially right around the corner, there’s no vacation from tax planning. If you’re dedicated, you’ll be able to bask in tax savings as the weather heats up. Here are seven prime examples:

According to a recent report by Accounting Today magazine, small businesses are being targeted for tougher scrutiny from the IRS. Federal tax audits of small businesses with between $10 million and $50 million in assets increased 29% from 2005 to 2007.

You now have a new tax incentive to invest in fledgling corporations, thanks to the new economic stimulus law. You might even want to plow some money into your own company. Strategy: Buy new “qualified small business stock” (QSBS).

It's unlikely the one-year estate tax repeal in 2010 will occur. Proposed legislation retains the $3.5 million estate tax exemption and top 45% rate. It also reunifies the estate and gift tax exemptions.

Did your child recently graduate from college? He or she may have to repay student loans ...

Q. I have nonrefundable airline tickets that I don’t expect to use. Can I deduct the cost if I donate them to charity?

The new economic stimulus law almost doubles the amounts employees may receive for some tax-free transportation benefits. Initially, employees were eligible to receive transit passes and van pooling benefits valued up to $120 per month for 2009 without owing any federal income tax. The new law increases the monthly tax-free benefit to $230.

Do you own a “vacation home” near a beach or in the mountains? It’s a great place, but maybe your children have grown up and moved away or the place has become too expensive to maintain—or both. Strategy: Rent out the home part of the year. Although it can be a hassle, the cash flow and tax benefits may outweigh the inconvenience.

The American Recovery and Reinvestment Act of 2009 gives small business owners a second chance at a “one-time” tax-saving opportunity. It revives the enhanced Section 179 deduction and “bonus depreciation” tax breaks that officially expired after 2008. These two tax goodies can be combined so that your small business can write off most, if not all, of the cost of new assets placed in service this year.

Q. I’m going back to school to improve certain job skills. Can I claim the education tax credit for myself?

On April 15, President Obama acknowledged the complexity of the tax code in a speech commemorating the new economic stimulus law. He vowed to make it "easier, faster and less costly" to file income tax returns.

When you set up a deferred compensation arrangement between you and your company, you agree to provide current services in exchange for a future payday. But there’s a chance you won’t live to collect the deferred comp. Strategy: Name your favorite charity as a contingent beneficiary. If your designated beneficiary predeceases you, the money goes to the charitable organization.

Q. My accountant says that I can receive tax-free distributions from a Roth IRA before five years are up. Is this correct?

The new economic stimulus law subsidizes the cost of continuing COBRA medical coverage for some employees who have lost, or will lose, their jobs. But the burden of paying the rest of the premiums has shifted to employers. Strategy: Recoup the cost ASAP.

Thanks to Google’s policy of allowing employees time each week to work on pet projects, the company is forever unleashing new tools to improve your googleability. These four new tools could make you more fluent, more efficient and better-informed.

Is your closely held company struggling in these tough economic times? You may need to take some drastic measures, especially if the company already owes you money for a prior debt. Strategy: First, forgive the debt. Next, treat it as a contribution to your corporation. As long as you handle things correctly, neither you nor the corporation will have to pay any tax on the transaction.

The first-time homebuyer credit created by last year’s housing law didn’t do much to stimulate home sales throughout the country. But the new economic stimulus law sweetens the pot. Most homeowners no longer have to repay the credit! Strategy: Encourage family members to pounce on this juicy tax break.

It’s not unusual to pay someone to watch your young children in the summer while you and your spouse toil at your jobs. At least you can claim the child care credit for a portion of your qualified expenses. Strategy: Send the kids to summer camp. The entire cost of a day camp qualifies for the credit while your child is enjoying the great outdoors.

It’s not enough if you pay your income tax to Uncle Sam, it’s also a question of when the tax is paid. You could be assessed an “estimated tax” interest charge penalty if you don’t fork over the required tax in a timely fashion. Fortunately, you can avoid any penalties if you qualify under one of three safe-harbor methods. The new economic stimulus law eases one of these safe harbors for qualified small business owners.

If you die with most of your retirement funds intact, your family could get walloped by estate tax on top of a hefty income tax bill for required plan distributions. Strategy: Use retirement plan funds to buy life insurance. When you die, the life insurance benefits are tax-free to the beneficiaries. They can use the cash to pay off their tax bills and pocket the rest.

Q. I have a trust set up in another country. My only child is the beneficiary. If I transfer funds to the trust, will I have to pay U.S. tax on the income?