5 Financial Must-Dos for 2012 May Include Selling Your Timeshare

The holidays typically leave everyone busy and often overwhelmed, but there are a few smart financial moves that can really benefit you if you find time and take care of them now. And for some timeshare owners, selling your timeshare may be one of them.

Must-Dos before 2012 rolls around:

1. Contribute as much as permitted to your retirement account. You only have until the last day of the year to contribute to your 401(k) through your workplace. Yes, you can add to your IRA or ROTH IRA up until April each year, but for your workplace 401(k), the deadline is December 31. Ask your HR department how much you have already contributed this year. For workers under age 50, the maximum is $16,500 and for those over, it is $22,000. If you are under these caps, try to raise your contributions between now and New Year’s Eve to realize the best tax savings for 2011.

2. Pay in advance. If you have bills that are partially or wholly tax deductible and you can, pay them before December 31 to gain the tax deduction in the current year. Examples of bills that may be tax deductible include the interest portion of your home mortgage, college tuition, or expenses you can claim as business deductions.

3. Consider selling your timeshare. It’s likely that as a timeshare owner, you have recently received the bill for your annual dues on your timeshare or vacation club membership. For most people, this bill averages about $750. But if you are not using your timeshare, this may be one expenditure you can save in the future by selling your timeshare in 2012. No, you won’t make back what you paid for it, but you will eliminate what it costs you going forward. And while not all timeshares are easy to sell, many timeshares resell quite well. Ask the timeshare resale specialists at Timeshare Broker Services to help you. It will cost you nothing upfront, and you’ll be under no obligation. Call 877-884-9577 to learn more.

4. Review your utilities and services. One call to your telephone, cable, satellite or other service provider can save you money every month. Plans and service options change constantly and many companies that provide services you regularly use have ways to save you money you may not be benefitting from now. Ask companies to look at your services and see how they can help you. In some cases this can be in the form of bundling services in order to save money, a loyalty discount or credit, adding features at no cost to you, discontinuing features for which you are paying but not using, or even a free home energy audit that puts you in a better position to save.

5. Share. Now is the ideal time to make charitable donations. Studies show that sharing generously with others increases your personal feelings of contentment and satisfaction, activating the same “happiness” areas of the brain as is triggered by eating a good meal. Publication 78, Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986, provides you the full list of charities to which your donations are tax deductible.

And always, when exploring ways to save on your state or federal income taxes, be sure to consult you CPA, tax attorney or other tax expert.