9) EXAMINE YOUR MEDICAL EXPENSES. Take advantage of your flexible spending plan at work or a medical savings account if you are self-employed.
10) CLEAN UP YOUR HOUSE AND GET ORGANIZED! Your financial house, that is. While this seems so simple, using personal finance software, like Quicken, or keeping good files, will save you so much time and stress when tax time rolls around.
11) TAX-PROOF YOUR PORTFOLIO. If you are earning a significant amount of income from investment income, consider the following for tax proofing your taxable portfolio:
- Index funds
- Municipal bonds
- Matching realized capital gains with capital losses
- Mutual funds with low turnover ratios
- Maximizing taxable income to a retirement plan
- If you have realized capital losses from previous years, make sure to carry them over.
©Copyright 2007 Down to Earth Finance, LLC
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