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Tax planning checklist

Review all sources of income (salary, investments, rental, etc.)

Estimate total income for the tax year

Consider potential changes in income (raises, bonuses, new jobs)

Identify eligible deductions (mortgage interest, medical expenses, etc.)

Gather documentation for charitable contributions

Research available tax credits (education, energy-efficient home improvements)

Maximize contributions to retirement accounts (401(k), IRA, etc.)

Evaluate employer matching contributions

Consider Roth vs. traditional retirement accounts

Review capital gains and losses for tax implications

Consider tax-efficient investment strategies

Assess the impact of dividend income and interest income

Track all business-related income and expenses

Determine eligibility for business deductions

Consider the structure of your business (LLC, S-Corp, etc.)

Evaluate Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Consider education savings accounts (529 plans)

Review any other tax-advantaged accounts relevant to your situation

Review estate planning documents (wills, trusts, etc.)

Consider annual gift tax exclusions

Evaluate the implications of gifting assets to heirs

Make any last-minute tax-saving moves before year-end

Review withholding and estimated tax payments

Plan for changes in tax laws that may affect future returns

Consider hiring a tax professional for complex situations

Schedule a meeting to discuss tax strategies

Review previous year’s tax returns for insights

Organize tax documents and receipts

Create a secure digital backup of important tax-related information

Maintain a checklist of documents needed for filing taxes

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