As we approach the final stretch of 2025, now is the perfect time to reflect on the year and make any pro-active adjustments before the holidays.

Here’s your comprehensive Year-End Financial Checklist, including important deadlines and high-impact strategies for individuals and business owners alike.

1. Conversions to a Roth IRA

(Deadline: December 31)

Thinking of turning some of your traditional IRA or 401(k) savings into a Roth IRA? Do it before year-end for it to count for 2025. A Roth conversion lets you pay taxes now so your money grows tax-free forever. It’s especially smart in lower-income years or if you expect higher tax rates in the future.

Pro Tip: Don’t wait until the last week of December. Financial institutions get swamped and you may not make the year-end deadline.

2. Set Up a Safe Harbor 401(k)

(Deadline: October 1st)

Are you a small business owner looking to supercharge your retirement savings and get big tax deductions?

A Safe Harbor 401(k) can help you:

• Maximize contributions
• Avoid complex IRS nondiscrimination testing
• Offer competitive employee benefits

But here’s the catch: You must set it up by October 1st to count for 2025.

3. Max Out Retirement Contributions

Don’t leave free money on the table. Employer retirement plans are a tax smart way to retain more of what you earn each year and compound growth over time. 

Here are retirement plan contribution limits for 2025. If cash flow allows, consider increasing monthly contributions.

401(k), 403(b) (Deadline Dec 31, 2025)

• Under 50 years old: $23,500 personal limit; $70,000 combined employee employer limit
• 50-59 or 64+: $31,000 personal contribution max out with catch-up; $77,500 combined employee employer limit
• 60-63, if your plan allows: $34,750 total personal contribution with enhanced catch-up; $81,250 combined employee employer limit

IRA / Roth IRA (Deadline: April 15, 2026)

• Under 50 years old: $7,000
• 50+ years old: $8,000

4. Harvest Tax Losses

(Deadline: December 31)

If you'd like to remove losing investments from your investment portfolio, you may wish to consider tax-loss harvesting. By selling losing investments, you can offset capital gains, or deduct some losses against ordinary income. Just make sure you follow the wash-sale rules to avoid a headache.

Bonus Tip: Reinvest in a similar (but not identical) ETF or fund to stay in the market.

5. Take Required Minimum Distributions

(Deadline: December 31)

If you turned 73 this year (or older), don’t forget to take your RMDs from IRAs or 401(k)s. Missing your RMD can trigger a 50% penalty on the amount you should’ve withdrawn.

An exception: You turned 73 in 2025 and want to delay your first RMD until April 1, 2026 (though this means two RMDs in one year).

6. Make Tax-Efficient Charitable Gifts

(Deadline: December 31)

If you’re feeling generous this holiday season, make sure Uncle Sam takes notice.

• Donate appreciated stock to avoid capital gains.
• Consider Qualified Charitable Distributions (QCDs) directly from your IRA (if age 70½ or older)
• Use donor-advised funds (DAFs) for maximum flexibility.

7. Use Your FSA Funds

(Deadline: December 31)

Still have money in your Flexible Spending Account (FSA)? Don’t let it go to waste! Most FSA funds expire at year-end, though some employers allow a small carryover or a grace period into 2026. Either way, check your plan now and schedule those medical visits or stock up on eligible expenses.

8. Max Out Your Health Savings Account

(Deadline: April 15, 2026)

If you’re enrolled in a High Deductible Health Plan (HDHP), an HSA is one of the most powerful tax tools out there:

• Tax-deductible contributions
• Tax-free growth
• Tax-free withdrawals for qualified medical expenses

2025 HSA Contribution Limits:

• Individual: $4,300
• Family: $8,550
• Age 55+ Catch-up for those not enrolled in Medicare: +$1,000

9. Check Your Withholding or Pay Estimated Taxes

Avoid a nasty surprise at tax time by checking your tax withholding or estimated payments now. If you’re self-employed, investing heavily, or have multiple income sources, you may need to adjust. The IRS due date for Q4 estimated payments is January 15, 2026.

👉 Use the IRS Withholding Estimator or talk to your CPA.

10. Rebalance and Reassess Your Strategy

The end of the year is the perfect time to zoom out and ask:

• Is your portfolio still aligned with your risk tolerance? Are you diversified?
• Should you “bunch” deductions like charitable donations?
• Is your estate plan up to date?
• Do you need to review insurance coverage?

Key Year-End Deadlines at a Glance

The Sooner You Act, the More Options You Have.

Year-end planning isn’t just about taxes, it’s about taking control of your financial future. Start early, consult with your financial planner and CPA. Give yourself the gift of a confident start to the new year.

This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.