1. Get A Head Start On Organizing Your Financial Records
This could involve downloading your online account statements and gathering all your personal income records into one place. I like to stash stubs, receipts for any tax-deductible payments, and IRS forms I receive during the year in a separate folder. Then, when tax time comes, I do not have to go searching for all this information. If I have a refund coming, I want to file early so I can use the money. December is also a great time to get a general idea of your income taxes. Maybe you can make an extra deductible contribution, such as into your 401(k), before January.

2. Review Your Taxable Investment Accounts for Gains or Losses
If you have losses, take advantage of the government's subsidy by selling the losers. You get to reduce any capital gains for the year by the losses, and if you have any remaining net losses, they can be used to reduce your taxable income by up to $3,000. But be careful: you must wait 30 days after the sale to buy back the same or "substantially identical" security if you want to take a loss for that year.

When deciding what to sell, look at your overall asset allocation and use this opportunity to rebalance your portfolio. Asset allocation works best with occasional rebalancing since not all assets move at the same rate or in the same direction. If you do not have a plan, now is a great time to build a sensible allocation, based on your goals, objectives, and risk tolerance.

3. Find Out How Much You Have Contributed to Your Retirement Plan and How Much You Can Still Contribute
If you make this move early enough, you may still be able to increase your salary deductions in order to make up for any shortfall below the maximum. Not only that, but it is generally more efficient to use the extra cash to rebalance your portfolio when you do not have any losses to harvest.

4. Pay Special Attention to Your Liquid Cash Reserves
In these uncertain economic times, make sure you have one to two years of living expenses set aside in savings. If you do not have this amount saved, begin building your reserves by watching holiday spending, avoiding consumer debt, and even revising your lifestyle. That way, even if your car's transmission suddenly conks out and you can pay cash for the repairs, you will thank yourself. If cash reserves look solid, you can begin setting aside next year's IRA contribution, so you are ready to invest at the turn of the year.

5. Go Over Your Expenses for The Past Year So You Can Anticipate Your Future Monthly Spending
The better handle you have on your spending habits, the better you can plan your saving and make needed changes in order to save more. I accomplish this by keeping all my receipts during the year, categorizing them in a spreadsheet by month, and then observing how much goes to each category. Many computer programs are available that can help with this task... Subscribe for free to Breaking Christian News here

Continue reading here.

To receive daily emails from Breaking Christian News to your inbox CLICK HERE

Artemis II Mission Pilot: 'We Need Jesus; Whether Here on Earth or Orbiting the Moon'

Democrat Lawmaker Steps Down, Says Faith No Longer Aligns with Left's Agenda

Trump Administration Charges 9 in Massive Massachusetts Fraud Scheme

ICE Finally Detains Notorious Hamas Fundraiser Salah Sarsour; Decades of Terror Ties Exposed as AMP Leader Faces Deportation

Johnson, Thune Hatch Plan to Fund DHS and Launch a Second Reconciliation Push to End the Dem's Shutdown

Pentagon Briefed Trump on Plan to Seize Uranium from Hands of Iranian Terrorist Regime

President Trump Reassures Americans: Iran Operation Won't Be a Forever War

Pam Bondi OUT as Attorney General

Countdown for Historic Space Mission Artemis II Begins

Federal Judge Orders Trump Administration to Halt Construction on Privately Funded White House Ballroom; Trump Responds

Trump Rolls Out a Plan to Back Farmers amid Rising Costs, Pledging 'Golden Age'

Trump's Election Executive Order is Causing a Meltdown among Liberals

Another Illegal Alien Charged With Murder in Democrat Run Fairfax County, Virginia

US Forces Reach 12,000 Combat Flights, Debunk Fake News About Iran Operation

President Trump Addresses Nation Tonight, Signals End in Sight for Iran Conflict

Supreme Court Hears Arguments on Birthright Citizenship, as the CCP Exploits It to Sway US Elections

ICYMI: Iranian People March in DC in Support of Op Epic Fury and Trump; 'We Will Reclaim Our Country'

Trump's FDA Indicates Move Away from Testing on Dogs, Bunnies, Chimpanzees

Chicago Bulls Dump Player after His Criticism of Pride Month

Finally Confirmed: Michigan Synagogue Car Ramming Was 'Hezbollah-Inspired' Terror Attack