Wrapping Up the Year: Your 2025 Financial Checklist

As the holidays approach and the year winds down, it’s natural to focus on celebrations, family gatherings, and a well-earned break. But before you turn the page to 2026, taking a few moments to review your finances can save you time, stress, and money later. A little organization now goes a long way—especially when tax season arrives.

Use this simple checklist to finish the year feeling prepared and confident.

1. Review Your Income and Expenses

Start by confirming that all your income sources are accounted for, including wages, investment income, retirement income, or business revenue. If you’re a business owner, take an extra moment to ensure that personal and business expenses are clearly separated. Clean records make tax preparation smoother and help ensure no deductions are missed.

2. Maximize Retirement Contributions

Year-end is the perfect time to check in on your retirement savings.  If you participate in a 401(k), IRA, or SEP plan, review whether there’s room to increase your contribution before December 31. Even a small addition can reduce your taxable income while strengthening your long-term financial security.

3. Confirm Withholding and Estimated Payments

Avoid surprises in April by reviewing your current tax withholding or estimated payments.  If you changed jobs, had a significant income shift, or experienced a major life event this year, adjustments may be needed. A quick review now helps keep you on track and prevents over- or under-paying.

4. Review and Document Charitable Donations

This season inspires generosity—and it’s also the time to make sure your charitable giving is properly documented. Keep receipts for cash donations, non-cash items, and any charitable contributions of stocks or other assets. If you plan to give before year-end, remember that donations must be processed by December 31 to count for the 2025 tax year.

5. Prepare for Major Life Changes

Life events often come with tax implications.  If you welcomed a new child, got married, bought a home, started a business, or experienced another milestone this year, let your accountant know. Early planning helps ensure your tax strategy reflects your current circumstances.

6. Organize Your Financial Documents

Before tax forms start arriving in January, take a moment to gather what you already have—receipts, financial statements, charitable records, mileage logs, and other documentation. Create a dedicated folder, whether digital or physical, so everything is in one place when it’s time to file. Your future self (and your tax professional) will appreciate it.

Wrap Up the Year With Confidence

A little preparation today leads to a much smoother start to 2026. By reviewing your finances now, you’re giving yourself the gift of clarity, confidence, and peace of mind heading into tax season.