Your Financial Checklist: “Checking It Twice” Before Year-End

From the advisors at BNA Wealth.

As we wrap up the year, it’s a great time to review your finances to insure everything is in place for success heading into 2026. Listed below are a few important items to check off your list prior to December 31st:

1. Maximize Tax-Advantaged Accounts

If possible, maximize contributions to 401(k), 403(b), 457, or HSA before year-end. Contributions into these accounts reduce taxable income and help bolster long-term retirement savings.

2. Consider Roth Conversions

If you expect to be in a higher tax bracket in the future—or if you are in a lower bracket now—converting a portion of a traditional IRA to a Roth IRA may be beneficial. It’s a smart move to lock in today’s tax rates while also building future tax-free income.

3. Review Charitable Giving and QCDs

If you’re planning to give, complete donations before December 31 to qualify for 2025 tax deductions. For those 70½ or older, consider using Qualified Charitable Distributions (QCD) to give directly from your IRA to a qualified charity. This may satisfy part or all of your RMD, while excluding it from taxable income.

4. Take Required Minimum Distributions (RMDs)

If you’re 73 or older, make sure your RMDs are taken before year-end to avoid any IRS penalties. You can also direct all or part of your RMD to a qualified charity for a tax-efficient gift by utilizing a Qualified Charitable Distribution as mentioned above.

5. Evaluate Capital Gains and Losses

Now is a good time to review taxable accounts. If there are realized gains this year, harvesting losses can help to offset gains which may reduce overall taxable income.

6. Schedule a Year-End Review

Take time to connect with your advisor before year-end. Reviewing your investments, taxes, and goals together will help jump start the new year with a solid financial footing.

Contact BNA Today

If you’re a business owner looking for reliable financial guidance, we’re just a call away. Reach out to us at (803) 366-8371 or email us at success@bna.com to see how we can support your goals.

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