Timing deductible expenses for the greatest tax benefit is a classic year-end planning strategy. Are you utilizing all the resources possible to get the most out of your taxes? Here are just a few deductions you might want to consider this year as you do your year-end tax planning.

Above-the-line Deductions

First on the list: expenses that are deductible “above-the-line” as adjustments to income. Above-the-line deductions are valuable because they work double-time, reducing your Adjustable Gross Income (AGI) and helping you preserve tax breaks you might otherwise lose because your (AGI ) is too high.

Deductions for Personal Exemptions

You can claim a personal exemption for yourself, your spouse, and for any qualified dependent. In 2007, each exemption you claim reduces your taxable income by as much as $3,400. The deduction begins to be phased out if your AGI is over $156,400 (single), $195,500 (head of household), $234,600 (married filing jointly), and $117,300 (married filing separately).

Standard Deduction

You can choose between itemizing deductions and claiming a standard deduction – whatever option gives you the largest write-off. Don’t make the mistake of going with the standard deduction just because it’s easier. Consider other deduction options carefully and you may find that your projected itemized deductions for 2007 exceed your standard deduction.