Many popular tax-planning strategies are on the chopping block as Democrats debate how to pay for their $3.5 trillion spending package. However, now is the time to consider year-end moves to lower next year's tax bill, regardless of what happens in Congress.
"Year-end tax planning should be done every year — not just when there are impending legislation changes," said Marianela Collado, a certified financial planner and CPA at Tobias Financial Advisors in Plantation, Florida.
While it's difficult to predict how tax law changes will shake out in Congress, here are some strategies to consider as the year winds down.
More from Personal Finance: The Fed holds rates near zero but your borrowing costs could still rise Why renters are struggling so much now Don't want to fully retire? Here's when phased retirement may work