Year-End Tax Planning Checklist

Everything You Should Do Before December 31st to Maximize Your Refund

When the year ends, so do many of your best tax opportunities. Use this simple checklist to make sure you’re not leaving money on the table. Complete as many of these items as possible before December 31st to maximize your deductions, lower your tax bill, and avoid surprises next tax season.

✅ 1. Income & Withholding Check

• ☐ Review your pay stubs
• ☐ Adjust your W-4 if you owed money last year
• ☐ Verify your withholding matches your actual income
• ☐ Estimate your year-end tax liability

✅ 2. Retirement Contributions

• ☐ Increase or max out your 401(k) contributions
• ☐ Contribute to a traditional IRA or Roth IRA
• ☐ For the self-employed: contribute to SEP IRA or Solo 401(k)
• ☐ Check employer matching benefits and contribute enough to get the full match

✅ 3. Deduction Boosters

• ☐ Make an extra mortgage payment before year-end
• ☐ Pay property taxes (if allowed in your area)
• ☐ Prepay deductible expenses such as medical bills
• ☐ Track all out-of-pocket medical expenses

✅ 4. Charitable Contributions

• ☐ Donate cash to a qualified organization
• ☐ Donate clothes, furniture, or goods (save receipts!)
• ☐ Track charitable mileage for volunteer work
• ☐ Consider “bunching” donations for a bigger deduction

✅ 5. Small Business or Side Hustle Prep

• ☐ Update bookkeeping and categorize expenses
• ☐ Track all mileage used for business
• ☐ Buy needed equipment or supplies before 12/31
• ☐ Pay outstanding business bills to increase deductions
• ☐ Set aside 20–30% of profit for taxes

✅ 6. Investment & Capital Gains Review

• ☐ Review your investment gains and losses
• ☐ Consider tax-loss harvesting
• ☐ Rebalance your portfolio if needed
• ☐ Check dividend payouts and their tax impact

✅ 7. Education-Related Expenses

• ☐ Pay tuition for next semester before year-end to qualify for credits
• ☐ Track textbooks and school fees
• ☐ Save all education-related receipts for AOTC or LLC credits

✅ 8. Homeowner Tax Moves

• ☐ Review mortgage interest for the year
• ☐ Make energy-efficient upgrades (windows, doors, insulation, heat pumps)
• ☐ Save receipts for energy credits

✅ 9. Health-Related Accounts

• ☐ Contribute to HSA up to the annual limit
• ☐ Spend remaining FSA funds (use it or lose it!)
• ☐ Schedule checkups, dental work, or purchases before expiry

✅ 10. Family & Dependents

• ☐ Confirm dependent eligibility
• ☐ Track childcare expenses for the Child & Dependent Care Credit
• ☐ Ensure you have correct SSNs for all dependents

✅ 11. Required Minimum Distributions (RMDs)

For taxpayers 73+ or those with inherited retirement accounts:

• ☐ Take RMDs before December 31st to avoid penalties

✅ 12. Document Organization

• ☐ Create a 2024 tax folder (paper or digital)
• ☐ Upload receipts, invoices, and tax documents
• ☐ Save copies of major financial statements
• ☐ Keep proof of all deductible expenses

Final Tip: Don’t Wait Until January

Once the calendar flips, many tax benefits disappear.
Act now, stay prepared, and let your money work for you — not against you.