With the holiday season upon us, you may be tempted to just coast through the end of the year, but certain items on your financial checklist must be addressed before year-end, or the opportunity to do so may pass you by.

Check which of these items apply to you and start the new year right. Ignoring those items could cost you penalties, increase your taxes or lead to loss of money.

MAX IT OUT — If you are able, it’s best to contribute the maximum amount to your 401(k). Keep in mind that many companies offer a match in their 401(k), which is essentially free money to you, so contribute at least the threshold to qualify for your employer’s matching contribution. Otherwise you are leaving money on the table.

TAKE IT — Don’t forget to take your Required Minimum Distribution. Starting the year that you turn 70½, the IRS requires that you withdraw at least a minimum amount from your retirement account annually. If you take too little, the shortfall of what you didn’t take is subject to a 50 percent penalty. Be sure to take the required amount, at a minimum.

SPEND IT — Your employer may offer a Flexible Spending Account, which is a special, tax-free account to which you can contribute money that will pay for services that your health care coverage doesn’t cover. Be sure to check with your benefits office to find out the deadline for using the money in this account so that it doesn’t go unused.

THE DEBT DIET — As difficult as it may seem to address debt in the midst of the holiday season, now is the best time to go on a debt diet. Credit card debt makes your bottom line look bad and hurts your financial health. It’s time to start shedding it today.

WIN SOME/ LOSE SOME — If you sell an investment for more than its cost basis (its purchase price adjusted for dividends and distributions), that’s a capital gain. But are there any money-losing positions among the investments in your portfolio? If so, consider selling them for a tax loss to offset your gains. Just remember that there are very specific wash sale rules. That means you are not allowed to buy substantially identical stock or securities within 30 days of the date you sold for a loss.

A YEAR IN REVIEW — Evaluate the past year and assess your current financial situation. Did you meet your financial goals? Did you pay off the debts you had planned to? Did you stay within your budget? After an honest review, if you identified areas for improvement, then commit to making those changes now. There’s no time like the present to get a grip on your finances.

As stated by Tony Robbins, one of the most famous motivational speakers of our time, “Setting goals is the first step in turning the invisible into the visible.” May this thought motivate and lead you into the new year as we approach the challenges and accomplishments that lie ahead in 2020.

Wishing all you readers a very Merry Christmas and prosperous New Year.

Wendy Bennett is a senior financial adviser in Butler.