The same premise applies here. If you’re already intending to exercise stock options in the near future, better to do it in 2012, says Drew Tignanelli, president of the Financial Consulate. In 2013, high earners will have to pay an additional 3.8 percent on net investment income.

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Putting money into a 529 plan is a really good option for parents or grandparents trying to finance a child’s education, says Diahann W. Lassus, president of wealth management firm Lassus Wherley and Associates. As long as you use the money you put into the plan for qualified education expenses, the income on it is not taxed.

“These plans also offer a lot of flexibility,” says Lassus: If one child decides not to go to college, then the beneficiary of her account can be changed. Also, if you run into tough times, you can take back the principal without penalty. However, any earnings will be taxed and assessed a 10 percent penalty.

And just as important, the earnings in the accounts grow on a tax-deferred basis. The savings here can be substantial: If you saved for educational expenses in a regular mutual fund, your federal income tax on earnings from that fund could increase from 15 percent in 2012 to as much as 43.3 percent in 2013 for high earners.

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This is a no-brainer, says Tignanelli.  The money you put into your 401(K) plan doesn’t count toward your taxable income (and that money won’t be sitting somewhere else where it may be taxed at a higher rate). So if you haven’t maxed out your contributions, put money into your retirement plan before year’s end. Right now workers under 50 can contribute up to $17,000 and those 50-plus can put in $22,500.

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If you’re considering rolling over your traditional IRA to a Roth IRA, 2012 is the time to do it for a couple of reasons, says Lassus. First, the rate on the taxable portion of the converted amount could go up to 39.6 percent next year for high earners. Second, converting now can help you avoid that additional Medicare surtax.

Bonus: If you convert and the tax rates don’t increase, you can reverse the transaction any time before October 15, 2013.

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Next year, it will be harder to claim medical deductions.

Currently, taxpayers can deduct the amount of their medical expenses that exceeds 7.5 percent of their adjusted gross income. In 2013, that threshold will jump to 10 percent for most people.

If you think your medical expenses in 2012 will be greater than 7.5 percent of your adjusted gross income, says Kiely, you may want to maximize your expenditures this year by prepaying for drugs, elective surgeries, dental exams and other medical expenses.

If you’re over 65, no need to rush to the doctor’s office—you can enjoy the 7.5 percent rate until 2016.

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