year end tax planning

Review all sources of income for the year

Estimate additional income for the remainder of the year

Consider deferring income to the following year if possible

Maximize contributions to retirement accounts to reduce taxable income

Review investment income for potential tax implications

Consider any bonuses or other one-time income and how it will impact your tax liability

Evaluate if any income can be offset by deductions or credits

Consult with a tax professional for guidance on how to optimize your income tax situation

Review all deductible expenses for the year

Maximize contributions to retirement accounts

Consider prepaying deductible expenses before year end

Review all investment transactions for the year

Harvest any capital losses to offset gains

Consider deferring capital gains to the following year if possible

Review contributions to retirement accounts for the year

Maximize contributions to employer-sponsored retirement plans

Consider making catch-up contributions if eligible

Review eligibility for any tax credits for the year

Maximize any available tax credits

Consider any future tax planning strategies to maximize credits

Review estate planning documents and beneficiary designations

Consider gifting strategies to reduce estate tax liability

Review any changes in tax laws that may impact estate planning

Review contributions to Health Savings Accounts for the year

Maximize contributions to Health Savings Accounts

Consider using funds for qualified medical expenses to maximize tax benefits

Review charitable contributions for the year

Maximize charitable contributions to qualified organizations

Consider donating appreciated assets to maximize tax benefits

Review education expenses for the year

Maximize contributions to education savings accounts

Consider eligible tax credits and deductions for education expenses

Review state and local tax payments for the year

Consider prepaying state and local taxes before year end

Review changes in tax laws that may impact state and local tax deductions