1. Make charitable contributions and keep your receipts. You can claim itemized deductions for the money you give to IRS-recognized nonprofits, regardless of your income or the amount you give. While most individuals make donations at the end of the calendar year for tax write-off purposes, consider giving throughout the year; charities always need your help.
2. Purchase a home. Homeowners receive tax deductions on the interest they pay on their mortgages. When you own your own home, property tax payments are also deductible. With the current low interest rates on mortgages and many reasonably priced properties on the market, you may be able to secure a significant financial advantage.
3. Convert your current individual retirement account (IRA) to a Roth IRA. You pay the taxes on the money you put into the Roth IRA immediately, so that when you withdraw those funds and earnings in retirement, you have no further fees.

About the author: Dr. W. Neil Gallagher specializes in financial advising, including such areas as wealth preservation and estate planning. Doc Gallagher has also written two related books: The Money Doctor’s Guide to Taking Care of Yourself When No One Else Will and How to Save Money on Almost Everything.