Just when real estate is hurting and the economy is slowing, Congress may be dealing your family more financial blows.

For one thing, if you're expecting an income tax refund, don't count on getting it fast, warns William A. Raabe, tax professor at Ohio State University, Columbus, Ohio.

Reason: There still are some bills floating around Congress that could change our taxes -- including the fixing of the pesky Alternative Minimum Tax.

Efforts also are under way to extend a host of other provisions due to expire this year.

Among those: The ability of eligible educators to deduct up to $250 of expenses for books and classroom supplies and your ability to deduct college tuition and fees.

Expect late action from Congress to slow the processing of your tax returns. Don't expect Turbotax or filing electronically to necessarily help much either, Mr. Raabe adds.

All this means is that if you're counting on filing your taxes early and using your tax refund to fund your 2007 IRA contribution by next April 15, beware.

"If you've got all your information and got a refund coming, get your return in anyway," Mr. Raabe suggests. "You can always file an amended return."

In the meantime, don't let the volatility of the stock market disrupt your end-of-the-year tax planning, he advises.

Consider taking stock market losses and using the losses to offset capital gains and up to $3,000 of ordinary income. Reinvest in potential gainers. Even if you exceed the $3,000 limit, take the deduction, he suggests. Carry the excess over $3,000 forward into 2008. "Start planning right away to generate gains in 2008," and if possible, consider selling the new gainer in the first part of 2008. Don't wait. "The deduction is always worth more sooner rather than later."

If you do this, beware of IRS "Wash sale" rules. Once you've sold a security at a loss, you're not allowed to buy back a substantially similar one for 30 days.

Before buying mutual funds, check to see when the fund is due to make its capital gains distributions. Purchase your fund only after the distributions are made. This way, you avoid paying capital gains taxes on gains you haven't realized.

It always pays to give your accountant a call before the end of the year to see if there's anything else you should be doing to prepare -- before it's too late.

Possible steps to take, according to Grant Thornton LLP:

• Consider accelerating deductions by prepaying some of next year's deductible expenses. But first check with your accountant about the potential impact of the Alternative Minimum Tax, which threatens to make certain deductions backfire.

• If you're donating to charity, consider giving appreciated stock or property. This way, you get a charitable contribution deduction for the full value without paying taxes on capital gains.

• Maximize all possible deductions. Examples: Contribute the most possible to your IRAs and health savings account as early as possible.

• People 70¹/₂ or older still may transfer up to $100,000 per year from a traditional IRA to public charity tax-free. Be sure you direct your trustee to make the transfer. This provision is among those set to expire this year.

• If you haven't done so, consider setting up a 529 plan for education. Thanks to the Pension Protection Act, the deductibility of proceeds for educational expenses has been made permanent.

• In 2008, the "kiddie tax" rules that require a portion of a child's unearned income to be taxed at parent rates will be expanded to full-time students under age 24. So, a student at least 18 years old at the end of 2007, might consider selling any appreciated assets this year.