I have spent the better part of this year talking about taxes and inflation. Since the second week of January 2020, there have been a huge number or tax proposals thrown at us, I am sure some of them will be written into law next year. Anyone who has spent money on anything of late knows the impact of inflation. We have this final week of the year to make sure we don’t get bitten by either of these points.
Have you taken your full RMD? The required minimum distribution form your retirement accounts is mandatory, the amount you have to withdraw changes every year, and the penalty for under withdrawing is a 50% tax.
Have you made all of the Charitable Contributions you wish to? For many taxpayers, Charitable Contributions are deductible, check the tax code to see if this applies to you.
Are there any big ticket items you planned on buying? Make big purchase now, or at least try to lock in 2021 pricing with deposits. The Fed has stated that rates will be raised at least three times next year.
Use this short week wisely so you do not miss an opportunity to save.