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Your Financial Harvest
Here in the Midwest, we know a good harvest doesn’t happen by accident. It takes planning, patience, and knowing when to take action. The same holds true for your finances, and as the year winds down, now’s the time to bring in the fruits of your hard work and make sure nothing is left in the field.
A little preparation before December 31st can help reduce your tax burden, strengthen your retirement plan, and set you up for success in 2026 and beyond.
Here are 10 smart financial moves to consider before year-end:
Check Your Required Minimum Distributions (RMDs)
If you’re at RMD age or inherited an IRA, double-check that you’ve taken the correct amount before year-end. Missing a withdrawal could mean steep penalties — a little attention now can save a big headache later.
If you’re at RMD age or inherited an IRA, double-check that you’ve taken the correct amount before year-end. Missing a withdrawal could mean steep penalties — a little attention now can save a big headache later.
Consider a Roth Conversion
If your income is lower this year or you expect higher taxes in the future, a Roth conversion might be a smart move. You’ll pay taxes today but gain tax-free income down the road — like planting next season’s crop for a future harvest.
If your income is lower this year or you expect higher taxes in the future, a Roth conversion might be a smart move. You’ll pay taxes today but gain tax-free income down the road — like planting next season’s crop for a future harvest.
Put Market Dips to Work with Tax-Loss Harvesting
If some investments are down, selling them to offset capital gains can help reduce your tax bill. Be sure to follow the IRS’s “wash sale” rule to maintain compliance.
If some investments are down, selling them to offset capital gains can help reduce your tax bill. Be sure to follow the IRS’s “wash sale” rule to maintain compliance.
Give Back While Giving Smart
Charitable giving can make a meaningful impact while helping your tax picture. Consider donating appreciated assets, establishing a donor-advised fund, or making Qualified Charitable Distributions (QCDs) from your IRA if you’re over 70½.
Charitable giving can make a meaningful impact while helping your tax picture. Consider donating appreciated assets, establishing a donor-advised fund, or making Qualified Charitable Distributions (QCDs) from your IRA if you’re over 70½.
Review Your Deductions
If you itemize, it may make sense to prepay deductible expenses, such as property taxes or a January mortgage payment, before the end of the year.
If you itemize, it may make sense to prepay deductible expenses, such as property taxes or a January mortgage payment, before the end of the year.
Use or Lose: Spend Remaining FSA Dollars
If you have a Flexible Spending Account, check your balance now. Many plans don’t roll over unused funds, so schedule that checkup or stock up on eligible items before December 31st.
If you have a Flexible Spending Account, check your balance now. Many plans don’t roll over unused funds, so schedule that checkup or stock up on eligible items before December 31st.
Maximize Your HSA and Retirement Contributions
If you have an HSA, IRA, or 401(k), review your contributions. Catch-up contributions (for those 50+) can make a big difference — and they’re tax-deductible, too.
If you have an HSA, IRA, or 401(k), review your contributions. Catch-up contributions (for those 50+) can make a big difference — and they’re tax-deductible, too.
Update Your Estate and Beneficiaries
Ensure that your estate documents, including wills and beneficiary designations, are up to date. Life changes — like marriages, births, or losses — can impact how your legacy is distributed.
Ensure that your estate documents, including wills and beneficiary designations, are up to date. Life changes — like marriages, births, or losses — can impact how your legacy is distributed.
Review College or Family Gifting Plans
You can give up to $18,000 per person in 2025 without triggering gift taxes. It’s a great way to help children or grandchildren while reducing your taxable estate.
You can give up to $18,000 per person in 2025 without triggering gift taxes. It’s a great way to help children or grandchildren while reducing your taxable estate.
Meet with Your Financial Professional Before Year-End
Before the year’s out, review your overall financial picture. It’s the best way to ensure your investments, taxes, and long-term goals all align heading into 2026.
Before the year’s out, review your overall financial picture. It’s the best way to ensure your investments, taxes, and long-term goals all align heading into 2026.
Bring in the Harvest with Confidence
A great harvest doesn’t happen by chance; it happens because of steady care throughout the season. By taking these steps now, you can ensure your financial plan is well-positioned for whatever comes next year.
If you’d like to review your year-end strategy, our team at Premier Investment Services is here to help you make the most of what you’ve worked so hard to grow.
Frequently Asked Questions
Should I consider a Roth conversion this year?
If your income is unusually low or tax rates are expected to rise, converting part of your IRA may make sense. We can help you calculate the tax impact and determine if it fits your overall plan.
If your income is unusually low or tax rates are expected to rise, converting part of your IRA may make sense. We can help you calculate the tax impact and determine if it fits your overall plan.
What’s the best way to give to charity in a tax-smart way?
Donating appreciated securities or making Qualified Charitable Distributions (QCDs) from an IRA can be more efficient than cash gifts, especially if you don’t itemize deductions.
Donating appreciated securities or making Qualified Charitable Distributions (QCDs) from an IRA can be more efficient than cash gifts, especially if you don’t itemize deductions.
How do I balance investment gains and losses before year-end?
Tax-loss harvesting can offset capital gains and reduce taxable income — but it requires careful execution to avoid IRS wash-sale violations. We’ll help you review your portfolio to ensure it’s done right.
Tax-loss harvesting can offset capital gains and reduce taxable income — but it requires careful execution to avoid IRS wash-sale violations. We’ll help you review your portfolio to ensure it’s done right.
Additional Disclosure
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.