As the calendar ticks toward Dec. 31, here are some last-minute, year-end tips recommended by financial professionals:
- Do your donations: If you want a charitable deduction on this year's taxes, you need to write that donation check by Dec. 31. Donations made on a credit card by Dec. 31 are deductible for 2012, even if you pay the Visa bill in 2013.
- Max out the 401(k): It's a gift to yourself -- a little retirement cushion. If you haven't maxed out the contribution to your 401(k) at work, do so now. For 2012, the annual contribution limit is $17,000.
- Ditto for your IRA: To boost your retirement savings, don't forget your IRA contributions. In 2012, the maximum contribution to IRAs and Roth IRAs is the smaller of $5,000 or your taxable compensation for the year. For those age 50 or older, the limit is $6,000.
- "Moving" donations: If you're donating a car, boat or plane to a charitable organization at year-end, the IRS reminds that you can only deduct the fair market amount when the car is sold by the charity. This applies to vehicle deductions valued at $500 or more.
- Spend those FSA dollars: If you have a Flexible Spending Account at work to cover health/dependent care costs, now's the time to make sure you've spent all of those tax-free dollars you squirreled away. FSA accounts are use-it-or-lose-it; you don't want to let that money slip away.
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