Time Is Running Out to Make These End-of-Year Money Moves

The end of the year is almost here — so before you fully give into the gift-wrapping, flight-hopping, eggnog-guzzling frenzy of the holidays, take a moment to get your finances in order for 2026.

Several key money deadlines fall on Dec. 31, which is the last day of the tax year, so it's smart to set aside time now to tackle your to-do list.

Here are the top five financial tasks experts suggest you knock out before the ball drops:

Max out your retirement contributions

Cindi Turoski, partner at the accounting firm Bonadio Group, says that if you can afford it, you should stash away as much as possible in your employer's retirement plan. For 2025, most workers can contribute a maximum of $23,500 to their 401(k), 403(b) or governmental plan.

Folks 50 to 59, though, can make "catch-up" 401(k) contributions of up to $7,500 on top of that, and people 60 to 63 can contribute $11,250 extra.

Contributing to a traditional 401(k) reduces your taxable income for the year, so making it a priority is a win-win. The deadline to contribute to your 401(k) for 2025 is Dec. 31. This differs from the contribution deadline for individual retirement accounts, or IRAs — that's not until April 15.

Give to charity

If you itemize your taxes, you might want to "accelerate your 2026 charitable contributions into 2025," Turoski says. The reason for this is a provision in the One Big, Beautiful Bill Act that President Donald Trump signed in July.

Starting in 2026, only charitable contributions exceeding 0.5% of your income will be deductible. For example, if you earn $200,000 in adjusted gross income, then 0.5% of your income is $1,000. So if you donate $20,000, you'll only be able to deduct $19,000.

In addition, the tax benefit for top earners will max out at 35%, even though the top income tax bracket is 37%.

You can avoid these rules by front-loading your donations and getting them in before the tax year switches over on Jan. 1.

If you don't itemize your taxes, however, it might behoove you to drag your feet. Trump's tax law created an above-the-line charitable contribution deduction of up to $1,000 for donors who take the standard deduction (up to $2,000 for joint filers). But this doesn't take effect until the 2026 tax year starts, so non-itemizers won't get a deduction for any donations they made or make in 2025.

Take any required distributions

Now's the time for retirees to take their Required Minimum Distributions, or RMDs, says Ronnie Gillikin, president and CEO of financial wellness firm Capital Choice of the Carolinas. An RMD is the minimum amount you have to withdraw from your retirement accounts every year after reaching a certain age (currently, 73).

Once you turn 73, you're on the hook to take your first RMD by April 1 of the following year. After that, you must take RMDs annually by Dec. 31 — "an important deadline to be aware of," Gillikin says.

If you're still several decades away from retirement, inherited IRAs are subject to RMD rules, too, so it's worth staying on top of them.

Use up your FSA dollars

Got a flexible spending account, or FSA? Then get in, loser, we're going shopping.

FSAs fall into the use-it-or-lose-it category. Any money that's left over in an FSA disappears when the year ends, so it's in your best interest to spend down that balance before Dec. 31 (unless your employer offers a grace period or allows you to carry over a certain amount).

Although FSAs are earmarked for medical expenses, eligibility rules are famously lax. You're likely to get reimbursed for items like acne patches, foot massagers, sunscreen, electric toothbrushes, bandages, antacids and prescription sunglasses — making this a great opportunity to stock up or shop for holiday gifts.

Note: The rules are different for health savings accounts, or HSAs. The HSA contribution deadline is usually April 15.

Review your investments

Chuck Czajka, founder of Macro Money Concepts, suggests sitting down and reviewing your portfolio to see whether you should make any tax-saving moves before the year ends. Some investors, for instance, might want to explore tax-loss harvesting, which is when you sell investments at a loss to offset capital gains taxes.

The timing here is crucial. Before making a decision on when to sell, you should try to figure out whether it'd make better sense to wait until 2026, says Gillikin. This is where a financial professional can help guide you.

"You may want to check in with your CPA or investment advisor to see if there is anything you've missed," he adds.

While you're at it, you should also eyeball your investments to make sure they still align with your goals and risk tolerance. If not, you should adjust so you're well-positioned for 2026.

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