Before 2018 closes out, we give you a list of a few things you should do wrap up your finances before the end of the year.
Here's a few things to try to handle before the clock strikes midnight:
- Make sure to review your charitable giving priorities, if you’re likely to itemize your tax deduction. This is where things are different than previous years. Remember that the standard deduction this year doubled - now $12,000 from $6,350 and for married filers to $24,000 from $12,700 - meaning the 31st deadline is less important.
- If you haven’t signed up for health insurance yet, please do so before your deadline (12/15 on healthcare.gov, otherwise it varies)
- If you get an FSA and it doesn't roll over (most don't) make sure to use it before the end of the year!
-If you haven’t yet reached your goal for retirement contributions - either your IRA or your 401K/403B, now is the time to stuff them full if it's in your budget.
- Figure out your tax withholding and adjust for next year it's too high or too low - here's a Kiplinger's calculator to figure out if you're withholding too much.
- Do a big overhead view of your budget categories from your spending this year!
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