Here are five year-end strategies that can help you maximize your tax savings and make the most of your money, from Kiplinger’s Mary Beth Franklin:

¢ Contribute the maximum to your retirement account. To lower your 2007 tax bill, Franklin recommends contributing as much as you can to your 401(k), 403(b) or 457 retirement account before Dec. 31.

¢ Watch out for changes to the “kiddie tax.” You should be aware that the rules governing the kiddie tax are set to change in January. At the moment, children under 18 with investment income or other “unearned” income in excess of $1,700 get taxed at their parent’s rate. Next year, this rule will apply to children under 19 and full-time, dependent students under 24.

¢ Make the most of your sales-tax deduction. This may be the last year that taxpayers get to choose between deducting their state income taxes and their sales taxes from their federal taxes, warns Franklin. If you plan to opt for the sales-tax deduction, you can boost your savings by buying big-ticket items, such as cars and boats, before the end of the year.