Thanks to the stimulus there are more than usual to save When it comes to yearend taxcutting moves theres a lot more to do and a lot more to be confused about this year matters but also making yearend planning potentially more rewarding the temporary stimulus tax breaks Congress enacted for housing cars and energy efficiency Were playing out the deck handed to us in the stimulus bills says Mel Schwartz legislative affairs director with Grant Thornton in Washington In Pictures Eight LastMinute Tax BreaksThat doesnt mean of course you should ignore those old December chestnuts Now is the time to make deductible charitable gifts and harvest losses in your taxable stock is also the time to think about what kind of accounts you should use for your retirement savings True you can fund an individual retirement account for 2009 up until you file your taxes April 15 But your employer willwant to know before years end how much you want to save in the companys 401k plan in 2010 and maybe whether you want to put the money in a traditional pretax 401k or in a Roth You put money in a Roth but the growth is tax freea good hedge against future higher tax rates For more on saving with a Roth see First Moreover if you are and want to use a solo 401k for 2009 youll need to set it up by Dec 31Another annual December question Should you prepay state and local income and real estate taxes in December or wait until January There used to be an easy answer pay by years end so you could get the deduction on your federal return sooner But if youre sometimes subject to the alternative minimum tax which denies you the benefit of the state and local tax deduction it gets trickier and you may have to consult either a tax pro or software to come up with an answerRead All