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It is now the end of the calendar year and the right time to assess your financial position and the possibility of maximizing tax benefits before December 31st. Smart tax strategies have great implications for you, the implication being that at the end of the day, you will be entitled to retain more of your income. These are some key year-end tax planning tips that you ought to apply. Review Your Tax Situation You must know where you stand regarding your taxes before you do anything else. The documents required in categorizing them include; income statements, expenses, and past tax returns if any. By going through this review you will be in a position of being able to spot deductions and credits which you are likely to enjoy. Always seek the service of a tax professional who will advise you based on your special circumstances. Maximize Retirement Contributions Reduction of taxable income can be achieved through contributions to retirement savings accounts. In the case of an IRA, you ca