Tuesday, December 17, 2013

About Today: Year-End Money Moves You Should Make Right Now

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As the end of the year approaches, you're hopefully planning some ambitious New Year's Resolutions. And we don't just mean joining a gym -- you should also give serious thought to getting your finances in order for the new year.
But some money resolutions just can't wait until 2014. There are several money moves that you should really consider making before the end of the calendar year... Which, in case you haven't noticed, is just two weeks away.

Year-End Moves to Lower Your Tax Bill
If you're dreading your upcoming tax bill, now is the time to lower your tax liability for 2013. That might mean deferring some pay until next year -- maybe that Christmas bonus can wait until January? -- or making tax-deductible expenditures like donating to charity. And it's not just about lowering this year's liability: If you think you'll be in a higher bracket in 2014, you might take the opposite approach and shift some of that tax liability into 2013.
Search Related Topics:  tax planning strategies  year end 

Take Care of That FSA
Earlier this year the Treasury Department changed "use it or lose it" rules for Flexible Spending Accounts, saying that employers could allow their employees to carry over as much as $500 into next year. But not every employer will take advantage of that new rule, so check with your employer to find out whether or not you're permitted to carry a balance over into 2014. If the answer is no, here's what you can spend that money on.
Search Related Topics:  year end  tax planning strategies  medical expenses

Get Your Free Credit Report
You're entitled to one free credit report every calendar year. If you haven't gotten one in 2013, now's the time to follow our instructions for getting and reading the report. Not sure why you should care? Here's why pulling your credit report is worth your time.

Check Up on Your Portfolio
You should plan to rebalance your portfolio once a year, so here's another one that you may as well tackle now. While you're at it, check your asset allocation, and heed these year-end tax tips for investors (hint: if you've got losing investments, sell them off now to claim the deduction for this year).
Search Related Topics:  tax planning  market timing  mutual fund types

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