Congress may still be without a tax plan, but that doesn't have to be the case for everyone, says Laura Saunders

Natalie Gonnella

As the congressional tax debate of 2010 continues, Laura Saunders offers advice, in this weekend's Wall Street Journal, on year-end tax planning.  Here are some of her December 31st checklist tips:

Max out your 40l(k): Contributions to company retirement-savings plans like 401(k)s are due by Dec. 31. For 2010 the limit per employee is $16,500, with an extra $5,500 allowed to those 50 and older. IRAs may be set up and funded after year end, however.

Make 529 college-plan contributions. Act before year end to qualify for the state tax benefit. There is no federal tax deduction, but accounts can grow tax-free.

Make charitable contributions: To qualify for a 2010 deduction, make donations by Dec. 31. Note: The charity doesn't have to have cashed a check or sent you notification by then, but the gift has to be in the mail or otherwise beyond your control by year end. (If you are worried, get proof of mailing.)

Saunders also recommends other actions such as using an energy credit and making gifts.  Her full article (with all checklist tips and explanations) can be viewed here.