Even with the holiday crunch there are some things you need to do to keep your finances in order for next year. Some will have more to do than others, but a little thought on your finances is always a good thing.

Flexible Spending Accounts

Take full advantage of these. Why not? You aren’t losing anything by it. In fact, you lose if you don’t. The money is gone if not used. So figure out what you need.
Check with your employer, however. Some allow you to incur expenses even into March.

Check on Your Retirement Contributions

401k, IRAs (traditional and/or Roth) and others. If you can put more in them, get it all taken care of now. You may have until April 15 for some of these, but now is not a bad time to start thinking and planning.

Charity

This is a great time of year to remember the less fortunate. Not only can it help to make the holiday season more special for the less fortunate, it’s your last chance for charitable contribution write-offs. So get busy and share.

Remember that giving all that old clutter in your house can count under charitable contributions too. This is one we’re working on right now in my home. Going through all the kids’ toys and figuring out which they don’t use anymore. Since we had those big fires here a while back the kids are feeling quite sympathetic with those who may have lost all their toys.

Can You Bunch Deductions?

Property taxes and other things may be better bunched into batches so that you can take the deductions every other year. If your deductions are less than the standard deduction you may want to research this and see if it will help.

Prepare now to take the best possible advantage of what’s out there for you. Consult with a tax advisor for the best results, and make your appointment now rather than finding out they’re booked for the rest of the year. A little planning can go a long way.

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