One thing you can be sure of, other than death and taxes, is that any change in tax law will come in small steps. Congress just doesnıt have the energy or the leadership to complete a total overhaul of the tax code. But there are some notable changes to the tax code and some interesting things you can do to help your tax bill. Our tax page is back!

Taxes are a push and pull event that happens every year. They push and you pull back. But you can turn that sort of action reaction to your benefit.

If you are able, you can push taxable income into the next year saving you taxes on this yearıs tax bill. If it sounds like magic, then hereıs the prestige. Buy investments that will not mature in the taxable calendar year but will mature in the following year. In late 2007, you would buy short-term certificates of deposit or treasury bills and hold them until they matured in 2008. The income earned would not be taxable until 2009.

If you foresee some capital gains, you might want to wait to sell those securities if you also foresee a lower or equal income to the current calendar year. Nonetheless, the capital gains tax is still favorable at 15%, less if you are in a 10-15% tax bracket.

The best method of selling winners is to rid your portfolio of losers at the same time. It may not be the best method for your efforts but you took a profit on one end and learned a lesson on the other.

Beware mutual funds held outside your retirement plan. Actively managed mutual funds are just that, active. Only all of the activity, largely designed to create a better ­ read: more attractive to new investors ­ return can have significant tax repercussions. This is why it is important to keep your index funds in your taxable account, deferring all of the active tax events for a later date in your retirement account.

If you are a small business, you might even take some of your deductions in the current year to offset any taxable income.

But sometimes, pulling a few financial stings might be just what the taxman ordered. Medical expenses are deductible. If there is any chance you could squeeze additional expenses into the current calendar year, they would only help offset income.

Taxes paid to state and local income tax bills due in January can be paid in the previous year and can be deductible against the year you paid. Property tax is also a good way to increase your deduction. In many cases, your tax bill comes with three payment options, one or both payable in the following calendar year. IF you foresee a large taxable income in the current calendar year, pay the full amount. But if you see an increase in income for the following year, postpone one or two of the payments until the following year, giving you the deduction when you need it most.

There is also a tuition deduction if you pay for the next semester in the current year. Depending on your taxable income, this deduction can be as much as $4,000.

When those charities come begging, give generously. But be careful. No more out-sized assumptions of a products donated value. It has to be fair market price and even better if you owned it for more than a year.

Credit cards can also work in your favor ­ for once. Make a charitable donation in one calendar year and when the bill comes due the following year, pay it off. You can also use your credit card to make tuition payments in one year for a deduction and pay for it the following year.

Despite popular thinking, there is not a dollar for dollar tax deduction for your retirement plan. It would be the single greatest incentive for folks to save more (even a twenty-five cents to the dollar deduction would lop off $1,000 or more of taxable income depending on your age and if you maxed out your 401(k), it would amount to a tax savings of $3,800 or more).

But making the largest contribution possible will have an effect. For 2007, you can contribute $4,000 to an IRA, $5,000 if you are over 50 years of age. For a 401(k) plan, a maximum of $15,500 can be made, $20,500 for those older than fifty. After 2008, the contribution limit will raise in increments of $500, depending, of course on inflation.

If you have survived the bad news about mortgages, you probably have some tax help coming your way. If you bought a house, refinanced a mortgage or took out a home equity loan, you will need to do some planning for the current tax year.

You can deduct interest on a first or second home at the time of purchase or construction up to a million dollars. If you refinanced and used the money for a significant home improvement, you can also deduct the interest up to one million dollars. If you do this, the points can be deductible as well. Points are always deductible on the purchase or construction of a home.

Home equity debt is different however. You can deduct the interest on these loans no matter what you do with the money up to $100,000. Smart money however, used the money drawn against their house to improve the property. But, should you refinance your mortgage and include that equity debt in the refinance ­ up to $100,000, it is deductible. Over that amount, and the money pulled from the refinance must be used for home improvements or the additional interest on the debt is not deductible.

Tax Tips

Buy a hybrid car. You could receive a tax credit of up to $3,400.

Take the lifetime home improvement credit of up to $500 if you make energy saving home improvements.

Give someone, anyone, as many people as you like up to $12,000 and use this yearıs gift tax exclusion.

If you are paying mortgage insurance, that too may be deductible.

Adopt a child. This life-changing event will qualify you for a $11,390 credit in 2007. The normal per child tax credit of $1,000 is a dollar-for-dollar deduction while the dependency exemption reduces taxable income $3,400 per child.

If you have college bound kids, use the 529 plan to help with tax deductions. Keep accurate yearlong records of your investments and transaction of those trades, charitable donations, anything you think might qualify for travel or entertainment deductions under the IRSıs rules, retirement plan contributions, and home improvements/costs/expenses. The more organized you are, the greater the likelihood you will be able to anticipate not only this yearıs tax bill ­ and plan for it, but next yearıs as well.

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