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Last-minute financial tips for New Year's


LEXINGTON, Ky. (WKYT) – More Americans say they'll make a financial resolution next year.

At the same time, tax time is right around the corner.

We spoke with a local tax professional about what to be aware of as we head into 2014.

As we enter into the final days of 2013, there are still some last-minute things you can do to help your financial health in the new year.

CPA, David Prewitt says start with getting a grasp on your current tax situation.

"Look at last year's tax return and determine if you even itemize," said Prewitt. "I've had clients within the past that didn't even itemize who are all concerned about getting things paid off by the end of the year and they're not going to get a deduction on anything because they fill out a standard deduction."

Also, Prewitt suggests, make any last-minute charitable donations and if it applies to you sell off securities.

"Say you're sold stocks earlier in the year and have generated gains and you've got some securities you've been hesitant to sell- that would generate losses- go ahead and generate those losses by year end so you can offset gains you've already generated," he said.

Remember that looming tax deadline in April and keep in mind that the tax filing schedule has changed this year.

You could have to wait until early February to file early, Prewitt says, because of the government shutdown that happened in October.

There are things you can do in the meantime, however.

"Don't get into any more debt than you have to get into. I know a lot of people load up their credit cards during the holidays- get them paid off."

Economic uncertainty of the past year is affecting how people feel about their financial health.

According to Fidelity, nearly half of participants said things like the debt ceiling battles and potential changes to interest rates will hurt them next year.


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