1) Max out or make additional contributions to your 401(k) or 403(b) plan. In 2016, you can contribute and defer from taxes $18,000 or $24,000 (if you are 50 or older). If you are self-employed, you may be able to contribute $53,000 or $59,000 (if you are 50 or older).

2) If you itemize, make charitable contributions by the end of the year. Be sure you are aware of the charitable contribution substantiation requirements. Also, think about donating appreciated securities that you have owned for more than one year.

3) If you itemize and won’t be hit by the alternative minimum tax, pay your real estate taxes and any state and local income tax estimates by the end of the year.

4) Tax manage your investment portfolio by selling off your losers. Losses, first, offset gains and then you can deduct up to $3,000 in losses against your other income.

5) If possible defer income until next year. Conversely, pay deductible expenses this year.