Year-End Financial Checklist

What is year-end financial planning?

A year-end financial checklist is the structured set of optimization moves available only before December 31 — tax-loss harvesting, retirement contributions, gifting, insurance review, and business close.

Why this matters

• Most tax optimization actions expire December 31.
• Retirement contribution limits reset each year.
• Annual gifting exclusions expire annually.

How it works

• ›Tax: harvest losses, accelerate or defer income, prepay deductible expenses, contribute to retirement accounts.
• ›Retirement: max 401(k), Solo 401(k), SEP-IRA, traditional/Roth IRA based on income.
• ›Insurance: review coverage, refresh beneficiaries, FSA spending.
• ›Estate: update wills, trusts, beneficiaries, annual gifting.
• ›Business: close books, accelerate equipment purchases (Section 179), bonus depreciation.

Examples in practice

Step-by-step process

1. 1

   October: schedule CPA year-end planning meeting
2. 2

   November: execute tax moves
3. 3

   December: finalize contributions, close books

Action checklist

• CPA planning meeting completed
• Retirement contributions maxed
• Tax-loss harvest completed
• Insurance and beneficiaries reviewed
• Annual gifting completed
• Business books closed

Common mistakes to avoid

• Waiting until late December — IRA contributions deadlines vary; SEP-IRA can extend, 401(k) cannot
• Skipping beneficiary review after life events

Frequently asked questions