Do you engage in tax-loss harvesting? That’s the practice of taking capital losses (selling securities worth less than what you first paid for them) to manage capital gains. Consider that up to $3,000 of capital losses in excess of capital gains can be deducted from ordinary income, and any remaining capital losses above that amount can be carried forward to offset capital gains in upcoming years.¹ Consult your financial advisor for personalized guidance if considering tax-loss harvesting.

As the year wraps up, evaluate whether itemizing deductions or opting for the standard deduction is more advantageous. The standard deduction for the 2023 tax year has risen to $13,850 for single filers and $27,700 for joint filers.² Now is a good time to gather your receipts and financial documents to make an informed decision aligned with your goals.

Thinking of making charitable contributions? Consider donating to qualified charities or non-profit organizations before the year ends. Your gift may qualify as a tax deduction. For some gifts, you may be required to itemize deductions.³ 

Take a moment to review your estate strategy. Verify beneficiary designations and ensure your assets are structured to go where you want them to, should you pass away. Additionally, check your will to ensure it remains valid and up-to-date.

Review the amount withheld on your W-4 form. If you find that you've withheld too little, adjusting before year-end can prevent surprises during tax season. The IRS offers a free tax withholding estimator here.