At the end of the year, you should start reviewing what you've earned, lost, spent and saved over the past 12 months, keeping an eye out for potential deductions. There are a number of little things you can finagle that could lower your tax bill (or get you a larger refund) in April. For example, if there's any way you can decrease your taxes by deferring income until January, you should make every attempt to do it. If you're self-employed, you can hold off on sending invoices so you're more likely to be paid in January instead of December. You should also stock up on equipment or supplies in December so they'll be deducted in April.
We'll get into more detail about end-of-the-year tricks of the trade on the following pages...