Believe it or not, we are now firmly heading into the end of the last month of the year, and there are a number of tax deadlines coming up. Even though you have a lot going on, you want to make sure to make time in your schedule over the next few weeks to get everything in order.
Monitor for Deductible Extensions
Although a lot of tax breaks expired at the end of last year, it is expected that many of them will be extended through at least the end of this year. Make sure that you keep track of documentation and watch to see if any potential breaks have restrictions for the end of the year.
Max Out Retirement Contributions
This is great for two reasons – you will have more money when it comes time to retire and you will have a smaller income taxed at the end of the year.
Talk about Dependents
If you have dependents who can be claimed by someone else, now is the time to talk about who will claim them for 2015. It may not be one of the things you want to think about, but if you do it now, taking care of your taxes will go a lot faster.
Use your Flexible Spending Money
Some employers let you rollover $500 to the new year, but anything over that will be lost. It’s your money, make sure you use it.
Track Charitable Donations
This is the time of year when you are probably giving the most to charities and good causes. Whether you are cleaning out your home and making large donations to make room for the new stuff you are likely to get over the holidays or give money to the many causes currently asking for donations, there are a lot of places that are benefiting from your charitable contributions. While it does feel great to give, you can benefit too, especially if you are very giving.
Compile Documentation
This is one that I periodically bring up, but now is the time to really get serious about documentation (if you haven’t been doing so up to this point). Start putting all of your documentation into one place. You can easily scan it into PIMYU to make tax season so much easier.
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