(MONEY Magazine) – Bill Clinton and Bob Dole are happy to tell you how they'd cut your taxes next year. But what about tax year 1996? Don't look to Washington for a lot of help here: Congress and the President haven't offered much tax relief for this year. And the provisions in the law that increased Individual Retirement Account deductions for homemakers, broadened small business tax breaks and created a $5,000 adoption tax credit won't take effect until 1997. So it's up to you to find ways to trim your '96 bill.

Fortunately, you've got three months left to get some licks in. An early start will give you time to load up on last-minute deductions, push highly taxed income into 1997 (when you just might get a tax cut) and review your portfolio for smart year-end moves. Remember, though, that investment considerations should always come before taxes. My six recommendations:

--Give away appreciated stock. The six-year bull market has probably left you sitting pretty, even after recent dips. So why not end the year with a donation of stock, instead of cash, to your favorite charity? This way, you'll realize a double tax blessing: a 1996 deduction plus a capital-gains tax savings as well.

Let's say that some years back you paid $1,000 for stock that is now worth $10,000 and you're in the 31% federal tax bracket (taxable income of $96,901 to $147,700 for married couples filing jointly and $58,151 to $121,300 for singles). If you sold the stock and gave your profit to charity, you could take a $10,000 deduction and save $3,100 in income taxes, but you'd owe $2,520 in capital-gains taxes (your 28% capital-gain rate times $9,000), leaving you with only a $580 tax break. Donate the stock instead, however, and you'll get the same $10,000 deduction while owing no capital-gains tax. The result: the full $3,100 tax savings.

--Check for potential losses. Did you get in on the high-tech stampede, only to see your stock take a nasty spill? If you think the company still has value, you can turn the loss into a tax benefit. Instead of dumping your depressed stock, buy an equivalent number of shares in the company before the price rises again. Then wait at least 31 days and sell your older shares for a tax loss. (If you don't hold off selling, you can't claim your loss.) You can use your loss to offset any 1996 investment gains dollar for dollar and deduct up to $3,000 of any excess loss against your other income. A $3,000 write-off saves you $910 in the 31% bracket.

--Rev up your 401(k). In 1996, if your employer offers a 401(k) retirement plan, you can stuff in as much as $9,500 of your pay before that money is taxed. What's more, since your 401(k) contributions reduce your taxable income, they make it easier for you to claim 1996 write-offs that must exceed specified percentages of your taxable income: medical expenses, miscellaneous deductions and casualty losses. Don't delay signing up to make '96 plan contributions. Put in $1,000 a month until the end of this year, and you'll save a stunning $840 on your 1996 taxes, assuming you're in the 28% bracket (couples with incomes of $40,101 to $96,900, singles with incomes of $24,001 to $58,150). If you've been contributing only, say, 2% of your pay, see if you can up the ante for the rest of the year.

--Open that Keogh. Self-employed people need to set up Keogh plans by Dec. 31 in order to write off contributions for 1996. Unlike an Individual Retirement Account, you have until the due date of your '96 tax return, including extensions, to fund the plan--which means Oct. 15, 1997. With a defined-contribution Keogh plan, you can typically set aside roughly 20% of the net profit of your business, up to $30,000. By contrast, a defined-benefit plan requires you to decide how much you want to receive each year in retirement and then to contribute a specific amount every year to reach this goal.

--Retirees: Consider moving out of state. Last winter, President Clinton signed a bill barring states from taxing the pension incomes of their former residents, effective Jan. 1, 1996. This can mean a significant state tax savings if you move from a high-income-tax state such as California, Massachusetts or New York to a low- or no-income-tax place like Florida, Texas or Washington. You can start saving on 1996 state tax if you get pension income and move before year-end. For example, if you have a $2,500 monthly pension that's taxed at 8% in your state, by taking up residence in Florida in November you could save $400 in '96 state taxes.

--Max your tax savings on a business auto. The key to turning a car into a stretch-limo-size tax shelter is maximizing its business use and minimizing its personal use. Every mile you drive to take the kids to soccer practice reduces the amount of car expenses you can write off for business. But if you're thinking of buying a car now, keep your old car for personal driving until January and save the new one for business. That will keep the percentage of business use high in 1996, and by using the new car, not the old, for business, you maximize your '96 write-off. If your car expenses for the rest of the year come to $4,500 (including the maximum $3,060 in depreciation), you could save $1,260 in tax, assuming you're in the 28% bracket. That could put you in the driver's seat.

Mary Sprouse is a tax lawyer and former IRS audit group manager who has prepared more than 1,500 tax returns.