11 Money Moves to Make By Year-End
Take these steps soon to avoid a tax hit in 2015
(This article appeared previously on MarketWatch.com)
Take these steps now to avoid a tax hit in 2015:
5. Drain your flexible spending account (FSA). Yes, the U.S. Treasury Department and the Internal Revenue Service (IRS) this year changed the long-standing “use-it-or-lose-it” rule; employers can now offer a carry-over of up to $500 in unused health FSA funds to the following year or to continue a grace period option giving employees a 2½ month extension to spend remaining FSA funds, according to the Society for Human Resource Management. But employers aren't obligated to offer the carry-over or the grace period option. “Any optometrist, dentist, and the like can help get money spent before year’s end,” Galli joked.