Posted by Gavin Wilkinson on November 25, 2004 at 14:36:28:
If you have any other mortgages, pay the Jan 1 payment on Dec 31 so you get the interest this year. This can be several thousand dollars, or more, if you have several mortgages.
Do you have any stocks that are at a loss? Sell them now and the loss can offset your gains.
Can you pay your property taxes early. We have to pay our taxes in two lumps, on Dec 10 and April 10. If you prepay the April 10 payment this year, you get a deduction.
Do you have rentals? Can you accelerate any expenses? How about a new carpet or water heater?
Prepay your state taxes. If you send in an estimated tax payment, that is deductable this year.
Are you in a business where you can take an immediate write off for a business investment?
Have you funded retirement accounts? A IRA or retirement plan can be a deduction.
How about a charitable donation? Its the time to give to that church or good cause.