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Things to get done before the year ends

Posted: 5:05 PM, Dec 31, 2019
Updated: 2019-12-31 18:40:33-05

Now that 2019 is winding down, there are a few things that you might want to get done before the clock strikes twelve.

If you are looking for some tax breaks, you might want to consider donating to charity, paying real estate or income taxes, and making a mortgage payment. To save time, you may be able to do this online.

If you are over age 70 ½ and are required to take a required minimum distribution from an IRA or qualified plan, try to get this done today. There could be penalties if you miss the deadline.

Go through coupons and rebates. Many expire on December 31st.

If it looks like you are going to miss the December 31st deadlines or expiration dates on tax-related items, contact a qualified tax professional as soon as possible. There may be some exceptions or other things that can be done to help you get a break. If you miss the deadline on a coupon or rebate, contact the manufacturer and ask if they can re-issue a coupon or extend the deadline for filing a request for a rebate.

Fortunately, there are some 2019 things that you can still catch up on after today:

There is still time to contribute to IRAs, and Health Savings Accounts (HSA). The deadline for making contributions for the 2019 tax year is April 15th. But, make sure to request that the deposit be credited for the 2019 tax year.

If you have money left over in a flexible spending account, there is may still be time to submit receipts for 2019. Check with your plan administrator for rules on this.

Still have gifts to return from the holidays? Many retailers will allow a few extra weeks into the new year to get this done. But, if the merchandise is holiday-themed, you may be out of luck.