Year-End Tax Planning Checklist

Year-End Tax Planning Checklist

Income Management

• [ ] Review your current year's income vs. last year
• [ ] Defer year-end bonuses to January if possible
• [ ] Delay invoicing/billing to push income into next year (if in lower bracket next year)
• [ ] Accelerate income if you expect to be in a higher bracket next year

Retirement Contributions

• [ ] Max out 401(k) or 403(b) contributions ($23,500)
• [ ] Contribute to Traditional or Roth IRA (can be done until April 15)
• [ ] SEP-IRA contribution (can be made until tax filing deadline)
• [ ] HSA contribution ($4,300 individual / $8,550 family)

Deductions

• [ ] Make year-end charitable donations (before December 31)
• [ ] Bunch donations into DAF if near standard deduction
• [ ] Pay property taxes due in January before December 31 (if beneficial)
• [ ] Pay January mortgage payment in December for extra interest deduction

Investment Strategy

• [ ] Review portfolio for tax-loss harvesting opportunities
• [ ] Rebalance portfolio in tax-advantaged accounts to avoid taxable events
• [ ] Consider taking gains in 0% long-term capital gains bracket

Business Owners

• [ ] Purchase needed equipment before year-end (Section 179)
• [ ] Review accounts receivable for bad debt write-offs
• [ ] Make estimated tax payment for Q4

Roth Conversion

• [ ] If in a low-income year, consider converting Traditional IRA to Roth

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