The financial headlines in recent weeks have been dominated by efforts in Washington to pass a major tax reform bill. But the uncertainty created by the possibility of tax reform need not keep you from implementing year-end tax and other financial strategies that could save you money.

Here are six year-end planning moves to consider making between now and December 31.

1. Implement Income-Shifting Strategies

One way to reduce current income taxes is to defer taxable income into next year while accelerating deductible expenses into this year. Doing so will lower your current income, which could lower your tax bill in April. This strategy could be especially relevant this year due to the possibility of lower future tax rates if tax reform becomes law.

To defer income, you could request that any year-end bonuses be paid in early January instead of late December. And if you’re self-employed, you could hold off on sending December invoices until early January if your cash flow permits.

To accelerate deductions, consider prepaying 2018 property taxes that will be due early next year. Making contributions to your IRA or 401k is another possible strategy. The IRS gives flexibility to contribute with a deadline of the date you file taxes (April 15, for most people). Keep in mind the traditional IRA contribution limit for 2017 is $5,500 (or $6,500 if you’re 50 years of age or over) while the 401k contribution limit for 2017 is $18,000 (or $24,000 if you’re 50 years of age or over). There are also limitations to deductibility based on your income.

If you’re planning to fund a child’s college education, contributions to a 529 in some states offer a deduction on your state income taxes. These contributions need to deposited by year end.

2. Take Advantage of Tax-Loss Harvesting

There may be a silver lining to owning underperforming investment assets. With a strategy referred to as tax-loss harvesting, you can sell these investments before the end of the year to realize losses that can be used to offset up to $3,000 (when married filing jointly; $1,500 is the limit when filing single) in taxable investment gains and ordinary income. Unused investment losses above $3,000 may be carried forward to offset future capital gains or income, known as “Carry Forward Losses.”

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