Friday December 9, 2011. Tax season is upon us. Use December to review your probable 2011 tax situation while you can still do something about it.

Friday December 9, 2011. Tax season is upon us. Use December to review your probable 2011 tax situation while you can still do something about it. Run a scenario on your tax software, and see where you stand. It’s better than guesswork when a lot can be at stake. If necessary, move 2011 revenue into 2012 or 2012 expenses into 2011 if you are facing an income bulge in 2011. Or if 2011 is a lean year and you might have unused deductions or credits, if timing allows move them forward into 2012.  For example: homeowners association dues are deductible for me. In December if my 2011 income is looming large I can pay for December and January, since income taxes are on a cash basis. If 2011 income is way down, and I may have unused or underutilized 2011 deductions, I can wait and pay December next year. In income taxes, give the best information you can where estimates are in order, and document your deductions.