Depending upon your tax situation, the following tips may help reduce the amount of taxes you owe at the end of the year. The following tips are common advice provided by most CPAs. However, before you do anything to save on your income taxes, consider talking with us first. Your tax situation may be unique and some of these tips may not apply to your situation.

(The following tips are courtesy of Intuit, Inc. Please see their web site for full details.)

Most folks on salary don’t have much choice on when they get paid. But if you are one of the lucky ones in line for a year-end bonus, consider asking your employer to give it to you in January. If you have consulting income, you might want to delay billing so that you will get paid next year.

Contributing to charity is a noble way to get a deduction. You can make the process easier on yourself if you donate appreciated stock or property rather than cash from the proceeds of a sale. You may be able to give more to the charity, and you avoid paying capital gains.

With the roller coaster stock market, you may have a mix of winners and losers in your portfolio. If you have a big capital gain, consider selling some of the losers. You can erase your tax liability on the gain with a corresponding loss.

There may be no better investment than tax-deferred retirement accounts. They can grow to a substantial sum because they compound over time free of taxes. Company-sponsored 401(k) plans may be the best deal because employers often match contributions.

A Roth can outperform regular IRAs because you don’t pay taxes on your withdrawals. The catch is that you can’t deduct your contributions. You might want to convert to a Roth if you have many years to go before you take out your funds.

If you have reached 70 1/2, don’t forget to take at least the minimum distribution from your IRA or you will face a 50% penalty on the shortfall. How much you need to withdraw is based on your life expectancy.

If your company provides flexible spending accounts, sign up before the end of the year. These programs deduct money from your paycheck on a pre-tax basis to pay for a wide range of health care expenses not covered by insurance and for childcare or elder care. The exclusion of account contributions from taxable income in effect produces tax savings of 40% or more.