There are about two weeks left in the year which means some tax-saving strategies need to be acted on asap to take advantage.

Here are two popular ones that I've been getting questions on.

• BONUS DEPRECIATION ON CARS............. If you're planning to buy a heavy SUV that's used for business and claim 60% bonus depreciation this year, this is your reminder that you have until 12/31 to buy and place that vehicle into service to take advantage this year. The car can be paid for in cash or financed to take the same deduction.

  

  
  

• MORTGAGE INTEREST............ If you itemize your deductions, it may make sense for you to prepay January's mortgage interest in December so that you get the additional tax deduction this year. Also, if you have rental properties and you have lots of profit or if you can claim losses against your w2 / self-employment/business income, it also may make sense to prepay January's mortgage on those properties. Take the extra deduction this year, create a bigger paper loss, and save more on taxes.

  
  

Let me know if you have questions.