December 26, 2024

As the year draws to a close, it's the perfect time to take stock of your financial situation and ensure you're making the most of every opportunity to save, invest, and plan ahead. Whether you’re setting yourself up for a strong financial future or tying up loose ends, these tips will help keep you on track.
Retirement Accounts
- 401(k) Contributions
- Required Minimum Distributions (RMDs)
- Roth IRA Conversions
- Solo 401(k) Plan Setup
- SEP IRA Employer Contributions (depending on employer policy)
Charitable Giving
- Qualified Charitable Distributions (QCDs)
- Donor-Advised Fund (DAF) Contributions
- Stock Donations to Charity
- General Charitable Donations
Tax Planning
- Tax-Loss Harvesting (sell investments to offset gains)
- Maximizing Itemized Deductions (e.g., mortgage interest, property taxes, medical
expenses) - Education Tax Benefits (e.g., tuition payments for credits like the American Opportunity
or Lifetime Learning Credit) - Electric Vehicle (EV) Tax Credit (vehicle purchase completion)
- Dependent Care Credit (payments for dependent care)
- State and Local Tax (SALT) Payments (if deductible)
Health & Medical
- Flexible Spending Account (FSA) Use-It-Or-Lose-It Deadline (if no carryover or grace
period) - Health Insurance Marketplace Open Enrollment (varies by state)
Business & Self-Employed
- Section 179 Deduction (place equipment in service)
- End-of-Year Business Expense Payments
- Estimated Tax Payments (final adjustment)
- Employee Stock Purchase Plan (ESPP) Contributions (if aligned with payroll cycles)
Investments
- Capital Gains Distribution Adjustments (mutual fund distributions)
- 529 Plan Contributions (to count toward annual gift tax exclusion)
- Stock Option Exercise (depending on employer plan rules)
Estate Planning
- Annual Gifting (up to $17,000 per recipient in 2024)
- Estate Tax Portability Election (for surviving spouse)
Miscellaneous
- Roth IRA Five-Year Rule Clock Start
- Home Improvement Payments for Energy Tax Credits
- Renter’s Credit or Property Tax Credit Applications (state-specific)
- Final Payment for Loans or Debts to Impact Credit Report
Need More Help?
At Timbuktu Capital Management, LLC, we’re here to guide you through your financial planning journey. As a boutique asset management company, we specialize in wealth management services, including financial planning, investment management, and consulting. Our mission is to craft personalized financial strategies tailored to your unique needs, helping you achieve both your immediate goals and long-term financial objectives.