Year-End Tax Planning Checklist for 2025 (Ep. 75)

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.

Key points:

• 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!

Resources:

• Get Your FREE Simply Retirement Roadmap 
• End-of-Year Planning Issues Checklist
• #48 – How to Pay Taxes in Retirement: What You Need to Know
• #54 – How Social Security Gets Taxed: What You Need to Know
• #57 – 7 Ways to Access Retirement Funds Early Without a Penalty
• #65 – How the New Tax Law Could Impact Your Retirement

Connect with Eric Blake: 

• www.TheSimplyRetirementPodcast.com
• Join the Simply Retirement Newsletter
• Ask a Question or Suggest a Topic for the Podcast
• Blake Wealth Management
• YouTube 

Roth IRA earnings grow tax-free, and qualified withdrawals are also tax-free, provided certain conditions are met (e.g., the account has been open for at least 5 years and you are age 59½ or older, or meet another qualifying condition). Eligibility to contribute to a Roth IRA phases out at higher income levels. Non-qualified withdrawals of earnings may be subject to income taxes and a 10% early withdrawal penalty. Converting a traditional IRA or other tax-deferred account to a Roth IRA is a taxable event and may increase your current-year tax liabili