Make Your End-of-Year Financial Checklist

Max out your 401(k): If your employer offers a 401(k) plan that you participate in, check to see how much you have contributed for the year. The maximum 401(k) plan contribution for 2007 limit is $15,500 if you are under 50, with a catch up contribution limit of $5,000 if you are over 50. If your employer matches up to a certain percentage, make sure that you have at least contributed enough to receive these matching funds. If you still have plenty of room to contribute, contact the personnel department to see if it is possible to make a one-time contribution toward your account. At the same time, adjust your monthly contributions to make sure you take full advantage of this retirement vehicle next year.

Health care: If your health insurance plan has an annual deductible that you have already reached, consider whether it's possible to receive any medical treatment you may need before the beginning of the New Year. This can be especially important if your medical expenses vary widely from year to year. On the same note, if you have not reached your annual deductible, it may be wise to delay medical treatment you may have planned until after Dec. 31. If you itemize your taxes, you can also deduct medical expenses, but it has to be more than 7.5% of adjusted gross income to qualify. Keep this in mind when deciding whether it is better to get treatment before or after new year's day.