December Financial Tasks

A timeline of monthly financial activities

December is a great month to prepare for the coming new year. Follow this guideline to stay on track with your monthly financial tasks.

December is a great time to schedule an increase for your 401(k), IRA, 529 Plan or education savings accounts to meet the annual contribution limit increase. Even if you don’t max out contributions, it’s a good idea to increase them every year.

The deadline for
ACA open
December 15th.


Consider prepaying property taxes and/or an extra mortgage payment before December 31st if you need an extra tax deduction to help offset taxes. Your financial advisor can help put you in touch with a tax advisor.

A trade to sell a long position must be executed by the close of the last trading date of the current year. A short position closing trade must be executed so that the trade settles by the final trading day of the current year. December 31st is the last day to take RMDs, and to make itemized deductions and gifts count for the current year taxes. Reassess whether changes are required for any new life-events. Here are some common misconceptions about RMDs.


Business owners should consider making any purchases and paying vendors in the current year to claim against expenses before December 31st.



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