With every new year comes the inevitable and often unpleasant task of preparing a tax return for the prior year.

Fortunately, 2012 Taxes brings some money-saving opportunities when it comes to your taxes. Here are five ways to profit from today’s IRS rules and rates.

1. Give stuff away . If you have a sizable estate, this is a good time to give some of it away while you’re still alive.

The current estate and gift tax exemptions and rates are the most generous in many decades, says tax historian Joseph Thorndike.