No Man’s Land

Do the days between Dec. 25 and Jan. 1 even exist? Is time real? This week is often referred to as Twixmas or “No Man’s Land”.


It’s quiet in the office as I write this and we are enjoying getting caught up on some smaller projects that are perfect for a rainy day between holidays. While it feels like time stands still this week there are still a few things that can financially be done before the end of the year:


  1. Maximize Your FSA Benefits:

If you have a Flexible Spending Account (FSA), now is the time to ensure you’ve utilized your funds to the fullest. FSA funds are typically “use it or lose it,” so consider scheduling any outstanding medical appointments, purchasing eligible health-related items, or stocking up on prescription medications.

I recently reminded my husband to use up these funds. His company’s plan has a grace period until February (many do, so be sure to check your plan details), but why not consider it additional “gifts” for yourself?


  1. Contribute to Your SIMPLE IRA:

As an employee with a SIMPLE IRA, take advantage of the year-end opportunity to maximize your contributions. Contributing to your retirement account not only helps secure your financial future but may also provide tax benefits. Be aware of the contribution limits and ensure you’re optimizing this valuable retirement savings tool.

Employees can contribute up to 100% of compensation or a maximum of $15,500 for 2023 or for those age 50 and older $19,000 for 2023. A friendly reminder for our client’s with SIMPLE IRA’s that Schwab’s cut off for accepting transmittals is 3pm this Friday, December 29th.


  1. Establish a Donor-Advised Fund:

For those looking to make a positive impact on the community while optimizing their tax situation, establishing a Donor-Advised Fund (DAF) is a strategic move. A DAF allows you to contribute to a fund that you can then recommend grants from to your favorite charities. This not only supports causes you care about but may also provide potential tax deductions.


4. Set Financial Goals for the New Year:

Reflect on your financial achievements and setbacks from the past year. Use these insights to set realistic and achievable financial goals for the upcoming year. Whether it’s saving for a major purchase, increasing your emergency fund, or tackling debt, having clear goals can guide your financial decisions.

We spent Christmas at home with Tom’s brother joining in this holiday! It was quiet and filled with cookies, naps, and a lovely dinner in DC with more family. Our “silent nights” are soon to be no more!

Wishing you all a wonderful New Year!

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