Tammy Vasilatos CPA, LLC

ITEMS TO CONSIDER BEFORE 12-31-25

1. For itemizers, may want to make 2025 and 2026 charitable donations by 12-31-25 before the .5% limitation kicks in 1-1-26. Consider gifting appreciated stock for even a bigger impact or Donor Advised Funds to allow deduction of multi-year donations in one year.

2. Non non-itemizers, make cash charitable donations before 12-31-25. You can deduct up to $1,000 per person.

3. Contribute to your Individual retirement Account before 4-15-26.

4. Contribute to your Health Savings Account before 4-15-26.

5. Review your stock portfolio and harvest any stock losses. You can re-buy the same stock after 30 days. Losses can offset capital gains on stock sales or capital gain distributions from mutual funds. $3,000 of excess losses can be deducted and the remainder carried forward indefinitely.

6. Add Financial records to your Emergency Plan

7. Consider gifting to family members of up to $19,000 per person if you have a taxable estate over $15,000,000.

8. Fully fund your 401K plan as allowed by the plan.

9. Consider converting a traditional IRA to a ROTH before year end.

10. Ensure that you take any Required Minimum Distributions from your own or an inherited IRA.

11. Consider purchasing equipment if you have a Schedule C business to take advantage of 100% bonus depreciation.

12. Do you have a Will? Or do you need to make changes?

13. If you itemize your deductions, pay your property taxes by 12-31.

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