As 2006 draws to a close and the holidays beckon, it’s time to turn to some last minute tax and money savings tips worth heeding.

Medical Expenses

The first thing that always comes to my mind is scheduling any medical appointments that you need in this year, before the next year of deductibles kick in (assuming you met this year’s deductible, otherwise this tip is useless to you). If you need a prescription refill or quick update at the doctor, do it before the end of the year and you can get a jump on care you need and have it fall under 2006 benefit determinations. (Note: Your employer’s benefit year could be something other than a calendar year so check that first before acting.)

While we’re on the topic of medical things… now is the time to tap your 2006 flexible medical spending account. A flexible medical spending account is an account that you can put pre-tax funds into and then later withdraw for eligible medical expenses your insurance doesn’t cover. SmartMoney provides information and a calculator on their website. The catch is that if you don’t use all the money in the account by the end of the year (or a grace period if your plan allows for that) you lose it. That is another fine reason to make any last minute medical appointments now. In addition, that means it is time to gather up all your eligible expenses (and corresponding receipts) and submit them for reimbursement.

Charitable Giving

If you’ve been putting off giving to your favorite charity, the time to do so is before December 31st so you can deduct this expense on your 2006 taxes.

Eligible Expenses

Especially if you own a business, now is the time to rack up a few more deductions by making eligible expenditures before the end of the year. One caveat — don’t use this deductible expense idea as an excuse to go hog wild buying things. All your expenses should align with your business plan and 2007 marketing strategy. This is just a strategy to accelerate some expenses into 2006.

If you have other eligible medical expenses or miscellaneous itemized deductions to make, now is a great time to do that as well.

Catch-up 401K Contributions

If your plan allows you to make a lump sum catch up contribution if you haven’t hit the maximum contribution limit, consider putting extra cash into your 401K. If you get a Holiday Bonus or other windfall this time of year, it can be a great way of putting some extra money away and saving on taxes.

Adjust Your Portfolio

Review your taxable investment accounts to see if it makes sense to readjust your positions in a tax advantaged way. You may want to create some capital losses or hold off on investing to avoid year end capital gains. It also makes sense to review your periodic contributions to investment accounts and make any adjustments for the start of 2007. Bottom line — consult your financial advisor to make sure you are poised to make the most of any choices you make.

IRA Contributions

You have up until April 15, 2007 to make 2006 IRA contributions. But, why wait? If you’re in the swing of a year end review, now is as good a time as any to add to your IRA coffers. Not sure about the benefits or rules surrounding IRA’s? Visit the article “All About IRAs” and crawl through the IRS information.

Even more tax savings strategies can be found in this Motley Fool article and at MarketWatch.

So, before you enter the total holiday slack-off zone, consider taking a moment to review your situation and save a few dollars.