There is about a week left for 2013 which means this is the last call for most tax deductions. Sure, there a few things you can still do in April when you are filing your return but the vast majority of tax deductions must be taken care of before the end of the year. It’s the holiday season so tax deductions are not likely to be on top of your to-do list, but maybe they should be.

Charitable contributions need to be made before year-end. That includes donations of appreciated stock which need to be transferred into the charity’s account before January. Sometimes the paperwork for transferring securities can take a day or two, so don’t wait until 4:00PM on New Year’s Eve to start the process.

Making gifts to relatives is a common practice this time of year and I don’t mean a dozen golf balls. Annual exclusion gifts are a great way to transfer wealth as part of an estate plan; the limit for 2013 is $14,000 per person. Those checks need to be cut and delivered before year-end to be considered 2013 gifts. The new Minnesota gift tax rules have made annual exclusion gifting even more important for Minnesota residents.

For cash basis business owners, this last week is critical to controlling your taxable income for the year. Paying off your accounts payable and slowing down on sending out invoices are easy ways to manage your income if you are cash basis. Buying a new piece of equipment and placing it in service before year-end can make a huge difference when it comes to your taxable income.

I was thinking the other day… what if everyone took tax planning as seriously as they took shopping for the holidays? Oh what a wonderful world it would be (at least for me)! 2013 was a crazy year for tax changes – hopefully you are navigating it well. This is last call for blog posts in 2013.

Happy Holidays and Happy Tax Planning everyone.

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