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I recently joined Purse Strings’ “Money Talks” conversation with co-founders, Dr. Barbara Provost and Maggie Nielsen. We delved into how key life events (retirement, loss of a spouse, divorce, etc.) can dramatically shift not just your lifestyle, but your tax picture and financial safety net. I walked through strategies to proactively manage taxes, safeguard your assets, and stay flexible over time.
Check it out here 👇:
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Year-End Tax Planning Checklist for 2025
💬 From Episode 75:
"October and November are the best time to sit down and work through your year-end tax plan—before life gets busy with the holidays—so you can take meaningful action and keep more of what you’ve worked so hard to earn." - Eric Blake The final months of the year are the perfect time to review your finances and take action before December 31st.
New tax laws bring both opportunities and risks, making this year’s planning even more important.
In this episode, I walk through my year-end tax planning checklist to help you understand the key areas that can impact your retirement, your taxes, and your long-term goals. I explain how to approach contributions, distributions, and deductions strategically while also touching on family gifting and estate considerations.
Tune in to learn:
- Why reviewing your tax plan in October and November helps maximize opportunities before the year ends
- How to use retirement accounts, Roth IRAs, and HSAs to reduce taxes and grow long-term wealth
- The importance of required minimum distributions (RMDs) and qualified charitable distributions (QCDs)
- Family gifting strategies and the unique advantages of 529 contributions
- Deduction changes, charitable giving rules, and new provisions under the current tax law
- And more!
You can catch every episode of The Simply Retirement Podcast on the website - or on your favorite podcast app.
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Related Links & Resources
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This Week's Free Retirement Resource
👉 What Issues Should I Consider Before the End of the Year?
The end of the year provides a number of planning opportunities and issues you need to be aware of. Year-end topics can include tax planning, investment and retirement accounts, charitable giving, cash flow and savings, insurance, and estate planning.
In this checklist, we cover a number of planning issues that you need to consider prior to year-end to ensure you stay on track, including:
- Various issues surrounding investment and retirement accounts, including matching capital gains against any investment losses in taxable investment accounts and confirming that all RMDs are taken.
- Tax planning issues, including strategies dependent upon your prospects for higher or lower income in the future. You will also want to review where you sit relative to your tax bracket, as this is a good time to make moves to fill out brackets for the current year that also might prove beneficial down the road.
- If you are charitably inclined, there are several strategies that will also help reduce your tax liability that can be considered based on your situation.
- If you own a business, tax reform has created some potential opportunities surrounding pass-through income from your business to your personal return. Accelerating or deferring business expenses presents another solid planning opportunity.
- It’s wise to review your cash flow situation as you near year-end to see if you can fund a 529 plan for children or grandchildren or to see if you can save more in an employer-sponsored retirement plan like a 401(k).
This comprehensive checklist outlines the key year-end planning issues that you or your financial advisor should discuss to ensure you consider and capitalize on opportunities in the current year and beyond.
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Have more questions about retirement planning? Just hit reply to this email. I read and respond to every message. 😃
Keeping Retirement Simple,
Eric Blake, CFP®
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
All investing involves risk including loss of principal. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.
Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither Blake Wealth Management nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of Blake Wealth Management. They do not necessarily represent those of RFG Advisory, their employees, or their clients.
This commentary should not be regarded as a description of advisory services provided by Blake Wealth Management or RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC ("RFG Advisory" or "RFG") a registered investment advisor. Blake Wealth Management and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.
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