It's hard enough to think about income taxes in April…much less during the holidays. But a few minutes spent now could be worth serious money when tax time comes.

Did your life change this year? Then your tax picture may have changed. For example, if you got married, divorced, widowed…or had a baby…plan ahead.

"A new born child you're going to need a social security number to claim that child to take advantage of the earned income tax credit, the child tax credit, and any other tax benefit you're entitled to."

 It's also a good idea to check before year-end to see if you'll have to pay the alternative minimum tax. If you do, it could change all your other strategies. A pro can help, or you can at least plug this year's information into last year's tax preparation software.

 And if you've got a little extra money, remember: expenses are deductible in the year you pay them. So if you pay January's mortgage payment in December, you'll get to deduct that interest this year. Student loan interest could also be deductible. If you're self-employed, your health insurance premium could also be deductible.

If you've got big profits on an investment, think about donating that instead of cash. If you've owned it for at least a year, you'll get the full value of the investment as a write-off, and avoid paying taxes on the gain.

: Bottom line? Year end tax planning is all about figuring out where you are now, then seeing if you can improve your situation. So spend a few minutes now and might be glad you did come next April.