Year-End Tax Checklist for Individuals: Advice from Wilson & Associates CPA

As the end of the year approaches, it’s the perfect time to get your finances in order and reduce your tax burden before December 31st. A little preparation now can mean a smoother filing process, fewer surprises, and potentially a larger tax return.

At Wilson & Associates CPA, we help individuals maximize deductions, avoid IRS issues, and stay organized. Below is a comprehensive, CPA-approved year-end tax checklist to ensure you’re fully prepared.

Confirm your year-to-date:

• Wages
  
• Tax withheld
  
• Retirement contributions
  
• Health insurance premiums

If your withholding is too low, consider adjusting your W-4 or making a quarterly estimated tax payment before year-end.

Retirement contributions reduce taxable income AND build long-term financial security.

• 401(k): Max out contributions before December 31
  
• IRA: Can contribute until Tax Day, but plan ahead
  
• HSA-eligible individuals: Max contributions for triple tax benefits
  

Increasing contributions in the final months of the year is one of the simplest ways to lower your tax bill.

Start organizing the documents you’ll need for filing:

• W-2s
  
• 1099s (contract work, investments, interest, dividends)
  
• Social Security benefits

• Charitable donation receipts
• Property tax bills
• Mortgage interest statements
• Education expenses (Form 1098-T)
• Medical expense records

Keeping everything gathered ahead of time prevents delays and missed deductions.

Charitable giving is a powerful tax benefit when itemizing.

You can deduct:

• Cash donations
• Non-cash donations (clothing, furniture, supplies)
• Volunteer-related mileage
• Donated securities (often the most tax-efficient option)

Make sure all donations are made before December 31 and keep written acknowledgment from the charity.

Year-end is a good time to determine eligibility for major credits such as:

• Child Tax Credit
• Earned Income Tax Credit
• Education Credits (American Opportunity, Lifetime Learning)
• Energy Efficiency Credits
• Adoption Tax Credit

Credits reduce your tax liability dollar for dollar, making them more valuable than deductions.

You can deduct qualified medical expenses above 7.5% of AGI.

Eligible expenses include:

• Doctor visits & procedures
• Dental work
• Prescriptions
• Health insurance premiums (in some cases)
• Travel mileage for medical care
• Certain medical equipment

Year-end is the perfect time to total these expenses while records are fresh.

If you are self-employed, own rental property, or have investment gains, you may owe quarterly taxes.
Make your final estimated payment by January 15 to avoid penalties.

Consider:

• Tax-loss harvesting to offset gains
• Timing of asset sales
• Rebalancing your portfolio
• Mutual fund capital gain distributions

A simple year-end review can save thousands in taxable gains.

Flexible Spending Accounts (FSA) often follow a use-it-or-lose-it rule.

Eligible expenses include:

• Medical supplies
• Prescriptions
• Eye exams & glasses
• Dental treatments

Check your employer’s plan deadlines. Some offer a short grace period, but not all.

If you’ve experienced life changes in the past year, update your documents:

• New address
• Marriage or divorce
• New dependents
• Name changes

This ensures accurate records and avoids delayed refunds.

Year-end tax planning is one of the best opportunities to reduce your tax liability and prepare for a smooth filing season. By taking the right steps before December 31, you can maximize deductions, avoid penalties, and ensure nothing slips through the cracks.

If you’d like personalized guidance, our team at Wilson & Associates CPA is here to help you create a custom tax strategy tailored to your goals and financial situation.

At Wilson & Associates CPA, we combine deep expertise with personalized service to help individuals and businesses stay compliant, reduce risk, and make smarter financial decisions. Whether you have questions about taxes, audits, or long-term financial planning, our team is here to guide you every step of the way.

Contact Wilson & Associates CPA today to schedule your consultation.