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LAST DAY OF THE YEAR CHECKLIST

December 31, 2007

There's no extension for this deadline. The tax year ends at midnight tonight, and with it ends most of the best opportunities to reduce your 2007 taxes. If you are so inclined, here are a few things you can do yet today:

- Sell loser stocks to offset capital gains, plus $3,000.

- Make a charitable donation by check or credit card.

- Make an annual exclusion personal gift, if the funds or assets transfer today. A check written today that doesn't clear until next year is considered a 2008 gift.

- If you are a cash-basis taxpayer, any deductible expense in a check mailed today or charged to a credit card today is deductible this year.

- If you are an accrual method taxpayer, be sure to make checks today for any related-party expenses that you want to deduct this year.

- Today's the last day to establish a qualified retirement or profit-sharing plan if you want a 2007 deduction.

- If you have an S corporation with current losses, a capital contribution or loan by you to the corporation today may allow you to deduct your loss this year.

- If you're in love, or are falling out of love, remember - your filing status at the end of the year is your filing status for the whole year.

See you in 2008!

This is the final installment of our 2007 year-end planning series.

Tags: year-end tax planning.