Beware of generalizations, including mine. Our patchwork quilt of tax laws has become so complicated that some advice that could move your brother-in-law into a lower tax bracket could put you into a higher one.

            Consider, for instance, the traditional advice to accelerate the payment of deductions and defer the receipt of income, whenever possible -- a decision that should never be made without a thorough review of the numbers. Though still right for most people, that tactic can be inappropriate and even result in a bigger tax tab if you overlook the AMT (Alternative Minimum Tax). The AMT is a complex levy structured to ensure the payment of at least some taxes by even the wealthiest individuals able to avail themselves of the most sophisticated tax breaks.

            If you are hit by the AMT, some otherwise worthwhile year-end tactics need to be rethought. Among other things, when the AMT is applicable, medical expenses are allowable only if they top 10 percent of your AGI (Adjusted Gross Income), not 7.5 percent, as figured under the regular rules for income taxes. And with AMT, there are no deductions at all for: interest on home-equity loans obtained for reasons other than to acquire, construct or substantially improve first or second homes; state and local income taxes; and for miscellaneous deductions.

            TIP. In your zealous quest for tax savings, you ought not to get so carried away that you fail to ask yourself an important question: Is it worth the time or effort to get the answer to whether you ought to speed up or postpone income or deductions? Even worse, the cost of your time, not to mention the dent in your checkbook if you rely on high-priced professional help to do your planning, could prove to be greater that the savings you reap.