NEW HAVEN, Conn. (WTNH) — We know you probably have a lot to do before Christmas but there are a few things that can save you money before the years end that you don’t want to forget about. There’s also a few things you may think you need to do that you can actually put off.
From decorating, shopping and yes a little partying, we all know it’s a busy time of year, but your bank account will thank you if you consider just a few year-end deadlines to boost your bottom line.
Charles Kreitler of Kreitler Financial wants to remind you December 31st is the end of the tax year and the deadline to try to maximize your tax return. He suggests you consider adding to your retirement accounts.
“If your employer does offer a match on your 401k plan or other company retirement plan, make sure you are at least putting aside enough to capture that match, if you’re not you’re walking away from free money. That’s part of your pay package and you need to claim it,” Kreitler said.
Also, now is a good time to sell off any unnecessary accounts that may be taxable.
Charitable donations are not only a nice gesture but could increase your return if done before the start of the New Year.
Charitable gifting will make the biggest difference if you itemize your tax return. If you’re not itemizing, and money is tight, there are a few things you can probably at least hold off on until the new year off on until the New Year.
“Property taxes on our homes, on our automobiles in the state of Connecticut, those types of things can be delayed until they’re actually due if we need to be,” Kreitler added.
Regardless, now is a good time to take a hard look at your finances, set goals, get organized and decide how you’re going to tackle any debt in the year.