As the year winds down, smart tax planning can make January far less stressful. Acting now gives you time to implement strategies, capture deductions, and set yourself up for a stronger financial year ahead.

Review Your Income & Withholding

Estimate your 2025 taxable income. If you're in a higher bracket, consider shifting income or deferring gains. Adjust your W-4 so withholding or estimated payments match your tax liability.

Max Out Retirement Contributions

Contribute to your 401(k), IRA, or SEP plans before year-end. These contributions reduce taxable income and can bolster your long-term savings.

Bunch Your Deductions

If you itemize, consider bundling charitable contributions, medical expenses, or state taxes into this year (or next) to exceed the standard deduction threshold.

Consider Capital Gains & Losses

Harvest small capital losses to offset gains. Consider timing the sale of investments to manage tax impact. If you've already lost money in investments, those losses may help you scale down your tax bill.

Want help building a tax plan before the year ends? Contact Grants Pass Tax Service. We'll walk you through safe strategies tailored to your situation.