Finance tips

The Recessionista’s Year End Financial Planning Checklist

By Mary Hall | December 30, 2013

Smart financial planning is part of living the fabuless life.

I don’t claim to be a finance expert, or even to play one on TV, but every year there are a few things I do to try to maximize my tax deductions. Living the life of The Recessionista doesn’t mean just lusting for fashion and trinkets, it’s also about maximizing our financial resources. Good tax deductions pay great dividends by allowing us all to pay either less in taxes or get a refund from Uncle Sam. Before 2014 rolls in, there are some things I am doing today and tomorrow (Dec. 31, 2013.) Here’s what on The Recessionista’s Financial Planning Checklist.

Clean out closet and donate old clothes— Now is a good time to clean out your closet with items you haven’t worn and possibly will never wear. Take them to Goodwill or another Charity store to take a tax deduction for yourself. Giving away clothes helps you, and hopefully someone who really needs something to wear.
Give to your favorite charity for a tax-deductible charitable contribution These last two days of the year are a great way to give a little. I typically donate to help kids with Autism, the Salvation Army or even my local PBS station. This year the Red Cross & UNICEF need donations to help the Philippines Typhoon victims.
Check your stocks or investments. If you do have investments, take a look at them and do a year-end inventory. Is it time to sell? Do you still want to hold them. If you have losses now may be the time to sell.
Pay your Professional Fees/Professional Subscriptions. Those magazines, association meetings and professional licences can be tax deductible if paid before year-end.
Check in with your lawyer or accountant. Some professional fees are Tax deductible, and now may be a good time to get some professional advice from either your lawyer or accountant.

For more advice check Lou Dobbs or Kiplinger. Then take a few minutes today or tomorrow to take stock of your finances and maximize those tax deductions.