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According to CNN MoneyWatch, there are several ways homeowners can cut their taxes come April 15th. Following are there top five tips to reduce taxes for 2011.

1. Deduct Business Expenses

If you started your own business, began freelancing, or worked from home, gather up those business-related receipts. The cost of work-related travel, food, office supplies - maybe even gas - can be deducted from your taxable income. Check out the IRS' list of qualifying deductions.

2. Review Medical Expenses

Know that you can deduct your out-of-pocket medical expenses as long as they add up to 7.5% or more of your adjusted gross income. (So if you earn $75,000, for instance, that's $5,625.) If you're thinking of getting any elective surgery - even LASIK - that expense, plus other out-of-pocket medical care expenses paid for in 2011, could help reduce your taxable income.

3. Donate

Charitable donations - from cash to cars may be tax deductible up to 50% of your adjustable gross income. Appreciated property donations such as real estate, art, and antiques are deductible up to 30%. Time to start cleaning out the closet!

4. Offset Capital Gains

It's been an up year for the market overall, so if you've cashed in on some gains, look for losing stocks in your portfolio. Any stocks sold before the end of 2011 can help the net loss by offsetting your short-term capital gains (which are taxed at 35%).

5. Boost Retirement Savings

If you've neglected to save this year, it's not too late to get aggressive and further reduce your taxable income. The maximum contribution this year to a 401(k) is $16,500 (or $22,000 if you're over 50). For IRAs, the max contribution is $5,000, or $6,000 if you're above the age of 50. Expecting a year-end bonus? Not a bad way to pay yourself.

For more money smart information visit CNN Money online.