5 tasks you should have on your 2024 checklist

5 items employees should have on their end-of-the-year checklist

December 27, 2024 5:30 AM

A notebook is open on an all-white table and says "2025" in big black letters. Next to it, there's a cup of coffee.

The new year is two weeks away, and for many companies, work is slowing to a crawl. But before employees completely unplug, they may want to check on a few things.

HR software company Justworks released an end-of-the-year guide to 2024 recommending that workers review vital tax information and meet benefit utilization deadlines. While taxes and flexible spending accounts (FSAs) are the last things workers want to think about during the holidays, checking off quick list items like ensuring their employers have correct personal information ahead of tax season and confirming there are no PTO days being left on the table before 2025 could make a huge difference.

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"Being proactive and organized with back-end administrative tasks will help set you up for success in the new year and beyond," says Jeri Doris, head of people at Justwork. "Keep an eye out for helpful reminders from your HR teams and HR tech platforms towards the end of the year to stay on top of these items and ensure a smooth transition into 2025."

Here are the five to-dos that should be on every worker's checklist before New Year's Day.

Verify your personal information

Doris advises workers to double-check that the personal details their employer has on file are correct. The last thing workers want is to realize a piece of information is not up to date when filing taxes.

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"Ensuring your personal information is accurate, such as your name, social security number, mailing addresses, emergency contact information, direct deposit details, withholding elections, and tax exemption status, only takes a few moments and will help prevent errors that can require tax return corrections down the line," says Doris. "Think about if you've had any changes this year that might have impacted your personal information — such as moving homes, changing banks, or getting married."

Review your tax withholding information

Workers should also confirm if enough money is being withheld from their paychecks to pay their taxes. Doris suggests Americans use the IRS's Tax Withholding Calculator to ensure they aren't caught off guard down the line.

"As financial situations often shift throughout the year, it's important to make sure your tax withholding amounts make sense for federal, state, and local taxes," she says. "A good indicator of whether an adjustment is needed to withholding exemption forms for next year is whether you expect to receive a refund or not for 2024. If you expect to owe taxes, then you need to have more federal withholding taken out of your paycheck."

Max out 401(k) contributions

Doris encourages anyone on an employer's 401(k) plan to review their contributions and potentially add more funds into the account from end-of-year bonuses or commissions. This move could save workers money next year and help save additional funds for retirement.

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"When you contribute to your 401(k), your contributions are deducted from your paycheck before income taxes are calculated, effectively lowering your annual taxable income and potentially benefitting your long-term financial health," says Doris. "This year, the IRS has set contribution limits that offer tax-advantaged savings opportunities: $23,000 for individuals under 50 and $30,500 for those 50 and older."

Spend any remaining FSA dollars

Since FSA balances typically expire on December 31 — unless your employer expands the deadline to March — account holders should make sure they don't leave any money on the table.

"If you have a remaining balance in your FSA as the year comes to a close, you might be surprised by the variety of eligible health and wellness items available, beyond the usual products like sunscreen, eyeglasses, Tylenol, and Band-Aids," says Doris. "FSA-eligible products and services include items such as sleep and wellness tracking devices, light therapy devices, massage guns, foam rollers, menstrual pain relief products and even some fitness classes."

Use up any PTO that does not roll over

Don't let any PTO days expire without at least checking with your manager to see if you can get a few more days off before the year's end.

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"Employers often limit the amount of paid time off employees can carry into the new year," says Doris. "So double-check your balance and consider taking a day off to recharge if you'll lose any carry-over PTO days."