Soon the holiday season will be over and thoughts will turn to tax season.

That word — taxes — conjures up a variety of emotions, depending upon your economic status.

For some, tax time means a tax refund. For others, it means scrambling to take advantage of every deduction opportunity to avoid writing a check to the government.

Vicksburg accounting firms are already gearing up for their busiest season of the year.

Katie Feibelman, CPA, a partner with May & Company LLP in Vicksburg, made several recommendations to prepare for this year’s tax filing.

She said now’s the time to max out your contributions to your retirement accounts and to make charitable donations, should you choose to do so.

“Whether it’s your employer’s 401K or a traditional IRA, take a look at your retirement account,” Feibelman said. “A Roth IRA, while taxes must be paid on the money upfront, is a great savings vehicle, particularly for young people. You must have earned income, meaning you must be a wage earner, but if your child has an after school job — like working at the Y or as a runner for one of the businesses in town — it’s a really good way to save. Taxes on money you put into a Roth IRA are paid up front, but you never have to pay taxes on its earnings. As long as you keep the money in the Roth IRA and use it as a savings plan, the earnings are never taxed.”

Now is the time, too, for contributions to your favorite charity.

“If you itemize your deductions, now may be the time to make additional donations to your favorite charities. Also consider donating appreciated investments to get the full deduction without having to pick up the growth in income,” Feibelman said.

Another tip: Start gathering tax-related paperwork.

“Start going through your bank statements and make sure you have what you need,” she said.

Feibelman said taxpayers who are going to deduct charitable contributions need receipts for any donation of $250 or more to charitable organizations.

“And make sure put aside and save all of your tax-looking documents sent this time of year,” she said.

Feibelman also recommends:

• Review your investment portfolio and sell those at a loss position to offset any gains.

• Review payments for property taxes. Look to see if it would be beneficial for you to make that payment in December 2015 or January 2016.

• Look into contributions to MS 529 plans for children or grandchildren. Contributions up to $20,000 are a deduction for state taxes per year. Earning are never taxed as long as withdrawals are made for qualified educational costs.

• If you are selling a piece of investment real estate and want to replace it with other investment property, consider a like-kind exchange.

• If you have short-term investments, consider holding them at least one year before selling to take advantage of capital gain tax rates.

• The American Opportunity Tax Credit is great for children in their first four years of college!

• If you are going to owe state taxes, consider paying them by Dec. 31, 2015, to get the deduction in this year.