NEW YORK — Heading into the holidays, you’re probably thinking a lot about money. And this time of year tax advisers like to remind us that there are ways to minimize our tax bills next April.

As 2008 draws to a close, here are some steps you can take to minimize your taxes.

Get organized: The first step in the planning process is to make sure your records are organized and up to date, said Roni Deutch, a California-based tax adviser. “Without records and without substantiating your deductions, you have no deductions,” she warned.

Defer income: Bonuses are scarce for most people this year, but if your company is still giving them, ask to receive it in January. For the self-employed, sending invoices out late in December could make it more likely you’ll receive payment in the new year.

Check on capital gains: It’s important to check to find out whether you might have capital gains to report. A lot of mutual funds have been forced to sell assets as investors bailed out. So despite the fact that the fund probably posted losses, investors might be receiving a capital gains distribution.

“There’s a tendency for the mutual funds to show very large gains, which is counterintuitive,” said Tom Ochsenschlager, vice president of tax at the American Institute of Certified Public Accountants. You should call or check your fund company’s Web site for guidance.

Consider taking tax losses: Investors might want to consider selling some holdings that have lost value as the market tanked to offset any capital gains. Current law allows investors to claim up to $3,000 more in losses than in capital gains.

Deutch noted that even if there are no gains to offset, it might make sense to sell at least some investments that you don’t think will recover, to capture the $3,000 loss deduction.

Determine whether you’re subject to AMT: The Alternative Minimum Tax, which was designed to make sure that high-income earners with multiple deductions pay at least some tax, now captures many upper middle-class workers because it is not indexed to inflation.

Because many deductions are not allowed for those who must pay AMT, Ochsenschlager said you should determine whether you’re subject to it before taking steps to maximize deductions you then would be unable to claim.

Congress included a measure to adjust the AMT so that most people are exempt in the bailout bill, but figuring out whether you need to pay can still be a complicated task that might require help from a tax adviser. The IRS typically posts a calculator on its Web site, www.irs.gov but a spokesman could not say when the 2008 version will be available.

Boost your charitable deductions: Any check written or item donated before Dec. 31 can be deducted. “In this environment, people should think about cleaning out their closets and giving away clothing and furniture to charity,” said John Hewitt, founder of Liberty Tax Service, noting that many organizations are also feeling pinched by the downturn. If you don’t have much credit card debt, you can charge a donation before the end of the year and pay it off in 2009.

Make a charitable transfer: Perlman of H&R Block said individuals who are at least 70½ years old can also make a tax-free transfer from their IRA of up to $100,000 to a charity, as long as the transfer is direct to the organization.

This can be useful for retirees who must take required minimum distributions from an IRA, but since the money goes untaxed, donors do not get to deduct the contribution.

Prepay bills: Prepaying things such as January’s mortgage bill, a child’s spring semester tuition, local property taxes or state income taxes and even tax-advisory and preparation fees can help drive up the amount of deductions you can itemize, Hewitt said.

Business expenses: Smaller items also add up, so restocking work-related supplies, renewing subscriptions to professional journals or prepaying dues for professional organizations can also help reduce taxes.

Medical expenses: Ochsenschlager also suggested checking medical bills to see whether the total spent is close to 7.5 percent of adjusted gross income. If your expenses are at or near that threshold, it might make sense to have other elective work done or prepay some expenses to take advantage of that deduction.

Make a gift: The law also allows taxpayers to deduct gifts of up to $12,000, or $24,000 for a married couple filing a joint return. What’s more, there’s no cap on gift deductions for educational and medical expenses if the payments are made directly to the educational organization or medical provider.

Think green: Finally, there are tax credits available for several energy-saving investments, including installing alternative energy devices such as solar panels, fuel cells or wind turbines to provide electricity for a home, and for buying alternative fuel vehicles.

There are tax credits available for the purchase of a hybrid or electric car. A list of the credits available for different models is available on the Internal Revenue Service Web site, www.irs.gov.

By Eileen AJ Connelly - Associated Press