Bonus article: Holiday gift guide

s the holiday season picks up steam, you probably have a to-do list a mile long -- and it's a good bet your taxes aren't on it. But the truth is, focusing on them, even briefly, before Dec. 31 can save you big bucks come April 15. There aren't a lot of new bells and whistles to pay attention to this year, just a few basics.

Sell losing stocks to offset your winners.
If you've sold stocks at a profit this year, check your portfolio to see if you have any losers you could trim to offset those gains. Don't sell underperforming stocks you believe have a good chance of rebounding; if you buy back those stocks within a month, you can't recognize those losses.

Bunch your deductions.
Most taxpayers with a mortgage are able to itemize deductions. That usually results in a lower tax bill than taking the standard deduction. But others find they don't have the necessary deductions to itemize every year. The solution: bunching. Bulk up your deductions every other year in order to itemize. Some hints: Pay deductible January bills (mortgage and home-equity loan) before Jan. 1 to get credit on this year's return. Make charitable contributions for 1999 and 2000 in one fell swoop. In the off years, take the standard deduction.

Make annual gifts.
You have until the end of the year to give as much as $10,000 to anyone you choose without facing a gift tax. This is an estate-planning strategy used by people trying to transfer money while minimizing the tax consequences. New York accountant Larry Torella of Richard A. Eisner & Co. suggests thinking about not only this year's gift, but also next year's. "If you give your year 2000 gift in early January," Torella says, "it has 12 extra months to accumulate."

Get new glasses.
Or get your teeth cleaned. Or go for that long-overdue medical checkup. If you have a flexible spending account with an outstanding balance, you have until the end of the year to spend that money on health or child-care expenses. Otherwise, you lose it.