1053. Host Laura Adams walks you through seven ways to lower your taxes, maximize savings, and protect your hard-earned cash before midnight on December 31. Don’t let holiday chaos cause you to miss this critical deadline.
Key Takeaways
- Employer-sponsored retirement plans like 401(k)s, 403(b)s, and 457s require employers to deduct contributions from paychecks by December 31.
- Zero out your flexible spending account (FSA) before year-end or confirm your employer’s specific rules, such as a limited carryover or grace period.
- If you’ve met your annual health insurance deductible, schedule remaining doctor visits, recommended tests, or prescription fills in December before your coverage limits reset on January 1.
- Those over 73 must make required minimum distributions (RMDs) from traditional retirement accounts by December 31 to avoid steep penalties.
- If you can move certain expenses (such as a mortgage payment or property taxes) into December, they may help you deduct more by itemizing.
- Check card portals before holiday shopping to activate quarterly bonus categories and redeem annual travel credits or expiring reward points to offset end-of-year expenses.
Related Episodes
1045
916
1018
1044
981
966
1043
Discover more from Money Girl!
Facebook
Newsletter
Transcripts available at QuickandDirtyTips.com.
Email: [email protected] or leave a voicemail: (302) 364-0308.
Hosted on Acast. See acast.com/privacy for more information.
