By Jim Griffing, Principal Griffing & Company, P.C. and A Silver Fox Advisor

Year-end tax planning can be very productive. Proper tax planning can reduce your current and future tax liability. The following are some year-end tax planning considerations for individuals.

Review your federal withholding. If federal income taxes withheld during the year are less than your tax liability for the year, you could incur a penalty. If you are under withheld, submit a corrected Form W-4 to your employer to increase the amount of withholding for the rest of the year so you can avoid a penalty situation. Alternatively, if you are having too much withheld, you can reduce the amount your employer withholds by completing a corrected Form W-4.

Pay school tuition or medical bills for family members directly to the institution rather than giving money to the individual. Amounts paid directly to schools and medical facilities are not subject to the federal gift tax.

Maximize the effect of your charitable contributions by contributing appreciated securities instead of cash. You avoid paying capital gains tax on the appreciation and also get a tax deduction for the FMV of the securities gifted.

Accelerate charitable contributions and medical expenses. Both are deductible when charged to your credit card accounts (in 2014), rather than when you pay the credit card company (2015).