With Thanksgiving firmly in the rear-view mirror, the end of the year must be near! It means that we should all be thinking about some smart year-end financial moves we could be making. I’ve written in the past about a variety of these moves, so let’s focus on the ones that may be particularly time-sensitive:

Retirement accounts such as the 401(k), Traditional and Roth IRA, SEP IRA and others each have a maximum annual contribution that you are allowed to make. Now is a great time to see if you have room for additional contributions. Some of these plans require that all contributions are made by December 31, while others have more lenient rules (IRA contributions, for example, can generally be made up until your tax filing deadline—typically April 15^th of the following year).

Charitable giving is another popular year-end activity. Many charitable contributions are deductible on your taxes, so you can win twice by donating to a cause that you support while lowering your tax bill. If you want to take this to the next level, see if your charity of choice accepts appreciated stock assets (stock that has gone up in value since you bought it). If so, you can donate your shares of stock directly to the charity, without getting dinged with a capital gains tax for the increased value of the stock.

You may have funds set aside that must be used by a certain date, or else they disappear. A Flexible Spending Account, or FSA, is an example of this. You or your employer put aside pre-tax funds specifically for medical use during the year. Any FSA funds not used before year-end (or your plan’s grace period, if it has one) are forfeited.

You might also consider a Roth conversion, meaning that you take money from an existing 401(k) or IRA account, pay taxes on it as regular income, and convert it to a Roth for future tax benefit. Many people will consider this move when their tax rate is lower now than they expect it to be in future years. Just consider—every dollar that you convert from your IRA will be taxed as regular income in the year that you convert to Roth.

Other opportunities abound, even if there’s no deadline at the end of the year. This can be a great time to review your investment allocation and strategy. It’s a nice time to see if your spending and saving are tracking as you’d planned.

The bottom line is that now is a great time to review your financial plan and your tax planning. Choices you make now can impact the success of your plan for many years to come, and can put you at ease during the upcoming holiday season.

However you plan your moves, invest smartly and invest well!

Larry Sidney is a Zephyr Cove-based Investment Advisor Representative. Information is found at https://palisadeinvestments.com/ or by calling 775-299-4600 x702. This is not a solicitation to buy or sell securities. Clients may hold positions mentioned in this article. Past Performance does not guarantee future results. Consult your financial advisor before purchasing any security. The examples given in this article are not intended as advice for any individual.