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The end of the year can feel like a whirlwind, but it’s also the perfect time to set yourself up for tax success. Whether you’re a seasoned tax pro or a newbie navigating the world of deductions, this checklist will keep you on track. Let’s dive in and get your tax ducks in a row!
Start by gathering all your income statements (like W-2s and 1099s…hint, TaxNow can help with this). Then, comb through your expenses to identify potential deductions—think medical bills, business-related costs, or tuition payments. It’s like finding hidden treasure in your own finances!
Don’t leave money on the table! Contribute to your 401(k) or IRA to lower your taxable income. Have a Flexible Spending Account (FSA)? Use up those funds before they vanish into the void.
Feel-good giving that also reduces your tax bill? Yes, please! Donate to qualified charities and keep those receipts. Bonus points for gifting appreciated assets like stocks—you’ll avoid capital gains taxes while supporting a great cause.
If your portfolio had a few bumps this year, use losses to offset gains and reduce your tax bill. And remember, holding onto investments longer can help you avoid short-term capital gains taxes.
Use a tax calculator or consult a pro to get a snapshot of what you owe. If there’s a shortfall, adjust your withholding or make estimated payments before the clock strikes midnight.
Tax credits can feel like a reward for being awesome. Check if you qualify for the Child Tax Credit, Earned Income Tax Credit (EITC), or other money-saving opportunities.
Receipts, invoices, and bank statements—oh my! Keeping everything organized makes filing a breeze and ensures you’re ready if the IRS comes knocking.
Take a peek at your paychecks. If your withholding isn’t quite right, adjust your W-4 to avoid surprises come April.
Owe Uncle Sam? Settle those taxes now to dodge penalties and interest. Future-you will thank you.
Got married? Had a baby? Bought a house? Major life events can change your tax picture, so make sure your strategy evolves with you.
Big tax changes are on the horizon. Stay ahead of the curve by checking out our blog: Tax Changes in 2025: What You Need to Know for Smart Tax Planning.
Sometimes, you just need a pro in your corner. Schedule a year-end review for tailored advice and peace of mind.
Why go it alone when TaxNow has your back? With round-the-clock monitoring, real-time alerts, and effortless transcript pulls, you’ll always be in the know. Be a tax pro in no time—sign up for TaxNow today!
