1. Defer income and accelerate deductions. Postponing the payment of taxes is always beneficial.
2. Take full advantage of the new lower tax rates for dividends and capital gains.
3. If in business, maximize use of Section 179 expensing (up to $100,000/ yr) and bonus depreciation.
4. Maximize contributions to IRAs and/or 401(k) plans each year.
5. Project current year state taxes to determine if additional payment before year end would be beneficial.
6. Take steps to avoid alternative minimum tax, especially in years with large capital gains or large state and local tax payments.
7. Consider using appreciated securities to fund charitable obligations. You obtain the full deduction as well as avoiding tax on any unrecognized gain.
8. Review and update your wills and trusts to take full advantage of the increases in the unified credit amounts.
9. Consider fully utilizing the annual gift tax exclusion ($11,000 per year) to reduce your taxable estate.
10. Schedule a tax planning session with your tax professional prior to the end of the year to determine which tax planning strategies you can put in place before year end.