end of the year money decisionsQuick… there are only have a few short days left in 2015, and there is a few end of the year money decisions that you need to be thinking about before the clock strikes midnight Thursday. Why is this important? Well, I don’t know about you, but I like paying less in taxes each year. In order to do that, I’ve got to maximize my deductions and write-offs so I can reduce my taxable income as much as I can for the year. 

I know you really don’t want to think about money decisions during the holiday week, but I promise you that if you give me a few minutes you might be able to save yourself a bundle. Whether you are looking to save a few bucks or a few thousand, check out this podcast with an in-depth explanation of all for this tips and tricks.

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  • Flexible spending account-
    • Your account balance will expire at the stroke of midnight. Make good use of those funds in your account so you don’t lose the money you’ve socked away.
  • Contribute to your 401(k) –
    • You can contribute up to $18,000 this year which lowers your taxable income. BINGO!
    • Another idea is to bump up your contribution percentage…and then leave it there for 2016.
  • Charity Contributions– 
    • Remember, You MUST have a receipt, bank record or some sort of proof that you donated in order to write off your contribution.
    • Your donation has to be to a qualified 501c(3) non-profit organization (and not just to your best friend who needs some cash). 
    • Donations of stock or other non-cash property are usually valued at the fair market value of the property. Clothing and household items must generally be in good used condition or better to be deductible. 
    • If you are  donating more than $5,000, you must have an appraisal from an accredited appraiser. 

If you’re looking for an awesome FREE e-course on How to Build a Better Budget, be sure to sign up! Class starts on January 4th, and it’s going to be a great 4-weeks filled with a TON of awesome information to get your budget in check for 2016 and supercharge your savings!
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  • Write-offs-
    • Maximize your biz deductions by making  any big purchases before the end of the year. 
    • Pay your January car payment in December to write it off for 2015.
    • Pre-pay your January mortgage payment in December and write it off which will boost  your interest deduction for 2015. 
  • Dr visits-
    • If you’ve met your deductible and out-of-pocket max then try to squeeze in any last minute doctor visits before the end of the year. 
    • FYI: If you don’t know what your deductible and/or out-of-pocket max, make sure you know those numbers.                   

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