bloomingdale: year-end personal finance tips from Chuck Donalies ...

Year-End Personal Finance Tips
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The end (of the year) is nigh!? This edition of the Bloomingdale newsletter will focus on five important ? yet simple ? last minute moves you can make to save money.? As usual, please consult with your financial advisor or accountant prior to taking action.
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1.??????Have a Flexible Spending Account (FSA)???Be sure to spend the money in your account on any co-pays, deductibles, and qualified prescriptions you might have incurred this year.? The federal government allows employers (at their option) to extend a 2.5-month grace period to use the balance of funds in the FSA after the year-end.? Spend the funds now or check with your employer to ensure you don?t lose any money.
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2.??????Want to save for your child?s college education ? and receive a deduction on your 2012 D.C. tax return?? Open (and contribute to) an account in the D.C. College Savings Plan by December 31^st.? This 529 plan, run by Calvert Investments, allows D.C. residents to deduct up to $4,000 in plan contributions each year on their D.C. tax returns.? Up to $8,000 may be deducted for married couples filing jointly if both taxpayers own an account and make contributions.
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3.??????Are you self-employed?? If so, you may want to consider establishing a retirement plan such as a solo 401k or SEP-IRA.? Note:? For the solo 401k, the account must be established prior to December 31^st.? However, the actual contribution(s) can be made in 2013 when your taxes are due.? On the other hand, the SEP-IRA can be opened and funded before you file taxes in 2013.
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4.??????Feeling charitable?? Remember, ?tis the season for giving!? Make a donation of cash or other items before December 31^st?in order to receive a deduction on your 2012 tax return.
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5.??????Have a mortgage?? Make your January 2013 mortgage payment before December 31^st?(the interest is deductible).? This is especially important because Congress might change the rules governing the mortgage interest deduction.
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Enjoy the rest of the Holiday Season!? Please contact me if you have questions, comments, or suggestions for upcoming articles.
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Best regards,
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Chuck Donalies, CFP?

Donalies Financial Planning, LLC

Follow me on Twitter @frugalplanner
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Chuck has lived in Bloomingdale for over 8 years.? He?s a?CERTFIED FINANCIAL PLANNER? Professional, father of two, husband, artist, and triathlete.

Source: http://bloomingdaleneighborhood.blogspot.com/2012/12/year-end-personal-finance-tips-from.html

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