Now is a good time for '08 tax planning

With Christmas just a few days away and New Year's hot on its heels, I'm sure

your thoughts are focused on family, friends, peace, joy ... and tax planning.

What's that you say? Tax planning has not crossed your mind? Well, maybe it

should.

And fortunately for you, I have year-end tax planning tips to share, courtesy

of Grant Thornton LLP.

Dave Allen, partner and tax-practice leader in Grant Thornton's Salt Lake

office, says people shouldn't wait until April to worry about taxes. You can

take steps before Dec. 31 that will help you when it is time to file.

In tax-planning meetings, Allen says, the first question people ask lately is

what they can do now to save on taxes later.

"A lot of taxpayers have a lot of losses, and they're wondering about the tax

implications of selling assets at a loss," Allen says. "They're definitely

focused on getting rid of some of their portfolio and some of their loss

positions."

That question and others are addressed by the last-minute tax-planning tips

from Grant Thornton's national office. Among those tips are:

• Accelerate deductions and defer income. "Generally you want to accelerate

  deductions into this year and defer income into next year," the company's

  release said.

• Consider charitable contributions carefully. "Think about giving appreciated

  property to charity so you can deduct the full value without paying

  capital-gains taxes," the release said. "But don't donate depreciated property.

  Sell it first and give the proceeds to charity, so you can take the capital loss

  and a charitable deduction."

• Prepare to use the low capital gains and dividends rates wisely. "Remember