Sometime after election day Tuesday Congress will re-convene and decide on income tax matters.

Most of the buzz this year has been around ROTH IRA conversions. If tax cuts remain in place the opportunity to defer the income equally between 2011 and 2012 looks very appealing for many. If the Bush tax cuts are not extended many taxpayers may want to pay for the conversion in 2010 at the lower rates.

Investors who hold assets that have appreciated should also do some year-end tax planning. The current long-term capital gains rate is 15 percent. If the tax cuts expire, that rate goes to 20 percent. That means if you are fortunate enough to have an investment with a $100,000 gain, your tax would go from $15,000 to $20,000 if you sell after year end.

The window of opportunity to make year-end tax decisions is closing so stay tuned to the tax news.

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).