This won't sound the least bit festive, but amid the holiday merriment, take a few seasonal moments to contemplate that most unseasonal of topics: taxes.

Although it sounds about as appetizing as stale eggnog right now, it could pay off next year when your tax bill rolls around.

So, before it's too late to take advantage of some year-end financial housekeeping, here are some do-now recommendations from tax professionals:

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Dump your losers?Given the stock market's wild ride this year, most folks have a few duds sitting in their portfolio or 401(k) account. "If you have dogs, you may want to think about getting rid of them now," said Patrick Rogan, a CPA and an accounting professor at Cosumnes River College in Sacramento, Calif. "If they're not good companies, you may as well take the capital gains loss in 2008. If they're good companies, like GE, you might do well to ride it out and hang on to your investments."But note: The maximum you can take in net capital gains losses per year is $3,000. To figure out if you should sell some poor-performing stocks, total your capital gains for the year, then subtract any losses. If the total is less than $3,000, consider selling some additional low-performing investments to reach that limit.•

Take a gamble.If you're betting tax rates will go up, collect any year-end bonuses or client payments now. That way, the extra income will be taxed at this year's rate. If you're counting on tax rates getting reduced, defer that late-year income until after Jan. 1."We're in an iffy situation," said Rogan. "With the economy (and) the presidential change ... there's no crystal ball about what's going to happen in 2009."•

Pay ahead.Speed up payments on bills that can be tax-deductible. For instance, pay the second half of your property taxes (due April 10), your January mortgage payment, your fourth-quarter estimated state income tax payment (due Jan. 15 if self-employed). "They all give you another month's worth of interest deductions," said Rogan. Next month's college tuition bill can also be a deduction.However, if your income boosts you into alternative minimum tax (AMT) territory, you may not be able to take full advantage of those deductions. If you're not sure about the AMT's impact on your taxes, use the AMT calculator on the IRS Web site, www.irs.gov.•

Charitable giving.If you're donating to a favorite cause, you've got only a couple of weeks left. And if you're contemplating a donation other than cash or a check — real estate, stock or any complicated asset — don't wait until Dec. 31, said Dan Schrauth, a wealth adviser with JPMorgan Private Bank in San Francisco. "We don't want clients in a fire-drill situation," said Schrauth, noting that some donations require appraisals or time-consuming title transfers.Schrauth has a general rule of thumb: If it's a depressed asset, like shares of stock, consider gifting it to family members so the appreciation will accrue to future generations. If it's a highly appreciated asset, consider donating it to charity to maximize your deductions.If your charitable giving is simpler, say donations of used clothing or household goods, you'll need a receipt showing each item's value.The Salvation Army, for instance, maintains a list of tax-deductible prices on everything from handbags to housewares (www.salvationarmyusa.org). When dropping off donations, pick up a receipt and tally up the approximate value for tax purposes.If you're donating cash, be sure to keep a bank statement, credit card bill or receipt showing the date and contribution amount.•

Increase your IRA.If you're not covered by a pension plan or 401(k) at work, it's time to set up an IRA or SEP plan (if you're self-employed) for retirement savings. This year, you can deposit up to $5,000 if you're younger than 50 and up to $6,000 for those age 50 and older. And best of all, you have until April 15 to actually fund it but can still take the deduction for 2008 taxes. For contributions to your 401(k) account, the deadline is Dec. 31. Those contributions aren't tax-deductible but do reduce your taxable income.•

Help for homeowners.There are two new tax breaks for homeowners, said John Hooker, a certified registered tax preparer who owns eight Jackson-Hewitt tax offices in Sacramento. If you're a first-time homebuyer (or haven't owned a home in the past three years), there's a refundable tax credit for a home purchase made between April 9 this year and June 30, 2009. It's essentially a loan, offering homebuyers 10 percent of the purchase price, up to $7,500, to be repaid within 15 years.For longtime homeowners who've been unable to claim mortgage interest deductions because their mortgages have been paid off, there's also good news. The standard deduction for real estate taxes has been raised, up to $500 for single taxpayers or $1,000 for those filing jointly. "It really helps older folks who have been in their home for 30-40 years, have paid off the house and have no mortgage interest to deduct but are still paying property taxes," said Hooker. It's good through 2009.•

Medical expenses.If you've had lots of medical expenses this year, it may be possible to deduct them. The only hitch: The total must exceed 7.5 percent of your adjusted gross income. If you earn $100,000, you'd need more than $7,500 in medical expenses to be eligible for those tax deductions. Add up everything: health insurance premiums you've paid, dental bills, prescriptions, hearing aids, eye care (including laser surgery), even quit-smoking programs. If your kids need braces or a family member is contemplating elective surgery, you might plan to bundle those expenses into a single year.•

Withhold it?If it appears you'll be getting another big tax refund this year, consider reducing your paycheck withholding amount, starting in January. Although some people count on getting that annual tax refund, Rogan recommends lowering withholding so there's more in your paycheck each month. "Put that money into savings where it's earning interest," he said.•

Get it together.Gather all your tax paperwork as early as possible. Assemble file folders with all your expenses: health care, child-care receipts and professional expenses like subscriptions, uniform cleaning, equipment purchases, meals and travel. Talk with a tax professional about what deductions are available to you or contact the IRS at www.irs.gov or 800-829-1040.