It can be chaotic at the end of the year. However, the final months of the year can have a significant impact on your tax bill in April and long-term financial health.

You can make sure your financial future is well-organized and ready for success by taking proactive steps right now.

Are you wondering which items should be added to your financial to-do list for the end of the year? Here are nine money-saving moves you can make to improve your bottom line in the coming year.

1. Adjust your Payroll Contributions to Your 401(k).

Many 401(k), plans require that employees make their retirement contributions before December 31st. You can contribute as much as $19,500 this year (plus $6,500 for catch-up contributions if you are over 50).

Consider increasing your contribution to your 401k plan if you are able to accept a modest reduction in your salary. Even a 1-2% increase can provide long-term benefits.

Many companies offer year-end bonuses. Consider earmarking money for your 401k if you are eligible to receive one. This will increase your savings rate and not require you to dip into your regular cash flow.

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2. Review Account Beneficiaries

You can check the beneficiary of your 401(k), as long as you are logging in to the account. This is particularly important if you have been married or divorced within the past year. It's an important task that everyone should include on their financial end-of-year to-do list.

A few years back, I was going through my accounts to verify beneficiaries. Despite being married for over a decade, I discovered that my mom was still the beneficiary of one account.

3. Spend it if you have it!

Many companies have created well-being allowances or accounts over the past year to help employees pay for some of their work-from-home expenses. These accounts can expire at any time, so make sure you spend the money if you have it. To ensure that you get this benefit, make sure to ask for reimbursement as soon as possible.

Many employees also have access to Flexible Spending accounts.
Flexible Spending Accounts are accounts that don't roll over from one year to the next. Employers may offer Health FSAs and Adoption FSAs. Typically, employees with an FSA must spend funds by the end of the calendar. They will also need to request reimbursement as soon as the year ends.

Spend the money in these accounts this year and send receipts as soon possible to receive reimbursement. This advice is only applicable to Flex Spending accounts. You can save year after year with Health Savings Accounts.

Related - Learn the Differences between FSAs & HSAs

4. Register for a Health Plan

The majority of people will need to sign up for a health plan between October and November. Review the options if your employer offers insurance. To find the best and most affordable insurance, discuss your options with your spouse. Make sure to enroll your children.

Open Enrollment for Healthcare.gov begins November 1st, and ends December 15th. If you are looking to purchase a healthcare plan through the exchange, this is the best time to sign up. People who don't have any health insurance can buy through the exchanges and get subsidized insurance.

Related - Best Self-Employed Insurance Options

5. Review Your Credit Report

Each year you are entitled to a free credit check from all three major credit bureaus. This makes it an excellent assignment to add to your year-end financial list.

Credit reports include every inquiry and all outstanding debts. If you have outstanding debts that were sold to creditors, reviewing your credit report is especially important.

You can easily download your report from AnnualCreditReport.com or use a free service like CreditKarma.com to get your free report and insights that can help you understand the report.

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6. Plan Charitable Giving

You can take an "above-the-line" deduction of charitable contributions up to $300 in 2021 ($600 for married couples). You must apply by the end of the year to be eligible for this deduction.

2021 permits you to make cash donations up to 100% of your AGI if you itemize your tax returns (which is much more than the 40-60% allowed in previous years).

Advanced planning may be more beneficial for people with higher charitable giving goals. Some donors choose to give only every few years in order to itemize their tax deductions. Giving can be made easier by meeting with a CPA before the end of each year.

7. Start tracking business expenses

Although it's not tax-time yet, you can start tracking your business expenses and categorizing any past expenses to get ahead on business taxes. You can track your expenses and categorize them using apps like Hurdlr, Everlance, or Keeper Tax. These apps all offer downloadable reports, which make it easier to file taxes.

8. Make An Estimated Tax Payment

You are likely to owe taxes to the IRS if you're self-employed or a side hustler. You may be able to avoid paying a large tax bill by making a quarterly estimated payment. A single payment can be enough to relieve the financial burden of paying taxes for a year in April.

This advice is based on my first side-hustle experience. My first year of hustling saw me earn over $10,000 through various gigs. I did not pay estimated taxes, and I didn’t adjust my W-2 withholdings.

It was $2,500 in tax bills that took over a month of hustle to cover. Don't do it like I did. Before you calculate your total tax burden for the year, make at least one estimate payment.

9. Execute Backdoor Roth Conversions

An individual with a high income may not be eligible for a traditional Roth IRA donation. The backdoor Roth, however, is a tax loophole which allows high-income earners to transfer money into a Roth account. The money inside the account is protected from future taxes.

It is generally easier to convert a Roth backdoor when the calendar year coincides with the tax year. This task should be added to your financial end-of-year to-do list. Try to complete it by December 31st.

Do you have extra time? You can use it to improve your finances

These exercises may be helpful if you are able to take a few days off to plan and reflect at the end. First, review your numbers. You need to know your credit score, total debt, income and spending. These numbers can be shared with your partner to help normalize money conversations.

Second, set a financial goal l. It is easy to get caught up in the new year's fresh start and become overwhelmed with goals for all of our good intentions. Instead of trying to accomplish too many goals, focus on one financial goal for the coming year. This will help you stay on track. It's possible to set another goal if you achieve it earlier in the year.

Finally, plan expenses next year. You don't have to stick with one budgeting method. You can also map any major expenses that might arise in the next one- to three year. These expenses can be written down along with expected price tags to help you create savings plans to pay these costs.