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15-Minute Year-End Tax Checklist
December is when roughly a dozen tax decisions expire permanently. Miss the December 31 lines on this list and the same actions cost more in January — some, like harvest losses or employer-match timing, simply evaporate. Fifteen minutes with this checklist covers the highest-value items.
The Checklist
- Confirm the 401(k) match is fully captured. Check year-to-date deferrals against the match formula; employees who front-loaded early often coast past October and miss months of free match.
- Harvest taxable losses. Sell red positions, bank the losses, replace with similar-not-identical funds, and respect the 61-day wash-sale window in every account.
- Review capital gains so far. Offset realized gains with the harvested losses before year-end; decide whether to realize gains inside the 0% or 15% bracket while the room exists.
- Top off retirement accounts. IRA and Roth IRA contributions can wait until the April filing deadline, but 401(k) deferrals cannot — the limit is per calendar year, no extensions.
- Size any Roth conversion. Estimate this year's income now; the last conversion of the year should land in December with bracket room confirmed.
- Plan charitable giving. Donor-advised fund contributions of appreciated stock beat cash gifts; ages 70½ and up can route QCDs directly from IRAs.
- Check beneficiary forms and addresses on every retirement account — the five-minute item people skip for years.
- Estimate the FSA balance. Unused healthcare FSA money above any grace-period allowance is forfeited; schedule spending or plan-year changes now.
Two Date Rules Worth Memorizing
Conversions, harvesting, 401(k) deferrals, and QCDs must settle by December 31. IRA contributions for the tax year run until the unextended April filing deadline. Splitting the checklist by those two dates is what keeps it to fifteen minutes instead of a January scramble.
Close With the Big Three Questions
Did my marginal bracket change this year — raise, bonus, business income? Will next year's income be lower, making a conversion cheaper now? Is any account still sitting at a former employer? Those three answers drive most of the year's remaining value; the checklist above handles the execution.
This article is general educational information only, not financial, tax, investment, accounting, or legal advice, and is not a recommendation to buy, sell, or hold any product or security. Figures reflect published IRS, HMRC, and Social Security Administration guidance for 2026 and are subject to change and annual indexing; always confirm current thresholds with the official source before acting. Rules differ by country, state, and personal situation, and nothing here creates a fiduciary or advisory relationship. This site is supported by advertising, which does not influence our editorial conclusions. For any decision with real financial consequences, consult a licensed fiduciary advisor or tax professional.