Taxpayers looking to keep more of their money from Uncle Sam this year need to start with a detailed, financial plan.
To that point, anyone who believes they can wait until December to start planning their tax strategy should think again.
Financial advisors stress that now is the time to get serious and that creating a tax planning "to do" list is important. Here are five key questions that taxpayers need to get answers to in order to help them plan their year-end tax strategy.
(Read more: Year-end planning is key)
1. When should I start to plan my year-end tax strategy?
Anywhere from September through November, taxpayers should be thinking about year-end tax planning, financial experts say. It's essential to be able to plan ahead so that you know where you are, tax-wise.
2. What can I do now to lower my current year tax bill?
Taxpayers looking to keep more of their money from Uncle Sam will need to start with a detailed plan. Strategies that work include deferring year-end bonuses until January 2014, delaying the exercise of incentive stock options and postponing receipt of distributions beyond the required minimum from individual retirement accounts.
(Read more: Ask your financial advisor this now)