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Smart tax moves to consider before New Year's Eve

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The flurry of activity during the last weeks of December can make it difficult to pay attention to finances. If you want to save on your tax bill come April, now’s the time to make some critical moves.
If you have a tax advisor or financial planner, it’s wise to run these ideas by them first. Here are some suggestions to investigate by year-end with follow-up in the new year:
1. Accelerate your deductions and defer your income. It makes the list every year because it works. To keep your 2014 tax bill low, try to defer bonuses, consulting income or self-employment income until 2015 while taking as many deductions as you legally can in 2014. Deductions may include paying your January federal and state income taxes before Dec. 31, real estate taxes and interest payments.
2. Bunch non-urgent medical expenses this year or move them to 2015. If you have non-emergency medical procedures coming up, it’s a good idea to pack them into the same year so people under age 65 can exceed the 10 percent adjusted gross income (AGI) minimum for medical expenses. For those over age 65, the AGI minimum is 7.5 percent.


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