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Tasty Thanksgiving tax tip leftovers: 5 Tax Turkeys to Avoid

November 30, 2024
Thanksgiving-turkey-meal-leftovers_pexels-cottonbro-5791675

Okay, one more turkey, but the Thanksgiving dinner version. To go along with the leftovers from this meal, below is a wrap-up (sans foil) of last week’s Five Tax Turkeys to Avoid. (Photo by cottonbro studio)

How are you doing this post-Thanksgiving weekend? Still feeling a bit stuffed, and now looking at way too many leftovers?

With the 2024 calendar pushing Turkey Day to the end of November, maybe you can repurpose some of the excess food for the Christmas gathering that will be upon us in less than a month.

But rather than worry right now about the next holiday, you can do what I’m doing. The end-of-year rush will be here soon enough, so I’m just generally taking it easy.

I can only muster enough energy this final day of November 2024 to watch some sports and Christmas movies on TV, electronically thumb through online catalogs for holiday gifts (including for myself!), and nibble at those aforementioned leftovers.

That’s why this weekend’s Saturday Shout Out also is a tad lazy. A leftover version, if you will, of last week’s Five Tax Turkeys to Avoid.

But my thinking is that many of y’all might have missed at least one of the tax turkeys due to travel and family activities. So now, as you start getting back to your regular routine, you can check out the turkey-themed tax tips, repurposed in one neat online box below.
   


2024's Tax Turkeys
🦃 🍗 🦃 to Avoid

  1. Not reviewing and adjusting if necessary your paycheck withholding
  2. Not establishing a tax deduction bunching strategy
  3. Not using, therefore losing, your medical FSA money
  4. Overlooking alternative ways to give to charity
  5. Not exploring a Roth IRA conversion

   
Some or all of these five tips might help make your tax life easier and less costly.

And while they are tax turkeys highlighted during Thanksgiving 2024 week, you can use the suggested ways to avoid them year-round.

Now get some rest. The Christmas countdown is officially underway!

 

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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