Year-End Tax Planning Checklist

Don’t Wait for Tax Season to Start Saving

Smart tax planning doesn’t happen in April—it happens now. The final quarter of the year is your golden window to reduce your taxable income, boost your refund, and take advantage of strategies that only work before December 31st.

Here’s a practical checklist to help you close the year strong.

✅ 1. Max Out Retirement Contributions

Contribute to your 401(k), IRA, or SEP IRA to lower your taxable income and stack up tax-deferred savings. Even if you're self-employed, a Solo 401(k) could allow you to contribute both as employee and employer.

✅ 2. Make Charitable Donations

Cash and non-cash donations (like clothing or electronics) to qualifying organizations are deductible. Keep receipts or acknowledgment letters—especially for items valued over $250.

✅ 3. Review Estimated Taxes

If you’re self-employed, make sure you’re on track with quarterly payments. Underpaying could result in penalties. Adjust your last payment if income changed during the year.

✅ 4. Purchase Business Equipment

Need a new laptop, phone, or camera for your business? Buy and place it in service before year-end to deduct it this year using Section 179 or bonus depreciation.

✅ 5. Review Your Bookkeeping

Ensure all income and expenses are categorized correctly. Catch up on receipts, log business mileage, and separate personal vs. business expenses.

✅ 6. Defer or Accelerate Income

If you’re expecting a big payout, talk to your tax pro about whether it makes sense to receive it this year or push it to January. Timing matters.

✅ 7. Harvest Investment Losses

If you have losing investments, you can sell them to offset gains (or up to $3,000 of regular income). Just avoid the IRS’s “wash sale” rule.

✅ 8. Use Your FSA Funds

Flexible Spending Account balances often don’t roll over. Use that money for medical needs before you lose it!

✅ 9. Plan for Major Life Changes

Got married? Had a baby? Moved states? These can all impact your filing status, deductions, and credits. Adjust your W-4 or get ahead on documentation now.

✅ 10. Book a Tax Planning Session

A checklist is great. A custom plan is better. Sit with a tax strategist to ensure you’re squeezing every legal deduction and credit out of this year.

Bonus Tip: This Is What Wealthy People Do

Rich people don’t wait until April to do their taxes. They plan in October and execute before December. That’s the play.