With 2026 on the horizon, it’s a great time to take stock of what matters most — your family, your health, and the future you’re creating. If you’ve already been proactive with your financial planning this year, you’re ahead of the curve. Use this list as a quick double-check to make sure nothing slips through the cracks. A few final steps before December 31st can help you keep more of what you’ve earned and stay on track toward your goals.
1. Keep Investments on Track ✅
☐ Review your portfolio and rebalance if your risk level or goals have shifted.
☐ Check mutual fund distribution dates before buying to avoid surprising taxable income.
2. Give to the Causes You Love — And Save on Taxes ❤️
☐ If itemizing deductions, gifts made before year-end may reduce taxable income.
☐ Age 70½ or older? Consider a tax-free Qualified Charitable Distribution (QCD) directly from your IRA.
☐ Use a Donor-Advised Fund (DAF) if you want the deduction now and the flexibility to decide later which charities receive contributions.
☐ Consider bunching multiple years of charitable gifts into one tax year to itemize deductions on the tax return and exceed the standard deduction.
☐ Retain proof of donations – the IRS will ask!
3. Strengthen Your Legacy Plan 🌱
☐ Take advantage of the annual gifting exclusion before December 31st ($19,000 per person in 2025, or $38,000 as a married couple splitting gifts).
☐ Review your estate documents (will, trusts, powers of attorney, healthcare directives) – are they still aligned with your wishes?
☐ Review beneficiaries on retirement plans, life insurance and annuities.
☐ Consider proactive wealth-transfer strategies using the lifetime estate & gift exemption (~$14M per person in 2025).
☐ Support the next generation(s):
→ Contribute to 529 college savings for children or grandchildren.
→ Gift appreciated or income-producing assets to family in lower tax brackets.
→ Help younger family members open Roth IRAs if they’ve earned income.
4. Look for Other Tax-Saving Opportunities 💰
☐ Estimate your 2025 income to understand your tax bracket:
→ Lower bracket? Consider accelerating income before year end.
→ Higher bracket? Consider deferring income into next year if possible.
☐ Be mindful of key tax thresholds on modified adjusted gross income:
→ 3.8% Net Investment Income Tax kicks in over $200K single / $250K married.
→ Higher Medicare premiums (IRMAA) start at $103K single / $206K married.
→ Taxes on a portion of Social Security retirement benefits apply once modified adjusted gross income (MAGI) exceeds $25,000 ($32,000 for married couples jointly filing).
☐ Make contributions to retirement plans and HSAs to reduce taxable income:
→ 401K: $23,500 + $7,500 catch-up if 50+
→ IRAs: $7,000 + $1,000 catch-up if 50+
→ HSAs: $4,300 individual / $8,550 family + $1,000 catch-up if 55+
☐ Harvest tax losses to offset capital gains.
☐ Consider donating appreciated stock or mutual funds to charity to avoid capital gains tax while supporting causes you care about.
☐ If itemizing deductions, consider accelerating deductible expenses (e.g., medical expenses) into this tax year.
☐ For large asset sales, explore installment sale strategies to spread gains over several tax years.
☐ Expecting a net operating business loss this year? Consider a Roth IRA conversion.
5. Strengthen Retirement Confidence 🏖️
☐ Contribute as much as possible to retirement accounts.
→ Age 50+ don’t miss catch-up contributions.
☐ If age 73+, take all Required Minimum Distributions (RMDs) on time.
☐ Review your withdrawal plan — will it support your full retirement timeline?
☐ Compare traditional vs. Roth savings strategies based on today’s vs. future tax expectations.
☐ Worried about rising taxes? Partial Roth conversions could reduce future RMDs and taxes.
☐ Avoid costly early-withdrawal penalties.
☐ If you inherited retirement funds, plan around the 10-year rule to avoid penalties.
We’re Here to Help. If you have any questions or want to talk through your year-end strategy, don’t hesitate to reach out.
