Daily Money - It’s Time for These Year-End Tax Moves

Year-end financial checklists always send me into a bit of a panic. It’s hard to squeeze money moves into the merriment of the season. This year, though, many of us have fewer excuses not to get our financial houses in order. Parties, if they’re happening at all, have gone virtual, and shopping can be done with some clicks of the mouse. In a further sign from the universe, my oven just broke, so I can’t even busy myself baking Christmas cookies. It’s a big bummer, but my finances might thank me for it. For those planning to itemize in 2020, now’s the time to maximize your tax deductions — and if you have a flexible spending account, make sure to use up your funds. Learn more about these topics today’s edition, and stay tuned for our discussion of year-end portfolio moves next week.

This week in our Retire with Money Facebook group, a member asked this of the group: “My wife's mother just took her to the bank and put her on as a co-owner of the account. My wife's brother is on the deed for her mother's house. If she needs to go into a long-term care facility are these two accounts protected from the state?” Those are good questions best tackled by an elder law attorney in your state. You can find one here. Medicare doesn’t pay for long-term care. Medicaid does, but only when the applicant meets strict income and asset criteria. Any number of mistakes — such as gifting funds within five years — can run you afoul of Medicaid eligibility rules, so it really pays to consult a pro.

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Getting your withholdings right can help you avoid an unpleasant surprise come tax time next spring. CNBC