As part of your year-end 2011 tax review, consider whether any of these opportunities to cut your tax bill fit your situation.
* The option for deducting state and local sales taxes in lieu of deducting state and local income taxes.
* The above-the-line deduction for up to $4,000 of higher education expenses.
* The above-the-line deduction of up to $250 for classroom supplies purchased by teachers.
* The tax-free charitable contribution from an IRA of up to $100,000 allowed for taxpayers 70½ or older.
* 100% bonus depreciation on new equipment purchased by business.
* $500 energy credit for energy-saving expenditures for your personal residence.
* Section 179 expensing election on up to $500,000 of new or used business equipment purchases.