In case you missed it, I was on CNBC’s personal finance show On The Money on Friday.
You can watch the second Web Extra video here. I offered the following year-end tax tips to help consumers:
- Update your name with the Social Security Administration so that your name matches on all documents.
- Plan and max out your retirement contribution between now and April 14, 2009.
- See if you can do a Roth IRA contribution in addition to your 401k at work.
- Make charitable contributions if you itemize your deductions.
- Medical costs that exceed 7.5% of your income are deductible as an itemized deduction. If you’re going to benefit from this deduction, then pay for as many medical expenses as you can in 2008 to get the tax benefits.
- Pay your property taxes, which are deductible in the year paid.
- Sell losing investments if you need the capital losses to offset other capital gains.
- If you have a Flexible Spending Account for medical expenses at work, make sure you use up your funds by the end of the year.
I’ll be on again this week, so check out On The Money every weeknight at 8:00 pm central.