Three Year-End Financial Tasks You Can Do Now

How inconvenient that so many tax deadlines occur at year-end.  What you really want to be doing is shopping, egg-nogging, New-Year’s-Eve-smooching, and wearing ugly holiday sweaters while watching football.

So, what are some things you can do now, to avoid the crunch of December 31st money tasks?

  1. Execute your charitable gifting plans. There is no reason to wait until the last minute, and your non-profit organizations appreciate knowing what funds are coming in as soon as possible.
  2. Take your Required Minimum Distributions. You know what your RMD is on January 1st of each year.  Don’t be running around at the last minute making sure you’ve completed this task with the right calculations.  There is no reason to put this off and risk an underpayment penalty.
  3. Finish making any retirement plan contributions or adjustments to your 401k/retirement plan contributions. Don’t wait until December to figure out you are short on how much you have contributed for the year.

Sure, it’s too late to do any of this before Michael’s puts out the Christmas decorations.  Just try to get it done before the Valentine’s Day candy makes its appearance in November. 

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Kristi Sullivan

My name is Kristi Sullivan and I have been helping people achieve financial security since 1996. I am a fee-only financial planner and public speaker. I do no investment or insurance sales for commissions. My clients pay me for guidance through their financial questions. I also work with employers to educate their employees about personal finance. I have been helping people make financial decisions for 18 years. I have worked in employee benefits and with individual clients/families. I hold the Certified Financial Planner designation. Sullivan Financial Planning, LLC is a Registered Investment Advisory firm with the State of Colorado. Areas of expertise include prioritizing savings goals, investment allocation, and wealth manager searches.