<a href="/topics/Christmas">Christmas</a> is over, and New Year's Eve is around the corner. That means it's time to think about last-minute ways to reduce your 2011 tax bill. Here are a few steps to consider, recommended by Gregory Rosica, a tax services partner with tax advisory firm <a href="/topics/Ernst_%26_Young">Ernst &amp; Young</a>, and Jackie Perlman, principal researcher for <a href="/topics/H%26R_Block%2C_Inc.">H&amp;R Block</a>'s Tax Institute: 
 Accelerate deductions and defer income: Make deductible payments and expenditures before the end of the year, and delay receiving any income you can until next year. For example, local property tax bills due in January that are paid in December can be itemized in this year's return. 
 Sell losing investments: If you own a stock or other investment that's lost value this year, selling before 2012 begins could help offset income and lower your tax responsibility. 
 Save energy and tax dollars: Among the credits expiring at the end of 2011 is one that allows a claim of up to $500 for energy-efficiency improvements to a home, such as installing new windows, a new boiler or insulation. This is a lifetime credit, so if you've already taken it in a previous year, you can't claim it again. The work has to be done by the end of the year to qualify. 
 Make a major purchase: Through the end of the year, taxpayers have an option to deduct state and local sales taxes in place of state and local income taxes on federal returns. If you're planning a major purchase like a household appliance, it might be worthwhile to buy it this week to boost that sales tax deduction. 
 Donate wisely: The holiday season is a popular time to make charitable donations, but cash dropped into a streetcorner kettle is not deductible. You must have receipts, credit card statements or canceled checks for all donations, and any donation over $250 also requires an acknowledgment letter from the charity that received it.

Christmas is over, and New Year's Eve is around the corner. That means it's time to think about last-minute ways to reduce your 2011 tax bill. Here are a few steps to consider, recommended by Gregory Rosica, a tax services partner with tax advisory firm Ernst & Young, and Jackie Perlman, principal researcher for H&R Block's Tax Institute: Accelerate deductions and defer income: Make deductible payments and expenditures before the end of the year, and delay receiving any income you can until next year. For example, local property tax bills due in January that are paid in December can be itemized in this year's return. Sell losing investments: If you own a stock or other investment that's lost value this year, selling before 2012 begins could help offset income and lower your tax responsibility. Save energy and tax dollars: Among the credits expiring at the end of 2011 is one that allows a claim of up to $500 for energy-efficiency improvements to a home, such as installing new windows, a new boiler or insulation. This is a lifetime credit, so if you've already taken it in a previous year, you can't claim it again. The work has to be done by the end of the year to qualify. Make a major purchase: Through the end of the year, taxpayers have an option to deduct state and local sales taxes in place of state and local income taxes on federal returns. If you're planning a major purchase like a household appliance, it might be worthwhile to buy it this week to boost that sales tax deduction. Donate wisely: The holiday season is a popular time to make charitable donations, but cash dropped into a streetcorner kettle is not deductible. You must have receipts, credit card statements or canceled checks for all donations, and any donation over $250 also requires an acknowledgment letter from the charity that received it.

Business

BZTAX26

Year-end steps to reduce 20ll tax bill

Newsday

LOWE'S

Business Trending

Wallet Watch

LI's priciest home sales

People on the Move

Latest real estate news

Most Popular

Latest Videos

Latest videos

Joe Tosini, owner of River Center Shopping Center in Riverhead, said the businesses in the center lost power during Saturday's storms and that their electricity wasn't restored until late Tuesday afternoon. NewsdayTV's Shari Einhorn reports.

'We're still behind'

The foundation paid for staff events at wine bars, a $2,000 limo ride and a Gracie Mansion gala. Newsday investigative reporter Peter D'auria, Richard Kessel, current chairman of the Nassau Health Care Corporation and Albany Law School professor Randle Pollard discuss.

'It should exist for the benefit of the hospital'

It was an unimaginable crime that shattered the idyllic image of a suburbia. On July 4, 1956, little Peter Weinberger, only 32 days old, was snatched out of his stroller on the back patio of his family's home in Westbury and killed. NewsdayTV's Shari Einhorn reports.

'It impacts who I am today, and I'm going to be 80'

Dangerous extreme heat with the possibility of thunderstorms are in store for Long Island and the entire NYC area beginning Wednesday, NewsdayTV's meteorologist Geoff Bansen has the forecast.

Possible record temperatures coming

Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.

'If you don't address demand, you don't address the problem'

Sign up for the Daily Business newsletter

Business Newsletter Widget

The company is moving its U.S. headquarters from Plainview to New Hyde Park, where it has leased space at 50 Nassau Terminal Road.

Chocolatier moving U.S. headquarters to New Hyde Park

Business Article Bottom Module

Shares are mostly lower in Asia and oil prices jumped as conflict escalated in the Middle East, with Iran and the U.S. launching fresh attacks.

Asian stocks slip and oil prices jump as Iran and US launch fresh attacks

The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war.

IMF expects world economy to grow a sluggish 3% this year, weighed down by Iran war but helped by AI

The 35 acres in Rocky Point have long been coveted by developers.

One of the largest subdivisions of new homes on LI in decades under construction

Plus: Selling your LI home for a profit sounds great. Until you need another one.

Grocery prices are (kind of?) down

The heat dome that settled over much of the United States affected some specialty farmers who produce crops fruits and vegetables.

Specialty farmers adapt harvests, protect crops in face of extreme heat

Oil prices rose, and stock markets dropped in shaky trading worldwide after President Donald Trump raised doubts about the temporary truce in the war with Iran.

Oil prices rise, and stocks drop worldwide after Trump says ceasefire with Iran is 'over'

Business Video Playlist

The price of childcare can be prohibitive for many Long Island parents. NewsdayTV's Andrew Ehinger reports along with NewsdayTV's Ken Buffa, Newsday business reporter Victor Ocasio and daycare owner Janna Rodriguez.

'Probably as much as rent or mortgage'

The overall inflation rate for the Long Island area is now 5.1%, up from 3.4% in May 2025. Newsday business reporter James T. Madore has more.

'Long Islanders are feeling the pain'

Recently passed state auto insurance reforms could help lower car insurance rates as much as 10% for New York drivers, according to some estimates. NewsdayTV's Virginia Huie reports.

'If it ain't now, it ain't happening. It's a dream.'

If approved, it would be the first new hospital on Long Island since 1980. Newsday business reporter James T. Madore has more.

'There are steps still to go'

The Riverhead Shake Shack, opening June 30, will be the chain's first on the East End.

Shake Shack set to open at Tanger Outlets

If approved, the 130,000-square-foot Bass Pro Shops Outdoor World would feature an indoor aquarium, historical displays and taxidermy wildlife mounts.

Bass Pro Shops combines outdoor gear, tourist attractions

Amanda Pastore, of Levittown, feels the pressure to provide her son a birthday party like other children his age — but at what financial cost?

'I just want him to fit in with everybody else'

Median home prices rose 7.8% in Nassau and 6.7% in Suffolk in April. Newsday business reporter Jonathan LaMantia has more.

'Things are looking up in terms of the number of new listings'

Government data shows grocery inflation in the metro area has risen 1.5%. NewsdayTV's Andrew Ehinger reports.

'Everybody is feeling the pinch'

A number of Long Islanders are picking up extra jobs in an effort to make ends meet. NewsdayTV's Andrew Ehinger reports.

'Nearly a third of Long Islanders reported being financially strained'

NewsdayTV's Ken Buffa shows you Newsday's new website where you can find stories, data and tips concerning your bottom line.

Introduction to Newsday's Wallet Watch

NewsdayTV's Ken Buffa, Andrew Ehinger and Newsday business reporter James T. Madore look at why everything seems to cost more on Long Island.

'There's still nothing like Long Island'

NEWSDAY TV SHORTS

Vertical videos

NewsdayTV's Elisa DiStefano joined the volunteers of Save the Great South Bay to clean oysters. The oysters are cleaned weekly and then placed back into the bay, where they'll be able to help filter the water.

Help boost the Great South Bay oyster population

A draft rule introduced this month by House and Senate Republicans would significantly limit compensation for service-connected tinnitus and sleep apnea for veterans. NewsdayTV's Virginia Huie reports.

LI vets concerned about bill that would reduce benefits

NewsdayTV's Doug Geed visits Palmer Vineyards, where they host 'summer late nights,' which have become very popular.

Out East: Take a sip at this winery that's ready for summer

After the British took control of Long Island, George Washington created a special unit for intelligence gathering, the Culper Spy Ring. NewsdayTV's Doug Geed reports.

America 250: The Culper Spy Ring on LI

Newsday food writer Erica Marcus explores the new farmers market at Station Yards in Ronkonkoma.

Farmers market opens at Station Yards

Brianna's Law, named after an 11-year-old girl who died in a 2005 accident, requires all operators of motorized vessels to take a boating safety course. NewsdayTV's Andrew Ehinger reports.

After her daughter's boating death, mom went from grief to 'unstoppable' safety advocate

The number of IOUs issued by LIRR conductors for fare evasion fell by more than half from 2024 to 2025. Newsday transportation reporter Alfonso Castillo explains.

LIRR IOUs for fare evasion are down

NewsdayTV's Elisa DiStefano visits L'Etoile in Oyster Bay. The French restaurant is in the building that used to be Snouder's Drug Store.

Historic LI building home to new French restaurant

NewsdayTV's Ken Buffa visits Signorama in Huntington Station.

LI Works: Ken lights up the room as he makes signs

Newsday travel writer Carissa Kellman takes the High Line to Chelsea Market and Pier 57.

Exploring NYC's High Line

<a href="https://www.newsday.com/video/newsdaytv-top-stories">Get more on these and other NewsdayTV stories</a>

Newsday TV

NewsdayTV Top Item

Newsday investigation: Sex buyers go free ... Saving oysters in Great South Bay ... America 250: Nathan Hale ... Get the latest news and more great videos at NewsdayTV

Newsday investigation: Sex buyers go free ... Saving oysters in Great South Bay ... America 250: Nathan Hale

App Nativo Ad Unit Slot

Business - megaslot

Keep up with Long Island and national business news, including complete coverage of local companies, technology updates, stock market changes and more.

Most Popular

Latest Videos

Stay logged in.