Checklist #25 · Tax
Year-End Tax Planning
Take the highest-impact tax actions before December 31 to reduce your current-year tax bill, optimize deductions, and set up next year for success.
24 action items~20 min to complete4 sections
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Estimate and Manage Income
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Calculate your estimated taxable income for the yearKey
Identify your current marginal tax bracket and proximity to the next bracket boundaryKey
Defer income into next year if you'll be in a lower bracket in January
Accelerate income into this year if you'll be in a higher bracket next yearAction
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Dec 31
Hard deadline for most year-end tax actions — no extensions
$29,200
2024 standard deduction for married filing jointly — your itemized must beat this
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Maximize Retirement Contributions
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Verify you're on track to hit the 401(k) contribution limit ($23,000; $30,500 if 50+)Key
Contribute to IRA before April 15 — but model the impact now
Max out HSA contributions ($4,150 single / $8,300 family in 2024)Key
If self-employed, confirm SEP-IRA or Solo 401(k) contribution deadline
Consider a Roth conversion if you're in a lower-than-usual bracket this yearAction
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Optimize Deductions
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Determine whether itemizing beats the standard deductionKey
Consider 'bunching' charitable donations into one year to exceed standard deduction
Make year-end charitable contributions by December 31 for current-year deductionWatch out
Donate appreciated stock directly to charity for double tax benefit
Pre-pay deductible expenses if near the itemization threshold
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Investment Year-End Actions
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Execute tax-loss harvesting in taxable accounts before December 31Key
Review mutual fund capital gains distributions expected before year-endWatch out
Rebalance portfolio in tax-advantaged accounts only — avoid taxable rebalancing
Confirm estimated tax payments are on track to avoid underpayment penaltyWatch out