Like most of us, you must be full steam ahead making plans and preparations for the holidays, and time is of the essence. Taxes are surely not on your todo list, still, taking one short pause from the holidays fever to plan for next year’s taxes may well be the only item on your agenda meant to save you money and headache as you step into the new year.

There are many tactics to choose from to get a bigger tax refund or a lower tax bill, so long as you choose the most suitable ones for your specific financial situation.

One of the important factors to consider is whether you’re going to be in a higher tax bracket the following year or not, so that you can, as much as possible, shift income to the lower tax rate year, and deductions to the higher tax rate year. With this in mind, here are a few suggestions.

Those of you who received a substantial amount of non-wage income should make estimated tax payments. This can include self-employment income, investment income (including gain from the sale, exchange or other disposition of virtual currency), taxable Social Security benefits and in some instances, pension and annuity income. Making estimated tax payments can also help the wage-earners cover an unexpected withholding shortfall.

Since most employees have a few pay dates left this year, checking their tax withholding is especially important. It's even more important for those who:

• Received a smaller refund than expected after filing their 2018 taxes this year.
  
  
• Owed an unexpected tax bill last year.
  
  
• Experienced personal or financial changes that might change their tax liability, including life events such as getting married, getting divorced, having or adopting a child, retiring, buying a home or starting college.

You can use the Tax Withholding Estimator on the IRS website to perform a paycheck or pension income checkup.

If the Tax Withholding Estimator recommends a change, if you are an employee, you can then submit a new Form W-4, Employee's Withholding Allowance Certificate, to your employer.

Similarly, recipients of pension or annuity income can use the results from the estimator to complete a Form W-4P, Withholding Certificate for Pension or Annuity Payments, and give it to their payer.

People with more complex tax situations should use the instructions in Publication 505, Tax Withholding and Estimated Tax. This includes those who owe alternative minimum tax or various other taxes, and people with long-term capital gains or qualified dividends.

Taxpayers with expiring Individual Taxpayer Identification Numbers can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal application sooner. IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers. They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. ITINs do not serve any purpose other than federal tax reporting.

Your ITIN may expire before you file a tax return in 2020. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2019.

Due to the Tax Cuts and Jobs Act, there are few itemizable deductions that are still available, but the deduction for charitable contributions is still in effect and it can raise up to the limit of 60% of your adjusted gross income.

If you anticipate being able to itemize deductions for 2019, be sure to make your contributions before midnight on Dec. 31, and get a receipt, whether you’re donating cash or property.

Another itemized deduction to take into consideration is the interest you pay on your mortgages of up to $750,000 in principal. This can mean a mortgage on your primary residence or a second home, or it could mean home equity debt if it was incurred to substantially improve your home.

The deduction is for mortgage interest that you paid during the 2019 calendar year. Therefore if you receive the bill for your January mortgage payment and pay it before the end of the year, you could potentially have 13 months’ worth of mortgage interest to deduct.

For the 2019 tax year, you can deduct qualifying medical expenses that exceed 10% of your adjusted gross income. If you are close to or above the threshold where you can deduct medical expenses, it’s worth checking if you have any outstanding co-pays, prescriptions, or other medical expenses you can pay before Jan. 1.

Contributing the maximum allowed to an employer sponsored defined contribution plan, such as a 401(k) or 403(b), is one of the most effective ways to reduce taxable income.

In 2019, you can contribute up to $19,000 to a 401(k) or 403(b) in the form of salary deferrals. And if you are 50 or older in 2019, you can make an additional $6,000 catch-up contribution, for a total maximum contribution of $25,000.

If you participate in an employer-sponsored retirement plan, you may be able to designate some or all of your contributions as Roth contributions. While Roth contributions are made on an after-tax basis, and don’t reduce your current MAGI, qualified distributions will be tax-free. Roth contributions may be especially beneficial for higher-income earners, who are ineligible to contribute to a Roth IRA.

If you’re qualified for an HSA in 2019 (meaning you have a health insurance plan with a deductible of at least $1,350 for singles), you can contribute as much as $3,500, or $7,000 if you have family coverage. Once you turn 65, you’ll be able to withdraw money from your HSA penalty-free for any reason.

Good tax planning implies the systematic analysis of differing tax options aimed at the minimization of tax liability in current and future tax periods. Whether to file jointly or separately, the timing of a sale of an asset, ascertaining over how many years to withdraw retirement funds, when to receive income, when to pay expenditures, the timing and amounts of gifts to be made, and estate planning are examples of tax planning.

Of course, a good tax expert is your best option both for tax preparation and tax planning.