ANCHOR: Busy doing your last minute holiday shopping? If you take some time to make a few smart financial moves, you could save hundreds or thousands of dollars next April 15th.

ANCHOR: Money and real estate expert Ilyce Glink is here with some important year-end tax planning tips.

Good morning.

ILYCE: This time of year, the big plans you make have to do with friends and family. But if you’re hoping to trim your 2001 tax bill, you’ll need to plan now, and make your move before the end of the year. You’ve heard this before, but the steep drop in the stock market and lower tax rates starting in 2002 make it a whole new ball game. Let’s start with the new tax rates.

Smart Moves for Tax Savings

New lower tax rates start January 1
You should: Take all deductions and delay income

Smart Moves for Tax Savings

Stock market plunge
You should: Use loss to offset gains
Rollback Roth IRA conversion

Before December 31st

Pay your property taxes
Prepay your Jan mortgage payment
Make charitable contributions
Deduct job search expenses
Open Roth IRA/Keogh plan

ILYCE: Remember, if you’re going to itemize to take advantage of your deductions, you’ll need to have deductions exceeding $4,550 for single filers and $7,600 for married taxpayers filing jointly. And, keep your receipts. It’s the only way to really prove to the IRS what you spent.