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Year-end tax checklist

What is worth reviewing before December 31, so the next filing season is a confirmation, not a scramble. Print it, work through it, and bring any questions to your practice.

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For individuals & families · Klein Muskat

Personal

  • Max out retirement contributions (401(k), IRA, SEP) before the deadline.Contribution limits and deadlines vary by account type.
  • Review tax withholding and estimated payments to avoid an underpayment penalty.
  • Consider tax-loss harvesting in taxable investment accounts.
  • Bunch or time charitable giving; keep documentation for every gift.
  • Take any required minimum distributions (RMDs) if applicable.
  • Use remaining FSA funds and confirm HSA contributions.
  • Flag major life events (marriage, new child, home purchase, inheritance); they change your return.
For business owners · Klein Mirsky

Business

  • Reconcile your books through year-end and clean up uncategorized transactions.
  • Review whether equipment purchases should close before December 31 (Section 179 and bonus depreciation).
  • Confirm payroll, owner compensation, and any S corporation reasonable-salary requirements.
  • Collect W-9s so 1099s can go out on time in January.
  • Run a year-end tax projection and fund estimated payments.
  • Review entity structure if the business has changed materially this year.
  • Set aside retirement plan contributions (Solo 401(k), SEP) before deadlines.
For investors & owners · Klein Real Estate

Real estate

  • Gather rental income and expense records for each property.
  • Confirm depreciation schedules and basis are current for every asset.
  • Review any 1031 exchange timelines and deadlines in progress.
  • Evaluate whether a cost segregation study makes sense for recent acquisitions.
  • Document capital improvements vs. repairs; they are treated differently.
  • Prepare partner and investor reporting (K-1 information) for an on-time season.

This is general information, not advice. Each item applies differently to each person; confirm deadlines and limits with your KMM practice.

Want a hand working through it?

Tell us which items apply and we will point you to the right practice.

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