Year-End Tax Information to Review

tax prep information

Before the year is over, cover all your bases and review tax savings strategies to assess if it is beneficial today or in the future.  Part of planning is trying to optimize tax savings over your entire lifetime.   Below is a list of questions to ask yourself and answer before December 31st.

Review Tax Withholding

Ask yourself – Have I withheld enough to date to avoid a surprise at tax filing? There is still time to make adjustments in these final weeks. Use the Tax Withholding Estimator at

Tax Loss Harvesting

Ask yourself – Are there positions in my investment lineup that are underperforming that I could sell to offset gains or other income? Remember you can buy back that fund or another similar position after 31 days.

Roth Conversions

Ask yourself – Am I a candidate for converting a portion of my IRA to a Roth IRA? If you believe your tax rate in 2023 will be lower than later years, you may want to take advantage of a conversion and the tax-free growth!  See our complete blog Is a Roth Conversion Right for Me?

Charitable Donations

Ask yourself – Will it benefit me to bunch or bring my charitable donations forward into December so I can take advantage of itemized deductions versus the standard deduction? Or do I have an RMD to fulfill but do not need the income, should I complete a QCD to an organization? Read Year-End Charitable Giving.


Ask yourself – Have I maximized deferrals to my employer plan or to my health savings account (HSA)? Am I eligible to maximize contributions to a traditional or Roth IRA?

529 Education Plan Contributions

Ask yourself – Do I get a state tax deduction by contributing to a 529 plan for my child or grandchild? If so, does it fit my wealth transfer objectives?


If you have answers but are unsure of how these strategies may fit into your unique situation or how to execute them. Please reach out to a Wealth Planning Corporation advisor who is an expert in answering these types of questions.



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