Check your end of the year finances

IDAHO FALLS, Idaho (KIFI) - It is a great time to check your finances at the end of the year to make sure that you don't have to pay severe fines.

First, for seniors older than 72, all necessary distributions for retirement accounts need to be paid by the end of the year. This includes IRA's and 401K's.

Second, charitable distributions need to be decided to get more write-offs or deductions for your tax return In fact, for those older than the age of 72, they can choose the specific charity they want their distribution to go to. In doing this, their distribution will not count towards their income.