Year-End Tax Planning: A Timeline for Maximum Tax Savings

Ah, the holiday season: hot cocoa, twinkling lights, and... frantic last-minute tax moves? Don’t wait until December 30th to handle your taxes—here’s your timeline to keep things chill (relatively speaking).

• September: Time for a reality check. Project your year’s income and see how your tax picture’s shaping up. Adjust strategies now, while there’s still time.

• October: Lock in retirement plan contributions. Up your 401(k) or SEP IRA game so you’re not scrambling later.

• November: Time for tax-loss harvesting if your portfolio’s had some losers this year. Also, make sure to review capital gains and see if you can offset them.

• December: Check if you should accelerate or defer income/expenses. Write that donation check (or Venmo your favorite charity) if you need the deduction.

• Equipment Purchases: If you need a new laptop, buy before year-end to snag a 179 deduction. But also plan responsibly—don’t just blow money for a write-off you don’t need.

• Avoid Common Mistakes: Missing deadlines or forgetting to document can ruin all your careful planning faster than you can say “tax penalty.”

Bottom Line: Proper planning throughout the fall makes December a breeze. Sip eggnog, watch cheesy holiday movies, and let your well-planned taxes handle themselves (kinda).