As 2015 comes to a close, now is the time to make smart year-end tax strategy decisions. Savvy investors and their financial advisors or tax professionals should look to these tips — one for each letter in "astute" — to keep more of what you earn.
"A" — Accelerate deductions and defer income: It generally makes sense to accelerate deductible expenditures into 2015 to reduce taxable income. For example, you might consider prepaying state and local income taxes that are due in January 2016. Another example is to pay your January mortgage in December.
The advantage is that these are both tax-deductible. (But think strategically, because if you are subject to the Alternative Minimum Tax in 2015, state and local taxes are not deductible.)