Three Smart Tax Moves You Can Plan Now Instead of Rushing in December

If you wait until the end of the year to think about taxes, you’ll likely find yourself scrambling for last-minute fixes instead of making well-considered decisions. By starting earlier, you give yourself more time and flexibility—making it easier to manage your tax bill and align it with your bigger financial picture.

1. Set a Year‑Round Tax Planning Calendar

Treating tax planning as something you do all year—rather than a dreaded December task—can make a huge difference. Taking a little time early in the year to review last year’s return with an expert can help you spot useful patterns,like whether you’re consistently over- or under-withholding, if you have deductions you could better use, or if big capital gains keep cropping up. These are all things you can plan for and address over the next 12 months.

You might set up a simple calendar for yourself: do a brief check-in in the first quarter using last year’s return, revisit things mid-year to see if you need to tweak your withholding or estimated payments, run a few “what if” scenarios in the fall, and wrap up with a final review before December 31. Adopting these steps throughout the year lets you avoid nasty tax surprises in April and gives you more control over when you recognize income and deductions.

2. Coordinate Withholding, Estimated Payments, and Cash Flow

Another smart move is to take control of when and how you pay your taxes throughout the year. Instead of being caught off guard by a big bill at tax time, you can team up with your adviser or tax professional early to adjust your paycheck withholding, quarterly estimated payments, or business draws so they more closely match what you’ll actually owe.

If you make these changes in the spring or summer, rather than waiting until November,you’ll have more paychecks or quarters to spread out any corrections. That can take pressure off your monthly budget, help you avoid underpayment penalties,and make it easier to juggle tax payments alongside other goals like saving for retirement or building your emergency fund.

3. Schedule Investment and Charitable Strategies Before theRush

It’s also wise to plan ahead for year-end strategies like tax-loss harvesting, charitable giving, or boosting your retirement contributions, rather than rushing to get them done during the busy holiday season. Markets can swing unexpectedly, and if you wait until the last minute, you may end up making rushed decisions or missing out on significant opportunities.

By planning in advance, you can:

• Review taxable investment     accounts for opportunities to harvest losses or realize gains in a     controlled way, coordinating around your tax brackets and time horizon.
• Explore charitable strategies such as bunching donations into a single year, using a donor-advised fund, or gifting appreciated securities. Plan on a timeline that allows for paperwork and custodian processing.
• Confirm you are on track to maximize contributions to retirement or other tax-favored accounts. Avoid scrambling to 'catch up' in the final payroll cycles of the year.

When you put these things on your calendar in advance, you and your advisers can act when the timing is right for you—not just when the year is almost over.

Keeping Perspective: Taxes as Part of the Bigger Plan

Being proactive about tax planning can help you avoid surprises and keep more of what you earn, but remember—taxes are just one piece of your overall financial picture. When you decide when to take income, realize gains or losses, or make charitable gifts, it’s important to consider your comfort with risk, your need for cash, and your long-term goals. For most people, working with a team—a financial adviser and a tax professional—can help ensure that their tax strategies fit into their broader life plan rather than drive it.

Disclosures

This material is for general informational and educational purposes only and is not intended as, and should not be construed as,investment, tax, or legal advice. It does not take into account the investment objectives, financial situation, or particular needs of any specific person and should not be used as the sole basis for any financial decision.

The information and views expressed are based on sources believed to be reliable as of the date of publication, but their accuracy and completeness cannot be guaranteed and may change without notice. Any examples are for illustrative purposes only and do not represent actual recommendations or outcomes. References to tax rules are general; tax laws and regulations are subject to change, and their application can vary widely depending on individual circumstances.

All investments involve risk, including the possible loss of principal. Past performance, market conditions, or economic trends do not guarantee and are not reliable indicators of future results. Before making any investment or financial decision, you should consider your personal situation and consult with a qualified investment adviser, and, where appropriate, a professional tax or legal adviser.

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