Hello and Today's topic, year-end tax planning.

The end of the year will be here soon,

and you have until December 31st to take action to pay as little as possible

in taxes to Uncle Sam.

Here are a few tips about things you can do before the year is out to reduce your tax bill.

Tip one.

If you want to donate to your favorite charity, do it before midnight on December 31st.

Now, saving on taxes isn't a good enough reason in and of itself to donate to charity.

But if there's a cause you want to support, go ahead and donate

before the end of the year to reap the tax benefit this year. If you itemize deductions

on Schedule A, you'll save on taxes by donating to charity.

If you're in the 25% tax bracket, for example,

you'll save a quarter for every dollar you donate.

And remember that you can donate stuff, as as money to charity to get the tax break.

This is the time of year that I like to go through my closets and get rid of things I no longer need.

I get the benefit of a tax deduction and I get to make way for starting off a new year with less clutter.

Tip 2. Consider paying your January mortgage payment in December.

It will mean a bigger mortgage interest deduction for you this year.

If you can easily afford to do it, also consider paying your property taxes for next year

before this December 31st. You get to deduct them in the year

you pay them. Tip 3. Offset your capital gains with losses. If you have capital gains, take a look at your portfolio and

see if there are some losers that you want to sell. You can use the loss to

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