The Final Quarter Playbook: Last Moves That Still Matter
Clients and Friends,
As the year winds down, November is our final opportunity to take meaningful action before the books close. The next few weeks are about tightening strategy; aligning income, deductions, and contributions while you still can.
This month, we’re looking at key year-end adjustments that still make a difference for individuals, and practical preparation steps for businesses as they move toward filing season. Thoughtful planning now can prevent surprises later.
INDIVIDUAL FEATURE
Pre–Year-End Adjustments That Save
Last-minute moves that still make an impact.
November isn’t just a time for reflection, it’s a final window for proactive decisions that affect your 2025 return. Even small, strategic steps now can translate into meaningful savings by April.
Here are several areas to review before year-end:
- Maximize retirement contributions. 401(k) deferrals for 2025 cap at $23,500, plus a $7,500 catch-up for those over 50. IRA and HSA contributions remain open into April, but employer plan deferrals close with December payrolls.
- Harvest losses strategically. Realizing investment losses can offset capital gains and up to $3,000 of ordinary income. Just be mindful of the 30-day wash-sale rule (selling an investment for a loss and replacing it with the same or a “substantially identical” investment 30 days before or after the sale)
- Plan your charitable giving. Bunching multiple years of donations or contributing to a donor-advised fund can elevate your deduction and philanthropic impact.
- Time your deductions and income. Paying state estimates, property taxes, or business expenses early or delaying a bonus until January can make a measurable difference.
Further Reading:
- Fidelity – 401(k) Contribution Limits for 2025
- Charles Schwab – Tax-Loss Harvesting
- Fidelity Charitable – How Donor-Advised Funds Work
- Holzberg – Year End Tax Moves for 2025
BUSINESS FEATURE
Preparing for Filing Season: Records, Deadlines, and Documentation
Clean books mean confident filings.
For business owners, the end of the year is less about wrapping up and more about setting the stage for a new year and upcoming tax returns. Clear, accurate records make tax preparation smoother and protect you in the event of an audit.
Key focus areas for November:
- Reconcile financial accounts. Match every bank, credit card, and loan balance to your general ledger. Small discrepancies compound quickly during tax prep.
- Prepare payroll and 1099s. Confirm employee data, fringe benefit reporting, and W-9 collection for all vendors and contractors.
- Clean intercompany and loan activity. Adjust shareholder loans, intercompany transfers, or reimbursements so they reflect true balances.
- Retain and archive properly. Keep at least seven years of accounting and payroll records, and permanent retention for corporate governance documents.
Further Reading:
- Withum – The Year End Close Process
- IRS – Understanding Form 1099-K, 1099-MISC, and 1099-NEC
- IRS – Recordkeeping for Businesses
PLANNING TIP OF THE MONTH
Document your wins and lessons.
Before the year closes, take ten minutes to note what worked and what didn’t: deadlines met, reconciliations missed, or systems that need improvement. Next year’s smoother workflow starts with this year’s reflections.
Organization is the best investment in efficiency.
Coming Next Month
- Individual: The 2026 Transition: Preparing for Tax Law Changes
- Business: Strategic Cash Management and Bonus Timing
As always, thank you for reading and staying engaged.
If you’d like to review your year-end strategy or run final projections before December 31, our team is here to help.
The Aiken Warner Team
Aiken Warner PLLC, CPAs
Fairfax, VA | (703) 591-1040 | aikenwarner.com
