1. Review your portfolio. Consider taking a loss if you have substantial capital gains.
2. Max out your retirement plan contributions. 2014 maximum IRA contribution is $5,500 (plus $1,000 if age 50 or over). 2014 maximum 401(k) contribution is $17,500 (plus $5,500 if age 50 or over).
3. Consider contributing to a 529 Plan if you have children or grandchildren. For example, New York allows a deduction up to $5,000 (or $10,000 for married filing joint filers) for contributions made by an account owner to an account belonging to New York’s 529 College Savings Plan.