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As a financial planner, I have always urged my clients to do their taxes twice a year. And though I’ve grown accustomed to hearing the grumbling about the hassles, after they realize how great an impact it can have on reducing their tax burden, they are always glad I suggested it.

Why file twice a year? Obviously the first tax return is for the purpose of filing before the April 15 deadline. The other “filing”  is actually a mock return done before the end of the calendar year so that I can assess where they stand tax wise. This gives me the needed time and flexibility to “change the score” of  

Every year at this time, I urge clients to give some thought to moves they could make between now and the end of the year to reduce their tax burden. It always surprises them that they have so many options. Here are some possible tax-reducing opportunities to consider:

Deferring Income: If you are expecting a year-end bonus, for example, and can take it in 2010 instead,