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The end of the year fast approaching, and 2021 is just around the corner. This is your last opportunity to boost your savings, reduce your tax bill, and help your community. Before we get into the busy holiday season, here are five money moves you should prioritize now.
  • Use your Flex Spending Account (FSA) dollars: Your company may allow you to carry over $500 to the next year. Do you have more than $500 in your account? The CARES Act, passed earlier this year, allows you to use FSA funds to purchase over the counter medications without a prescription and menstrual care products. 
  • Make charitable contributions: This is a great time to donate to your favorite charities and get a tax deduction for 2020. If you don’t itemize your deductions, don’t worry! For 2020 only, any individual who does not itemize deductions may deduct up to $300 in cash contributions made to a public charity.
  • Max out your employer-sponsored 401(k) plan and Health Savings Account (HSA): The 401(k) contribution limit for 2020 is $19,500. The HSA contribution limit for 2020 is $3,550 ($7,100 for family coverage). If you’re close to maxing out or have the extra cash to spare, check with your company about adjusting your payroll deductions before 12/31.
  • Check with your CPA or tax advisor to estimate your 2020 tax liability: If you earned more money in 2020 than in previous years, are self-employed, or receive equity compensation, it’s important to estimate how much you will owe for 2020. This way, there are no surprises in April. If your CPA or tax advisor does not work with you on tax planning, it may be time to hire a new one.
  • Check your credit report: If you haven’t checked your credit report recently, do it now. You can get a free copy from all three reporting bureaus at Make sure that all reported information is accurate so there are no surprises when you’re ready to take out a loan. Have questions about how to read your report or make changes to incorrect information? Check out this guide on credit reports.
Understanding Market Volatility
Market volatility is inevitable, and the constant news headlines can influence even experienced investors. I shared my thoughts about what to consider and how a financial advisor can help in this Citi Life and Money article.

Coping with Holiday Stress 
The holidays can be stressful for anyone. Your holiday plans may look different this year with COVID-19 cases on the rise, and you may experience additional anxiety or stress. Here are some practical tips for how to cope during these uncertain times.
While I am no longer taking clients this year, my calendar is open for consultations in January. If you could use some help reaching your financial goals in 2021, I would love to have a conversation!

Stay safe and take care,

Chloé A. Moore, CFP®
Founder, Financial Staples

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