The financial decisions you make now—if you didn’t make them earlier in the year—can help lower your tax bill next year, protect you from fraud, and even improve your health and the world around you. Whether it’s been a tough year that you want to end on a high note or you want to take steps now to make next year better, these suggestions can help. Aim to hit your contribution limit as soon as possible; waiting means losing time in the market for your investment to grow, says Manisha Thakor, founder of MoneyZen, a financial wellbeing consultancy. This year, you can squirrel away up to $20,500 in a 401(k) and $6,000 in an IRA (traditional and/or Roth). People ages 50 and over can put an additional $1,000 in an IRA and up to $27,000 total into a 401(k). Need to catch up? If you received an annual bonus or other financial windfall, deposit all or most of it straight into your retirement account. The maximum amount you can deduct for charitable donations depends on your financial situation; ask an accountant how much you should give and how often. Next year, consider figuring out how to budget for charitable giving and set up automatic monthly donations to your favorite causes. These gifts help nonprofits manage budgets and figure out what they can spend each month. RELATED: Everything You Need to Know About Making Charitable Donations
