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Amid the Holiday Rush, Don't Forget These Year-End Financial Tips

It's the end of the year and while many thoughts turn to holiday celebrations and shopping, don't forget that you should perform an end-of-the-year review of your finances. Here are some tips that can save you some money.

  • Tax Deductions. Could you use more tax deductions this year? If so, consider giving to charity and/or prepay deductible 2015 expenses in 2014 such as your January mortgage payment. Remember that to take advantage of these tax deductions, you must itemize your deductions.

  • Flexible Spending Accounts (FSAs). If you have a dependent care FSA your employer may offer a grace period otherwise you should use it up by December 31st. If you have a health FSA, your employer may offer a grace period or allow a rollover of up to $500 (but not both). If neither is offered, you will need to use it up before December 31st.

  • Tax-Advantaged Plans. If you haven't contributed the maximum amount to your savings plan such as 401K, conventional Individual Retirement Account (IRA), Keogh Retirement Plan, or Education Savings plan. then consider doing so. Consider establishing any of the appropriate plans if you don't have them. If you haven't contributed enough to qualify for any matching funds, increase your contribution to make sure you qualify.

Check out these resources for more tips: