Want to squeeze the most out of every dollar — and squash your tax bill — before it's time to ring in the new year? Here are 10 money-saving, tax-wise tips for 2015, from socking away as much tax-free cash as you can to doling it out where it'll do the most good — for you and those you care about.

—By Kenneth Kiesnoski, associate editor
Posted 12 November 2015

You can accelerate or postpone income and/or tax deductions, where fit, for this year before Dec. 31 in order to make your helping of taxes for 2015 more palatable. For example, pay an estimated tax installment not due until January this December, or ask your employer to compensate you in stock rather than cash so you won't have to claim the income until you sell the security.

Another way to defer taxable income is to maximize your use of employer-provided retirement savings options. Join that 401(k), 403(b) or 457(b) plan and sock away at least enough pretax income to meet your employer match, if available. If you're already participating, seriously consider upping your contribution ante — as long as doing so won't dent your ability to pay your monthly bills on time and stay as debt-free as possible.

Make use of the funds you've set aside for health-care expenses in a flexible spending account. Finally buy those new frames you've had your eye on at the optometrist, or head to the dentist for a long-overdue deep cleaning. Some employers permit an FSA rollover of up to $500 a year, but most don't, despite new IRS allowances.

Set up auto-rebalancing functionality, if available, on your investment accounts. You might be overweight in stocks — riskier by nature than bonds and other asset classes — due to market shifts that may have seen your securities holdings skyrocket in value. Auto-rebalancing will keep your asset allocations where you want them (depending on your risk tolerance).

Think about the Roth 401(k) option if available in your employer's retirement savings plan. It may make sense to convert from a traditional 401(k) funded with pretax dollars to a post-tax Roth 401(k) if, for example, you expect to be in a higher tax bracket later in life.

Speaking of Roths, consider funding an after-tax Roth individual retirement account — if you earn under $116,000 a year and have extra savings at your disposal. Why earn the miserly 0.06 percent annual interest the FDIC reports most bank savings accounts yield when you can grow your money in a Roth IRA at rates — often a hundredfold more (e.g., 6 percent) — that mirror market gains?

Have kids that will likely head to college someday? Start up a 529 plan for their secondary education now. You can reduce your taxes today while building savings for later higher-education expenses. After all, the class of 2035 probably won't be graduating on the cheap.

The more you give, the more you'll receive — in goodwill and in tax breaks. Donate to your favorite nonprofit charity to save on taxes while making a difference. Consider donating stocks from taxable accounts.

Let a family member borrow some bucks. Loaning money to relatives for home or auto purchases or to start up a business can make sense for both parties. Set up a formal loan agreement. The interest earned and paid under the Applicable Federal Rate you must charge will likely net you a better return than a bank account — and save the lendee a nice chunk of change, too.

You can also just give friends and family some cash, as well. It's the holiday season, after all. You can make outright gifts to loved ones of up to $14,000 per recipient without incurring any gift tax or impacting your lifetime exclusion amount.