“Let me tell you how it will be. There's one for you, nineteen for me. 'Cause I'm the Taxman. Yeah I'm the Taxman.”

These familiar lyrics were sung by the Beatles, but they begin to resonate inside our brains as we approach year-end. When it comes to tax planning, procrastination can be costly.

Here are tips for some of the more common tax strategies you may be able to implement before the year ends to help reduce the amount you pay to the Taxman.

Dividend Income and Capital GainsAsk your financial adviser for a realized and unrealized gain/loss report to assess the income and/or capital gains you should expect this year. If possible, sell by year-end to realize losses. Determine whether the 0 percent capital gains rate will apply to your situation this year. Remember, excess capital losses can reduce up to $3,000 of other types of taxable income each year

GiftingEvaluate the tax benefits of gifting long-term appreciated stock versus cash. Complete charitable and family member gifts by year-end. The annual gift tax exclusion amount for 2016 gifts to individuals is $14,000.Required Minimum Distributions (RMDs)Consider the potential benefits of a qualified charitable distribution (QCD) from an IRA. For taxpayers over age 70½, distribution from a traditional IRA of up to $100,000 are tax-free if sent directly to a charity.

College FundingCreate or add to your education savings program. To save on taxes while saving for education, remember that contributions to Education Savings Accounts (ESAs) or 529 plan accounts can grow tax-deferred. While 529 contributions must be made in the current year, ESA contributions can be made up to April 18.

Retirement AccountsMake maximum contributions to your employer retirement accounts. You can defer $18,000 ($24,000 if you're age 50 or older) of your compensation for many employer-sponsored retirement plan accounts. If you're contributing to your IRA, the maximum contribution amount is $5,500 ($6,500 if you're age 50 or older). The deadline for IRA contributions is April 18. You should also evaluate and complete any Roth conversion opportunities.

Employer-Provided Benefit ProgramsConsider funding a Flexible Spending Account (FSA) and/or Health Spending Account (HSA) during your employer's annual benefits enrollment period. Review your 2016 out-of-pocket expenses and adjust 2017 contribution amounts accordingly. Consider funding an FSA for dependent care expenses if you have a child in day care.As a final note, remember to review your beneficiary designations and make any necessary adjustments due to life changes such as marriage, divorce, birth of a child/grandchild, death, etc. Hopefully these tips will you help keep the Taxman at bay.

Wendy Bennett is a senior financial adviser in Butler.