Broker Check
Don’t Miss These Key Year-End Tax Deadlines

Don’t Miss These Key Year-End Tax Deadlines

| December 13, 2022
Share |

Finding time to focus on year-end tax deadlines can be difficult amidst all of the holiday hubbub.

However, missed opportunities can be costly and affect your future well-being for years to come.

To end the year on the right financial footing, review the checklist below. If you need to wrap up some year-end planning issues, we are here to help you implement the right financial strategies and refer you to trusted tax professionals for your situation.

Keep these year-end tax deadlines top of mind1

  • Offset capital gains through tax-loss harvesting (be sure to avoid violating wash sale rules)

  • Contribute to a health savings account (HSA) if you are not enrolled in Medicare and have a qualifying high deductible health plan (HDHP)

  • Take your required minimum distributions (RMDs) if you’re age 72 or over2

  • Consider if a Roth conversion is right for you. December 31 is the last day to convert a traditional IRA to a Roth IRA for the 2022 tax year.

  • Work with your tax professional to help reduce your alternative minimum tax (AMT) liability, if applicable
    If you will itemize on your 2022 return, determine if you can accelerate deductions into this tax year, such as qualified unreimbursed medical expenses; deductible amounts must exceed 7.5% of your adjusted gross income for 2022

  • Fund charitable giving with cash donations and/or appreciated stock

  • Make annual gifts (the annual gift exclusion amount for 2022 is $16,000 per recipient for individual taxpayers, and $32,000 for married couples filing jointly. While there is no limit on the number of recipients you can gift to, any gift above the exclusion amount is subject to taxes.

  • Consider a qualified charitable distribution (QCD) from an IRA, up to $100,0003

  • Fund 529 education savings plans for your beneficiaries

If you’re still working:

  • Maximize contributions to employer-sponsored retirement plans, such as 401(k) and 403(b) plans. (Remember, you have until April 18, 2023, to make IRA contributions for tax year 2022.)

  • Review your income tax withholding and make any necessary adjustments for 2023

Keep in mind, this is not a complete list of year-end tax strategies. 

Have questions or want a personal consultation? Set one up with our office here.

We are here to help!

_ _ _


Give Thought to Making Thoughtful Gifts

2022 Tax Changes: Brackets, Limits & Thresholds

2022 Financial Wrap-Up Checklist

_ _ _

1 All deadlines are December 31, 2022, unless otherwise noted.
2 For the first year following the year you reach age 72, you will generally have two required distribution dates (April 1 and December 31). For each year after your required beginning date, you must withdraw your RMD by December 31. Visit for specific rules and deadlines.
3 Strict rules apply. Consult with a tax professional before initiating a QCD.

Image by Gerd Altmann from Pixabay 

Share |