Posted on December 28, 2006 by Greg Herman-Giddens

13 Smart Year-end Tax Moves

For some last things to think about before getting set to get your estate plan in order for 2007, check out this recent article by Kay Bell published on Bankrate.com:

Have you been too busy to make your list, much less check it twice? No problem. We've got it right here.

Nah, we're not talking about that reminder sheet for your holiday shopping. This is your all-important year-end tax to-do list.

By checking off these 13 items by Dec. 31, you'll find your tax filing chore next year much easier. Even better, these year-end moves might net you enough tax savings so that you can easily pay for most of the gifts on that other list.

Year-end tax prep

Tax planning can work to your advantage. You can lower your liability by paying certain expenses before Dec. 31 and by deferring income until after that date when possible.

13 ways to cut your tax bill
1. Get in the giving mood
2. Evaluate your portfolio
3. Let your home help you out
4. Embrace energy efficiency
5. Go for better gas mileage
6. Flex your spending account muscle
7. Maximize medical deductions
8. Make early miscellaneous payments
9. Shift incoming income
10. Tend to your retirement
11. Examine education payment options
12. Check your withholding
13. Expired tax breaks extended
Click on each numbered link to read more

 

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