Some Last Minute Tax Savings Ideas

1.  Review and make any last minute donations.  Donate cash and non-cash items.  Remember to deduct your charitable mileage as well.

2.  Decide to sell chosen investments.  Do so to take advantage of offsetting ordinary income with capital losses up to $3,000.

3.  Accelerate expenses.  Prepay next month's mortgage, state income taxes, or property taxes if it makes sense.

4.  Defer income.  If possible, defer income into January.

5.  Shift Educational Expenses.  Time deductible educational expenses into the year that helps the most.

6.  Maximize your kids.  Shift investments to kids through gifts to take advantage of their lower tax rate up to the kiddie tax limits.

Prior to taking action, please call to discuss your situation. Many of these strategies have exceptions and should be considered in light of how they may impact this year's taxes as well as next year's tax obligation.

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