Before you get wrapped up in the upcoming string of holidays and the inevitable bustle that goes with it, financial advisors recommend dedicating some time to taxes. And no, they're not trying to be funny.
The fact is this: If you want to reduce your 2016 tax bill, most of the available strategies must be deployed before the calendar flips to 2017.
"Unfortunately, too many people try to do tax planning after the calendar year is over, when they're preparing their tax returns," said certified financial planner Kevin Meehan, a regional president for Wealth Enhancement Group. "But there just aren't a lot of choices at that point."
While Meehan and other advisors say tax planning should be a year-round process if you want to maximize your strategies, there are some end-of-the-year things you can do to reduce what you owe Uncle Sam next spring.