Reviewing finances is essential in preparing for the end of the year. Key preparations include contributing to retirement accounts before year-end to reduce taxable income, maximizing deductions such as medical expenses or business costs, reviewing investment gains or losses to manage capital gains tax, and documenting charitable donations for tax credits. Businesses should also assess payroll and estimated tax payments because, as we know, proactive planning now helps minimize surprises later.
Article by Hailee Sage
Photography by Hailee Sage