lRepay
personal debt or replace it with a home equity loan or line of credit
to avoid
non-deductible interest payments. lConsider
your plans for the near future.How
will marriage, divorce or a new child, retirement or other events
affect your
year-end tax planning? lLower
your own taxable income by shifting
income to other family members. lTake
maximum advantage of your employer’s 401(k) or other retirement plans
as well
as health savings accounts or health reimbursement arrangement; lConsider
filing separately if one spouse has numerous itemized deductions
subject to a
floor amount; lDetermine
which type of IRA is best for you, establish an account before the end
of the
year and make your contribution before the due date of your tax return
to
obtain a current year deduction (if deductible IRA). lBe
mindful of distributions from your IRA’s.Before age 59 ½, withdrawals are generally subject to
penalty.At age 70 ½,
certain minimum withdrawals
are required.The amount of your
withdrawals should be based on your financial situation and life
expectancy.
