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Top 8 Year-End Tax Tips

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 • November 28, 2023 3:18 PM
OVERVIEW

Learn these top 8 year-end tax tips in order to maximize your tax refund or minimize the taxes you owe.

 

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Key Takeaways

• To avoid paying taxes in the near term on certain income—bonuses, self-employment billings, or capital gains—defer taking them until the end of tax year, if you can.

• If you expect to be in a higher tax bracket next year, don’t defer income. If possible, you should accelerate it so you can pay tax on it in a lower bracket.

• To lower your tax bill, you can accelerate deductions by paying deductible expenses or making contributions to tax-deferred retirement accounts or charities by the end of the tax year.

• You can sell losing investments before the end of the year to offset any taxable gains you have realized during the year—a strategy known as tax loss harvesting. If your losses exceed your gains, you can use up to $3,000 of excess loss to wipe out other income.

Act before December 31 to increase your tax breaks

Whether you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may be able to save a bundle on your taxes if you make the right moves before the end of the year.

1. Defer your income

Income is taxed in the year it is received—but why pay tax today if you can pay it tomorrow instead?

It's tough for employees to postpone wage and salary income, but you may be able to defer a year-end bonus into next year—as long as it is standard practice in your company to pay year-end bonuses the following year.

If you are self-employed or do freelance or consulting work, you have more leeway. Delaying billings until late December, for example, can ensure that you won't receive payment until the next year.

Whether you are employed or self-employed, you can also defer income by taking capital gains in 2024 instead of in 2023.

Of course, it only makes sense to defer income if you think you will be in the same or a lower tax bracket next year. You don't want to be hit with a bigger tax bill next year if additional income could push you into a higher tax bracket. If that's likely, you may want to accelerate income into 2023 so you can pay tax on it in a lower bracket sooner, rather than in a higher bracket later.

2. Take some last-minute tax deductions

Just as you may want to defer income into next year, you may want to lower your tax bill by accelerating deductions this year.

For example, contributing to charity is a great way to get a deduction. And you control the timing.

Tax years 2020 and 2021 had special deductions for charitable contributions even if taking the standard deduction. For 2021, this amount is up to $600 per tax return for those filing married filing jointly and $300 for other filing statuses. In 2020 you could deduct up to $300 per tax return of qualified cash contributions.

  • You can supercharge the tax benefits of your generosity by donating appreciated stock or property rather than cash.
  • Better yet, as long as you've owned the asset for more than one year, you get a double tax benefit from the donation: You can deduct the property’s market value on the date of the gift and you avoid paying capital gains tax on the built-up appreciation.

You must have a receipt to back up any contribution, regardless of the amount. (The old rule that you only had to have a receipt to back up contributions of $250 or more is long gone.) Other expenses you can accelerate include:

  • an estimated state income tax bill due January 15
  • a property tax bill due early next year
  • or a doctor or hospital bill.

But speeding up deductions could be a blunder if you're subject to the alternative minimum tax, as discussed below.

Don’t miss out on valuable tax deductions if you can itemize rather than claiming the standard deduction. According to the IRS, about 75% of taxpayers take the standard deduction, but could be missing out on valuable tax deductions if they can itemize.

  • If your qualifying expenses exceed the standard deduction, which in 2023 is $13,850 if you are single, or $27,700 if you’re married filing jointly, then you likely should maximize your deductions and itemize.
  • Don’t worry about figuring out if you can itemize or should take the standard deduction. TurboTax will figure it out for you based on your answers to simple questions about your deductible expenses.

If you're on the itemize-or-not borderline, your year-end strategy should focus on bunching. This is the practice of timing expenses to produce lean and fat years. In one year, you cram in as many deductible expenses as possible, using the tactics outlined above. The goal is to surpass the standard-deduction amount and claim a larger write-off.

In alternating years, you skimp on deductible expenses to hold them below the standard deduction amount because you get credit for the full standard deduction regardless of how much you actually spend. In the lean years, year-end planning stresses pushing as many deductible expenses as possible into the following year when they'll have more value.

 


 

TurboTax Tip: Remember that contributions to flexible spending accounts must be used by the end of the tax year or else you will forfeit the excess.

 


 

3. Beware of the Alternative Minimum Tax

Sometimes accelerating tax deductions can cost you money… if you're already in the alternative minimum tax (AMT) or if you inadvertently trigger it.

Originally designed to make sure wealthy people could not use legal deductions to drive down their tax bill, the AMT is now increasingly affecting the middle class.

The AMT is figured separately from your regular tax liability and with different rules. You have to pay whichever tax bill is higher.

This is a year-end issue because certain expenses that are deductible under the regular rules—and therefore candidates for accelerated payments—are not deductible under the AMT.

  • State and local income taxes and property taxes, for example, are not deductible under the AMT. So, if you expect to be subject to the AMT in 2023, don’t pay the installments that are due in January 2024 in December 2023.

4. Sell loser investments to offset gains

A key year-end strategy is called “loss harvesting”—selling investments such as stocks and mutual funds to realize losses. You can then use those losses to offset any taxable gains you have realized during the year. Losses offset gains dollar for dollar.

And if your losses are more than your gains, you can use up to $3,000 of excess loss to wipe out other income.

If you have more than $3,000 in excess loss, it can be carried over to the next year. You can use it then to offset any 2023 gains, plus up to $3,000 of other income. You can carry over losses year after year for as long as you live.

5. Contribute the maximum to retirement accounts

There may be no better investment than tax-deferred retirement accounts. They can grow to a substantial sum because they compound over time free of taxes.

Company-sponsored 401(k) plans may be the best deal because employers often match contributions.

Try to increase your 401(k) contribution so that you are putting in the maximum amount of money allowed ($22,500 for 2023, $30,000 if you are age 50 or over). If you can’t afford that much, try to contribute at least the amount that will be matched by employer contributions.

Also consider contributing to an IRA.

  • You usually have until the April 15, 2024 filing deadline to make IRA contributions, but the sooner you get your money into the account, the sooner it has the potential to start to grow tax-deferred.
  • Making deductible contributions also reduces your taxable income for the year.
  • You can contribute a maximum of $6,500 to an IRA for 2023, plus an extra $1,000 if you are 50 or older. Use our IRA Calculator to see how much you can contribute.

If you are self-employed,  a good retirement plan might be a Keogh plan. These plans must be established by December 31 but contributions may still be made until the tax filing deadline (including extensions) for your 2023 return. The amount you can contribute depends on the type of Keogh plan you choose.

6. Avoid the kiddie tax

Congress created the "kiddie tax" rules to prevent families from shifting the tax bill on investment income from Mom and Dad's high tax bracket to junior's low bracket.

  • For 2023, the kiddie tax taxes a child's investment income above $2,500 at the same rates as the parents.
  • If the child is a full-time student who provides less than half of his or her support, the tax usually applies until the year the child turns age 24.

So be careful if you plan to give a child stock to sell to pay college expenses. If the gain is too large and the child’s unearned income exceeds $2,500, you could end up paying taxes at the same rates as you do.

7. Check IRA distributions

You typically have to start making regular minimum distributions from your traditional IRA by April 1 of the following year in which you reach age 73 (70 1/2 if you reached 70 1/2 prior to January 1, 2020). Minimum distribution requirements were suspended for 2020 but they are once again required for 2021 and beyond. Failing to take out enough triggers one of the most draconian of all IRS penalties:

  • A 50% excise tax on the amount you should have withdrawn based on your age, your life expectancy, and the amount in the account at the beginning of the year.
  • After that, annual withdrawals must be made by December 31 to avoid the penalty.

When you make withdrawals, consider asking your IRA custodian to withhold tax from the payment. Withholding is voluntary, and you set the amount, but opting for withholding lets you avoid the hassle of making quarterly estimated tax payments.

Important note: One of the advantages of Roth IRAs is that the original owner is never required to withdraw money from the accounts. The required minimum distributions apply to traditional IRAs.

8. Watch your flexible spending accounts

Flexible spending accounts, also called flex plans, are fringe benefits which many companies offer that let employees steer part of their pay into a special account which can then be tapped to pay child care or medical bills.

The advantage is that money that goes into the account avoids both income and Social Security taxes. The catch is the notorious "use it or lose it" rule. You have to decide at the beginning of the year how much to contribute to the plan and, if you don't use it all by the end of the year, you forfeit the excess.

With year-end approaching, check to see if your employer has adopted a grace period permitted by the IRS, allowing employees to spend 2023 set-aside money as late as March 15, 2024. If not, you can do what employees have always done and make a last-minute trip to the drug store, dentist or optometrist to use up the funds in your account.

The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020 as a stimulus measure to provide relief to those affected by the pandemic. The CAA allows employers to extend healthcare FSA and dependent care FSA grace periods for up to 12 months into the following plan year for plan years ending in 2020 and 2021.

However, there is currently not an extension of time to use FSA money for 2023.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2023 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Report Center, for audited individual returns filed with TurboTax Desktop for the current 2023 tax year and, for individual, non-business returns, for the past two tax years (2021, 2022). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee – Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we’ll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Tax Savings Guarantee – Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt.

TURBOTAX DESKTOP

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees may apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connectivity.

  • Fastest Refund Possible: Fastest federal tax refund with e-file and direct deposit; tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: Sum of $3140 is the average refund American taxpayers received based upon IRS data date ending 02/17/23 and may not reflect actual refund amount received.

  • TurboTax Product Support: Customer service and product support hours and options vary by time of year.

  • #1 Best Selling Tax Software: Based on aggregated sales data for all tax year 2022 TurboTax products.

  • Deduct From Your Federal or State Refund (if applicable): A $40 Refund Processing Service fee may apply to this payment method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2021 and higher) and QuickBooks Desktop (2021 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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