The final stretch of the year always hits with a strange mix of holiday excitement and mild financial panic. Suddenly, you’re juggling gift lists, travel plans, and the nagging realization that tax season is right around the corner waving a clipboard in your face. This is the moment when smart decisions make a massive difference, and tiny mistakes can cost you big if you’re not paying attention.
There are a few clever moves you can still make—right now—that can save you serious money and keep your future self from yelling at you in April. Before the year officially closes, it’s time to shift into alert mode and check off these five tax tricks you’ll absolutely regret skipping.
1. Max Out Your Retirement Accounts Before The Clock Runs Out
Most people think retirement contributions are something to “get around to later,” but later tends to vanish once holiday chaos kicks in. Contributing to eligible retirement accounts before year-end can lower your taxable income in ways that feel like cheating (but aren’t). Even a small bump in your contribution can shave hundreds off your tax bill without changing your lifestyle.
This one step basically lets you pay your future self while paying the government less, which feels like a win-win every time. If you want next tax season to sting a whole lot less, this trick belongs at the top of your to-do list.
2. Harvest Your Losses Before They Expire On You
Tax-loss harvesting sounds like something only Wall Street people talk about, but it’s actually a simple move anyone with investments can use. If you have stocks or funds that dipped this year, selling them at a loss can offset gains elsewhere and reduce your taxable income. It’s like turning financial lemons into tax lemonade, except the lemonade reduces what you owe the IRS.
The trick is making these moves before December 31, because once the new year starts, those losses won’t apply the same way. If you skip this, you might end up paying taxes you didn’t need to, and nobody wants that kind of regret.
3. Make Strategic Charitable Donations While They Still Count
A well-timed charitable donation does more than warm your heart—it can seriously shrink your tax liability. Whether it’s cash, clothing, household goods, or even appreciated assets, those contributions add up quickly when used correctly. The difference between donating on December 31 and donating on January 1 is a full year of deduction opportunities. That’s why last-minute giving sprees aren’t just generous—they’re financially brilliant. If you’re planning to help others anyway, doing it before the year ends makes both emotional and fiscal sense.
4. Check Your Withholding Before It Backfires
Many people don’t realize they’ve been under-withholding all year until it’s too late and their refund disappears—or worse, they end up owing. A quick check now can reveal whether you need to adjust your last few paychecks or prepare for a different outcome in the spring. If you’ve switched jobs, gotten a raise, or taken on freelance work, updating your withholding can save you from a painful surprise. Even small adjustments can keep your tax situation balanced and predictable. Ignoring this is a fast track to unexpectedly writing a large check to Uncle Sam.
5. Use Your Flexible Spending Account Before The Money Evaporates
Flexible Spending Accounts are incredible—until you forget the “use it or lose it” part. Most FSAs require you to spend the funds by the end of the year, or you risk watching that hard-earned money disappear into the financial abyss. This is the moment to grab receipts, schedule medical appointments, or finally buy that pair of glasses you’ve been putting off. It’s shocking how many people lose out simply because they didn’t do a quick year-end sweep of their reimbursable expenses. Don’t let your own money vanish because you forgot to submit a few forms.
Don’t Let Year-End Creep Up On You
The final weeks of the year always come at full speed, and tax prep isn’t usually the thing anyone wants to think about. But knocking out these simple, strategic moves can save you real money and eliminate the stress bomb waiting for you at tax time. Every tip here is practical, doable, and designed to give you maximum benefit before the year resets. Your finances deserve a strong finish, and you deserve a smoother, less painful tax season.
Have you used any of these tricks before, or learned a tax lesson the hard way? Write about your stories, thoughts, or advice in the comments for others to learn.
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The post Alert Phase: 5 Tax Tricks You’ll Regret Ignoring Before Year-End appeared first on The Free Financial Advisor.
