Tips for getting those year-end tax deductions

ANCHORAGE, Alaska — As the year comes to a close a lot of people are looking for ways to squeeze in one final tax deduction this year. It can make a big difference when your tax bill comes due on April 15th.

But if you are looking for some extra tax credits and deductions this late in the game it can be a mixed bag.

For example, it's probably too late to earn any money this year on the home energy saving tax credit, unless you can get things like efficient insulation, windows, doors and energy saving water heaters installed in your home by Friday.

But there still are some things you can do to increase your tax deductions for this tax year.

Of course you can always make a donation to your favorite charity. Any money you donate is tax deductable for 2010.

If you've got a mortgage or tuition payment to make in 2011 you might be better off this year if you pay it off now.

“If you've got a child in college, let’s go ahead and pay the tuition today, so that you can have the deduction this year and that's a tax credit. It's always good to have,” said financial consultant Sherry Whah of Sherry Whah and Associates.

Another tip, if you own a business and are looking to buy some office equipment, like computers, you can buy that equipment now and use the tax deduction for this year.

Experts say even if each little deduction doesn't seem like much, they can all add up.