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4. Defer income If you’re self-employed or have sideline income, consider deferring income into 2007 by delaying billing. Employees don’t have a choice of when they get paid, but if you’re in line for a year-end bonus, you might ask your employer to hold off until January. Of course, it only makes sense to defer income if you expect to be in the same or lower tax bracket next year.

5. Reap the tax benefits of being green In addition to helping the environment, there are also tax benefits to being green. If you’re going to make your home more energy efficient within the next two years, you can get up to $500 in tax credits. If you have a new home that is energy efficient and uses 50 percent less in heating and cooling costs than other homes, you can get up to $2,000 in tax credits. Also, buyers of hybrid cars starting this year can get a credit of $250 to $4,000 against their income tax, based on the model of their car. But credits apply only to the first 60,000 hybrid cars sold by each automaker.