End of Year Financial Preparation

So we are once again approaching the end of the year. There are some things you can do to minimize that tax bite that is coming in April. Most of these need to be done by the December 31, so don’t delay!

Donations - Want an easy tax deduction? Don’t forget to spread some of that holiday gift giving to some charities. Make sure they are recognized by the governement as verified charities. Here are some where you can donate online:

• Salvation Army
• American Red Cross
• Toys For Tots

Stocks – Have any bad stock pics this year? Well now is the time to get rid of them. They will offset any gains you have made in other places. Be sure to write down the detials of the stock sale as you will have to note it down on your taxes.

401k / ROTH / IRA Contributions – Did you max out your 401k? You probably have 2 more pay periods to bump up your contributions to get the most in for 2007. You still have till April 15th 2008 to get those ROTH IRA Contributions in. This year is a max of $4000, so start planning now to max that out in April next year!!

HRA / FSA – If you have an HRA (Healthcare Reimbursement Account) or a FSA (Flexible Spending Account) be sure to use up all the money that was set aside.
You can spend your remaining dollars on things at most Drug Stores. drugstore.com has a good FSA Store as well as a HSA Store. That is where I spend the remaining dollars at the end of the year.

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