Ultimate Year-End Tax Checklist

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1. Verify Your Income
• Verify that all income sources are reported correctly on your tax return.
• Look for year‑end bonuses, commissions, or other income that could bump you into a higher tax bracket.
• If you are self‑employed, confirm that all business income and expenses are documented.

2. Increase Retirement Contributions
• Contribute the maximum allowed to your 401(k), 403(b), or traditional IRA (or Roth IRA, if you qualify).
• If you are 50 or older, take advantage of catch‑up contributions.
• If matched contributions are offered, contribute the minimum required to receive the full match.

3. Harvest Capital Losses
• Sell losing investments to offset capital gains.
• Remember the $3,000 yearly limit for net capital losses against ordinary income; carry forward any leftover.
• To sidestep the wash‑sale rule, wait 31 days before buying the same security again.

Use Tax‑Deferred Accounts
• Max out your Health Savings Account (HSA) contributions.
• Add to a Flexible Spending Account (FSA) if your employer offers it.
• Utilize a Dependent Care FSA for eligible expenses.

Adjust Your Withholding or Estimated Payments
• Employ the IRS Tax Withholding Estimator to confirm correct withholding.
• For a significant year‑end change, update your withholding at work or submit an estimated payment.

6. Claim All Eligible Tax Credits
• Child Tax Credit, American Opportunity Credit, Lifetime Learning Credit, and Earned Income Tax Credit (EITC) are all worth checking.
• First‑time homebuyers should examine the Homebuyer Credit or Mortgage Credit Certificate.
• Energy‑efficient home improvements such as solar panels or Energy‑Star appliances offer tax credits.

Maximize Charitable Contributions
• Give to qualified charities before year‑end.
• Store receipts or written acknowledgments for each gift.
• Give appreciated assets (stocks, real estate) to avoid capital gains and deduct fair market value.

8. Pay Your Mortgage and Property Taxes in a Timely Manner
• If you itemize, mortgage interest and property tax payments are deductible.
• Check your mortgage statement for paid points or other deductible items.
• Near the limit, prepay some next year’s mortgage interest to boost this year’s deduction.

9. Review Education Savings
• Contribute to a 529 plan if you have children, as earnings grow tax‑free and withdrawals for qualified education expenses are exempt.
• Students need to verify they’re exploiting education deductions and credits.

{10. {Consider Business‑Related Deductions (for Self‑Employed Individuals)|Explore Business‑Related Deductions (Self‑Employed)|Review Business‑Related Deductions (Self‑Employed)}
• {Home office deduction: calculate the square footage of your office relative to your home.|For the home office deduction, compute the office square footage versus the whole home.|Calculate the square footage of your home office relative to your home for the deduction.|Determine your office square footage compared to your home for the home‑office deduction.}
• {Business travel and mileage: keep a detailed log of all business trips.|Track business travel and mileage with a detailed log.|Maintain a detailed log of all business trips for travel and mileage.|Keep a thorough log of business travel and mileage.}
• {Equipment purchases: consider Section 179 expensing or bonus depreciation to write off the full cost in the year of purchase.|For equipment purchases, think about Section 179 or bonus depreciation to write off the full cost immediately.|Consider Section 179 or bonus depreciation for equipment purchases to deduct the full cost this year.|Use Section 179 or bonus depreciation on equipment purchases to fully write off the cost in the purchase year.}

{11. Review Health Insurance Options|Check Health Insurance Options|11. Assess Health Insurance Options}
• {If you purchased a policy through the Marketplace, confirm that your premium tax credit has been applied correctly.|Verify that your Marketplace premium tax credit was applied correctly if you bought a policy there.|If your policy comes from the Marketplace, ensure the premium tax credit was applied correctly.|Confirm proper application of your premium tax credit if you bought through the Marketplace.}
• {If you’re self‑insured, consider setting up a Health Reimbursement Arrangement (HRA) or a Qualified Small Employer HSA (QSEHRA).|For self‑insured individuals, think about establishing an HRA or a QSEHRA.|If self‑insured, set up a Health Reimbursement Arrangement (HRA) or a QSEHRA.|Consider an HRA or QSEHRA if you’re self‑insured.}

{12. Estate Planning Touch‑Ups|Estate Planning Updates|12. Estate Planning Enhancements}
• {Update beneficiary designations on retirement accounts, life insurance policies, and bank accounts.|Revise beneficiary designations for retirement accounts, life insurance, and bank accounts.|Ensure beneficiary designations are updated on retirement accounts, life insurance, and 中小企業経営強化税制 商品 bank accounts.|Change beneficiary designations on retirement accounts, life insurance, and bank accounts.}
• {Review your will and trust documents for accuracy and relevance.|Examine your will and trust documents for correctness and relevance.|Check your will and trust documents for accuracy and relevance.|Audit your will and trust documents for accuracy and relevance.}
• {Consider a "gift" strategy: give up to the annual exclusion amount ($17,000 per recipient in 2024) to reduce your estate tax exposure.|Think about a gifting strategy: give up to the $17,000 annual exclusion per recipient in 2024 to lower estate tax exposure.|Use a gifting strategy: give up to the $17,000 annual exclusion per recipient (2024) to cut estate tax exposure.|Plan a "gift" strategy—donate up to the $17,000 annual exclusion per recipient (2024) to reduce estate tax.}

{13. File Early or Seek Professional Assistance|File Early or Get Professional Help|13. File Early or Consult Professionals}
• {Filing early eliminates the risk of last‑minute errors or missing deadlines.|Early filing reduces the chance of last‑minute mistakes or missed deadlines.|File early to avoid last‑minute errors or deadline misses.|Submitting early cuts the risk of last‑minute errors or missed deadlines.}
• {If your tax situation is complex—multiple income streams, significant capital gains, or business ownership—consult a CPA or tax advisor to ensure you’re not missing deductions or credits.|For complex tax situations (multiple income streams, large capital gains, business ownership), seek a CPA or tax advisor to catch all deductions and credits.|With a complicated tax profile, consult a CPA or tax advisor to uncover all deductions and credits.|If you have multiple income sources, big capital gains, or business ownership, get a CPA or tax advisor to find every deduction or credit.}

{14. Keep All Documentation Organized|Maintain Organized Documentation|14. Store All Documentation Properly}
• {Store W‑2s, 1099s, receipts, and statements in a dedicated folder (digital or paper).|Keep W‑2s, 1099s, receipts, and statements in a dedicated folder, whether digital or paper.|Place W‑2s, 1099s, receipts, and statements in a specific folder (digital or paper).|Put W‑2s, 1099s, receipts, and statements in a dedicated folder, digital or paper.}
• {Maintain records for at least seven years, as the IRS may audit for that period.|Keep records for a minimum of seven years, since the IRS may audit within that span.|Hold records for at least seven years because the IRS may audit during that period.|Store documents for seven years or more, as the IRS may audit for that duration.}
• {Use cloud storage or a secure tax‑filing platform to back up all documents.|Back up all documents with cloud storage or a secure tax‑filing platform.|Employ cloud storage or a secure tax‑filing platform to safeguard all documents.|Use a secure tax‑filing platform or cloud storage to back up all documents.}

{15. Plan for Next Year|Prepare for Next Year|15. Project for Next Year}
• {Based on your current year’s tax situation, adjust your contributions, withholding, or estimated payments for the following year.|Adjust contributions, withholding, or estimated payments for next year based on this year’s tax situation.|Plan for next year by tweaking contributions, withholding, or estimated payments according to this year’s tax profile.|Use this year’s tax outcome to modify contributions, withholding, or estimated payments for the next year.}
• {If you’re expecting a major life event (marriage, child, new job), factor that into your tax strategy.|Consider a major life event (marriage, child, new job) and adjust your tax strategy accordingly.|Factor in major life events (marriage, child, new job) when planning your tax strategy.|Include upcoming major life events (marriage, child, new job) in your tax planning.}
• {Stay informed about upcoming tax law changes that could affect you.|Keep up with upcoming tax law changes that may impact you.|Stay updated on forthcoming tax law changes that could affect you.|Monitor upcoming tax law changes that might influence your situation.}

{By systematically checking off each of these items before the year ends, you’ll position yourself to maximize tax savings, avoid costly surprises, and set a strong financial foundation for the next fiscal year.}

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