Year-End Tax Planning Checklist: What to Do Before December 31

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Check your withholding and estimates 0 of 3

• Run the IRS Tax Withholding Estimator — shows whether you’re on track; see how withholding works
• Adjust your W-4 if needed — extra withholding late in the year counts as if paid evenly; see W-4 guide
• Make the final estimated payment — due in January for self-employed filers; see estimated taxes

Retirement and health accounts 0 of 5

• Increase 401(k) or 403(b) deferrals — employer plan contributions generally must be made by December 31
• Check IRA contribution room — you can generally contribute until the April filing deadline
• Use FSA balances — many flexible spending accounts are “use it or lose it,” with limited carryovers
• HSA contribution check — see limits
• Required minimum distributions — if you’re old enough, take them by the deadline

Income and deductions 0 of 5

• Estimate whether to itemize or take the standard deduction — see comparison
• Consider “bunching” charitable gifts — if you’re near the line; see rules
• Review capital gains and losses — selling investments at a loss can offset gains, but watch wash-sale rules; see rates
• Track qualified tips and overtime — records support the new deductions; see explainer
• Accelerate or defer business income and expenses — for cash-basis self-employed filers; consult a professional

Life changes 0 of 3

• Marriage, divorce, new child or move — these change filing status, credits and state taxes
• New job or second job — update your W-4
• Address and name changes — update the Social Security Administration and your employer

Records and setup 0 of 4

• Organize receipts and statements — see document checklist
• Download year-end statements — payment apps, brokers and banks
• Create a folder for next year’s records — start fresh on January 1
• Verify new-year figures — the IRS publishes inflation adjustments each fall; see the brackets guide

Official sources

• IRS: Tax Withholding Estimator
• IRS: Estimated taxes
• IRS: Tax year 2026 inflation adjustments
• IRS Publication 505: Tax withholding and estimated tax