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Tax planning checklist

Review all sources of income for the year

Estimate total income for the upcoming year

Consider any changes in employment or business income

Identify eligible deductions (e.g., mortgage interest, student loan interest)

Gather documentation for itemized deductions

Research available tax credits (e.g., education credits, child tax credit)

Review contributions to retirement accounts (401(k), IRA)

Consider maximizing contributions to reduce taxable income

Evaluate employer-sponsored retirement plan options

Analyze investment portfolio for capital gains and losses

Consider tax-efficient investment strategies

Review tax implications of selling investments

Review health savings account (HSA) contributions

Evaluate medical expenses for potential deductions

Check eligibility for premium tax credits

Determine the most advantageous filing status (single, married, head of household)

Review any changes in family status (marriage, divorce, dependents)

Estimate tax liability for the year

Plan for quarterly estimated tax payments if necessary

Review withholding allowances on W-4 forms

Organize financial records and documents

Maintain records for income, expenses, and deductions

Set up a system for tracking receipts and relevant documents

Schedule a meeting with a tax advisor

Discuss tax strategies and planning opportunities

Review any changes in tax laws that may affect your situation

Regularly review financial situation and tax plan

Make adjustments as needed based on income changes or life events

Stay informed about tax law changes that may impact planning

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