• Don't forget to use the annual gift tax exclusion. "If you may eventually have to pay estate taxes, consider establishing a gifting program for your children and grandchildren to take advantage of the annual gift tax exclusion," the company release said. "Gifts of up to $12,000 per donee ($24,000 for married couples) are generally excluded from gift tax in 2008 and will be removed from your estate, with no limit on the number of donees."

• Watch out for the "kiddie tax," which requires a portion of a child's unearned income to be taxed at the parents' marginal rate. "Be careful transferring income-producing assets to your kids," the release said.

Allen says tax laws this year aren't drastically different from last year, but the new presidential administration could bring changes. So, now is an especially good time to review your finances and get ready.

"Nothing is one-size-fits-all," Allen says. "Not all of these (tips) work for every individual, and in fact, one that might work great for me would be awful for you. So (you) just need to be careful."

Good advice, Dave. I wish you all a merry tax-planning season.

If you have financial questions or comments, send them to gkratz@desnews.com or to the Deseret News, P.O. Box 1257, Salt Lake City, UT 84110. Or post your comments online in the "Family finances" section of the Deseret News "Life Talk" message boards at lifetalk.deseretnews.com.

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E-mail: gkratz@desnews.com