1. Investment portfolios for review of the possible tax consequences. You just bought Apple or some other high stock of play this year? Then you may want to check your taxable profit portfolio. The sale of low yield, can reduce your tax debt by selling a portion of high performance professionals. You can also have a net income loss of up to $ 3,000 (see your business tax).
2. Beware of taxes on investment funds. A common mistake investors is to buy a fund in December.
By law, mutual funds must pass along capital gains to investors before the end year. With the purchase of a fund at the wrong time, you may need to finance the tax as if throughout the year.
3. Required minimum distribution. If you turned age 70 before 2007, must have a minimum of
distribution from your IRA on 31 December. Your adviser can help you calculate the amount to be withdrawn.
4. To make a donation to a charity. If you have a favorite charity, consider giving the gift of stock rather than cash. Stocks with large capital gains would be an excellent choice. Instead of selling, you can donate and avoid paying taxes on the appreciation.
5. Add more to your 401k. To lower the tax bill, consider increasing your 401 (k)
but it is important to make sure not to go the limit.
6. Pay deductible expenses for purposes of the year. If you pay taxes or property taxes in the initial state, which accelerates your federal deductions. You can make an extra mortgage payment (interest is deductible), or go to work or dental surgery later this year.
7. Finally, take this time to organize. Prepare a folder with your financial documents. Even the location of important documents (such as a will, a safe place to rent, bank accounts, etc) This will make it easier for most popular documents to trace if something happens.