5 Smart Tax Moves to Make Before Year-End
🧠 5 Smart Tax Moves to Make Before Year-End
As the holidays approach, it’s easy to push tax planning to the back burner. But November and December offer powerful opportunities to lower your tax bill, boost retirement savings, and avoid costly surprises. At Keens Tax Service, we help Oklahoma taxpayers make smart, timely decisions — before the clock runs out.
1️⃣ Fine-Tune Your Withholding
If you’ve had a change in income, family status, or deductions this year, now’s the time to review your Form W-4. Adjusting your withholding can help you:
- Avoid underpayment penalties
- Reduce a surprise tax bill
- Maximize your refund
Use the calculator to check your numbers. Then submit an updated W-4 to your employer before year-end.
2️⃣ Max Out Retirement Contributions
Contributing to retirement accounts before December 31 can reduce your taxable income and grow your nest egg.
- 401(k): You can contribute up to $23,000 in 2025 (plus $7,500 if you’re 50+)
- Traditional IRA: Contributions are deductible if you meet income limits
- Roth IRA: While not deductible, earnings grow tax-free
💡 Tip: Even small increases in contributions now can compound over time. If you received a raise or bonus, consider directing part of it to retirement.
3️⃣ Use Up Flexible Spending Accounts (FSAs)
If you have a medical or dependent care FSA, check your balance. Many plans require you to spend the funds by December 31, or you risk losing them.
Eligible expenses include:
- Copays and prescriptions
- Dental and vision care
- Therapy and mental health services
Some employers offer a grace period or limited rollover — but don’t count on it. Schedule appointments or stock up on eligible items now.
4️⃣ Make Charitable Donations
Giving back feels good — and it can reduce your tax bill. To qualify for a deduction:
- Donate to IRS-recognized nonprofits
- Keep receipts or acknowledgment letters
- Consider donating appreciated assets (like stock) for extra tax benefits
🧾 If you itemize, charitable gifts can be deducted up to 60% of your adjusted gross income. Even if you don’t itemize, some taxpayers may qualify for a limited above-the-line deduction.
5️⃣ Review Income and Deductions
Year-end is the perfect time to assess your overall tax picture. Consider:
- Deferring income (if you expect to be in a lower bracket next year)
- Accelerating deductions (like medical expenses or property taxes)
- Selling investments to harvest losses and offset gains
📊 A quick check-in with Keens Tax Service can help you make strategic decisions based on your unique situation.
🧾 Bonus: Watch for 1099-K Changes
If you sell items online or use platforms like Venmo or PayPal for business, keep an eye on Form 1099-K thresholds. While the $600 reporting rule has been delayed until 2026, thresholds for 2025 may still impact small businesses and side hustlers.
We’ll help you track income and prepare for future changes — so you’re never caught off guard.
🤝 Why Keens Tax Service Is Your Year-End Ally
We offer:
- 📅 Personalized tax planning sessions
- 🔍 Withholding reviews and retirement strategy
- 🧾 Secure document uploads and encrypted communication
- 💬 Support for Oklahoma-specific deductions and credits
Whether you’re wrapping up the year or prepping for 2026, we’re here to help you file smarter, save more, and stress less.