The weeks before year-end are one of the few windows where proactive tax planning can still change your outcome for the current tax year. Waiting until you file in the spring means most of your options have already closed.
For Individuals
Review your withholding and estimated payments to check you're not headed for an unexpected balance due or a large refund (a large refund simply means you gave the government an interest-free loan all year). Consider whether it makes sense to accelerate or defer income and deductible expenses depending on which year you expect to be in a higher bracket. If you're charitably inclined, review your giving and whether bundling multiple years of donations into one year makes sense for your situation.
For Business Owners
Revisit your bookkeeping to make sure it's current — clean books make every other year-end decision easier. Consider year-end equipment purchases if you have upcoming capital needs, and review retirement plan contributions for yourself and any employees. If your business structure hasn't been reviewed in a few years, year-end is a good time to ask whether it still makes sense.
A Few Things Worth a Second Look
Retirement account contributions, health savings account contributions, and any life changes during the year (marriage, a new child, a home purchase, a new job) can all open up planning opportunities that are easy to miss.
Contribution limits, deduction thresholds, and specific dollar amounts change from year to year, so this checklist is intentionally general. The most valuable step is simply reaching out before December 31 so we can look at your specific numbers together while there's still time to act.