The days are getting cooler, and the end of the year is creeping up on us. Before you get caught up in holiday planning, spend a little time getting ready for the end of the year financially.

Easy – And Rewarding

One of the easiest – and most rewarding – tips is to use your flexible spending accounts before you lose it. That’s right, you now have an excuse to spend those last few hundred dollars on a new pair of glasses or acupuncture treatment. During this stressful time of year, those last FSA dollars can really improve your quality of life.

Get Ready for Tax Season

You may want to check out the IRS’ tips for end-of-year tax planning, including:

  1. Address updates: If you’ve moved, make sure your employer, banks, and financial service companies have your current address to ensure you’ll receive your tax documents in January.
  2. Withholding: If you are employed, it may be time to update your IRS Form W-4, Employee’s Withholding Allowance Certificate. If your income has increased, you can increase withholding over these two months. You can increase withholding in November and December and still be in compliance. The IRS Tax Withholding Estimator on IRS.gov may be helpful.

Plan Charitable Contributions

Kristin McKenna recently posted some year-end financial planning tips on Forbes.com. One of her key takeaways was to plan your charitable contributions before the end of the year hits. Remember, “bunching” your cash donations can help you reach the standard deduction ($24,400 for married taxpayers filing jointly in 2019). This could be a good time to add to your existing Donor-Advised Fund with The San Diego Foundation (or create one).

Planning ahead will help prevent a last-minute scramble – and ensure that you are able to maximize your tax deductions. Waiting too long could limit your ability to receive the maximum tax advantage for 2019, especially if you plan to donate appreciated stock or other non-cash assets. If you are donating mutual funds, they’ll need to arrive to The Foundation by November 22. (Learn more about what kinds of assets you can donate to The Foundation in our Year-End Giving Guide.)

Here are some key TSDF deadlines you‘ll want to keep in mind as you plan ahead:

Asset Type Deadline
Mutual Fund Donations must be received by November 25.
Stock Donations must arrive to SDF brokerage accounts by December 30 at noon.
Credit Card Credit card donations can be made online by midnight on December 31. Phone or in-person donations must be processed by December 31 at noon.
Check Mailed checks must be postmarked by December 31. Hand-delivered checks must arrive by December 31 at noon.
Grantmaking
Grants Grants from your SDF fund guaranteed to be postmarked before December 31 must be received by December 19 at noon.