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Last-Minute Tips for Slashing '08 Taxes

Even though New Year's Day will arrive Thursday, many people still have time to take steps to cut their tax bills for 2008. Here are a few last-minute ideas to consider.

For a start, take another look at what's left of the stocks, bonds and mutual-fund shares in your taxable accounts. Focus on those selling for less than you paid for them. If you're thinking of getting rid of them anyway, now is a good time to do so. Most people can use the losses to trim their taxes.