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    1. Less withholding
    2. Lump deductions
    3. Misc expenses
    4. Free tax program
    5. Education breaks
    6. Sales taxes
    7. Property taxes
    8. Family loopholes
    9. Retirement plan
    10. Estate taxes
    11. Personal Taxes Links
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Lump Your Tax Deductions
If you want to maximize this year's tax refund, you can do that by moving a lot of deductions from next year to this year.  You can do this every year, to keep your tax bill as low as possible.  Exception:  if you anticipate that next year you'll be paying a lower tax rate, you should lump deductions next year instead of this year.

Here are some ways to lump deductions:

     
 
 
Lump Your Tax Deductions
 
Time to complete:  Varies
Money you'll spend:  $0 (although you may need to accelerate some payments, to take deductions earlier than you normally would.)
What you'll get:  $280 for every $1000 of deductions you can lump at the end of the year, assuming you're in the 28% tax bracket.
List of last-minute deductions: 

  1. Prepay your January mortgage payment.  If you mail out the check in December, you can take next year's interest expense deduction this year.

  2. Take charitable tax deductions in December.

  3. Donate your old clothes and furniture to charity.  For a bigger deduction, consider donating bigger stuff: an older car or computer, for example.  The "wholesale fair market value" is deductible (be sure to get a receipt.)

  4. Contribute to your retirement plan (IRA, 401(k), Keogh plan or SEP plan.)

  5. Bunch your medical expenses.  They are deductible only in excess of 7.5% of your income.  Counseling and drug abuse treatments can be deductible.

  6. Two articles at BankRate.com, Ten Tax Time Bombs To Defuse Now and More fourth-quarter moves that can trim your April tax bill, cover this subject in greater detail.

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More pages in this section:
      1. Less withholding
 You are here...     2. Lump deductions
 (...     3. Misc expenses
      4. Free tax program
      5. Education breaks
      6. Sales taxes
      7. Property taxes
      8. Family loopholes
      9. Retirement plan
      10. Estate taxes
      11. Personal Taxes Links
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