1. Maximize company retirement plan contributions: increase payroll deductions to get the most you can into the account by Dec. 31.
2. Contribute to your IRA. Individuals under age 50 with earned income can contribute up to $5,000. Those 50 and over can contribute $6,000.
3. Sell securities in your taxable investment accounts that are showing losses. You can use the losses to offset gains you've realized during the year and to shave $3,000 of taxable income off your return. (Just be careful not to buy the same security within 30 days before or after the sale.)
4. If you find your itemized deductions come close, but don't exceed, the standard deduction, consider increasing them by prepaying your 2010 property taxes or making an extra mortgage payment, or increasing other expenses that go on Schedule A. The goal is to get your itemized deductions up over the amount of the standard deduction.
5. Sign up for your company Flexible Spending Account. This will give you the equivalent of a tax deduction on every dollar you put into the account and then spend on medical expense. OK, this actually saves you money on next year's tax return but you have to sign up during open enrollment period, which is November and December.

There are other strategies to minimize income and maximize expenses. Give us a call and let's see what we can do for your bottom line.