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Savvy year-end tax moves to consider now

Check out our 11 tips for 2012 taxes—no matter what happens in 2013.

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As you may be aware, the Bush-era tax cuts of 2001 and 2003 may expire at the end of 2012. Or they may be extended. Or they may be extended, but modified. Or they may expire, and then be extended or modified in 2013. It is all up to Congress.

Despite the uncertainty, there are steps you can take to help reduce taxes—regardless of what Congress ultimately does—plus strategies to consider should there be higher taxes next year or down the road.

We divide those strategies into two buckets: first, things to do assuming tax rates rise on January 1, 2013, and second, things to do no matter what happens with rates.

► Start here

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Important legal information about the e-mail you will be sending. By using this service, you agree to input your real e-mail address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. All information you provide will be used by Fidelity solely for the purpose of sending the e-mail on your behalf.The subject line of the e-mail you send will be "Fidelity.com: "

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The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide estate planning, legal, or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.

The Fidelity® Personalized Portfolios service applies tax-sensitive investment management techniques (including tax-loss harvesting) on a limited basis, at its discretion, primarily with respect to determining when assets in a client’s account should be bought or sold. Because it is a discretionary investment management service, any assets contributed to an investor’s account that Fidelity Personalized Portfolios does not elect to retain may be sold at any time after contribution. An investor may have a gain or loss when assets are sold. 

Investing in a variable annuity involves risk of loss - investment returns and contract value are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 591/2, may be subject to a 10% IRS penalty.

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