We should all take a minute and think ahead to our year-end “to do” list so we don’t miss out on important dates, tax opportunities and other financial decisions.
For certain things like a prepaid flexible spending benefits account, if you don’t use it, you’ll lose it. 😡
Order gifts now — Yes, the supply chain issues might be peaking but let’s not procrastinate, and let’s not be shy. Tell your partner or spouse exactly what you want so they can order it pronto, and do the same with gifts for kids.
Order your Christmas cards this weekend — This is my favorite part of Christmas. I love seeing the smiling faces of our kids!! I had my daughter go through the 23,000 photos on our shared iPhone/iCloud account and pick out a few photos of the family while we were waiting in the carpool line.
Review portfolio for tax-loss selling opportunities — So you picked a couple dogs this year. Look for the “value” in those bad performers by selling them at a loss so you can benefit on your taxes.
Gift $15,000 to your kids — Given the uncertainty about gift and estate tax rules and possible changes that might happen in the future, be generous this year and maximize the amount you can gift to your kids. Pro tip: each parent can separately make a $15,000 gift to each child, effectively doubling the gift.
Have your generator inspected and serviced — Be prepared for nasty storms that topple trees and take down power lines, so do a maintenance check to make sure yours is in good condition and ready to go. If you don’t already have a generator, be aware that many are on backorder until next summer.
Deplete prepaid flexible spending benefit accounts — Need a new pair of eyeglasses? Have money left over from your dependent care benefit account? It’s easy to forget about money you’ve technically already spent. Review your accounts and be sure to submit receipts that qualify for reimbursement or make a plan to use what you have left over! Remember, if you don’t spend it before the end of the year, you lose it.
Start booking travel for next summer — Some hotels and flights are already sold out for popular dates next year because everyone is rushing to get back out there! Book as soon as you can to lock in better rates.
If you would like some advice on year-end financial decisions, let’s talk!