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33: Year-End Money Checklist



  1. Clean out your closet. Donate clothing and other items. Be sure to get a receipt so you can claim it as a tax deduction.

  2. Donate to charities. Be sure it’s a 501c3 and you get a receipt.

  3. Tax-Loss Harvesting. It sounds harder than it is. Check if you have unrealized capital losses (you probably do). If so, consider offsetting your realized capital gains with realized capital losses you’ve incurred during that tax year, or carried over. Net $3,000.

  4. Double Check Your Tax Withholding. Your job situation may have changed from full-time to freelance to part-time and back to full-time. Don’t overpay your taxes or get caught paying too little. Great Calculator!

  5. Rebalance Your Portfolio. The end of the year is a great time to review your current asset allocation - especially with the volatile markets! The market did well at the beginning and now is down - which means, chances are you are off balance. It also can be an opportunity to invest a small portion in different opportunistic sectors (i.e ESG, Leisure, Tech). A great guideline for asset allocation.

  6. Top off Your ROTH IRA. Max is $6,000 if you are under 50. You can add another $1,000 if you are over 50. You technically have until 4/15/23 but get it over with now for 2022.

  7. HSA/FSA. Use any remaining funds in your Health Savings Accounts, Flexible Spending Accounts for childcare and dependent care, and transportation accounts. The expenses must have occurred in 2022.

  8. Financial gifts to your children/grandchildren (or anyone else!). You can give up to $16,000 to any one person each year without paying a federal gift tax.

  9. Look at next year's employer benefits. Get a head start to take advantage of items you may not have considered (transit check, life insurance, 401k, HSA).


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