By Allyson Wilson, Fox 5 Reporter

The best approach to tax planning is to start early in the year, but it’s never too late - even as the April tax filing deadline approaches - for some last-minute tax savings tips.

Experts say a few smart moves can pay off big but you have to act before the books close on 2008.

Certified Financial Planner Bill Gruen says the first thing to do is think about this year and next year together. Gruen says, “It’s important to look ahead. Is 2009 going to be a better year? A harder year to make money? Where you put your deductions may depend on how 2008 and 2009 compare.”

Then take a look at all your assets. Gruen says review your income, expenses and potential deductions. Then dig into your portfolio and consider selling poor-performing stocks.

Make donations to charity. If you are self-employed, stock up on office supplies. Pre-pay property taxes, but be careful pre-paying January’s mortgage a day before the New Year.

Gruen says, “The theory is that you get to deduct your mortgage interest if you’re itemizing, but we live in an era of computers and reporting to the IRS. If you pay with a check dated on 31st, the computer will not know it. They will get the check in January.”