Most tax planning has to happen before December 31 — once the calendar flips, the year's facts are locked in. A few moves are still worth making in the final weeks.
Maxing out a 401(k) or contributing to an HSA lowers taxable income immediately and only requires a payroll or account change before year-end. If you hold taxable investments, selling losers to offset gains realized earlier in the year (tax-loss harvesting) can reduce or eliminate capital-gains tax, as long as you avoid the 30-day wash-sale rule on repurchasing the same security.
If you are self-employed and near a bracket threshold, timing when you invoice clients or pay deductible business expenses can shift income between this year and next. None of these moves require a full financial overhaul — just a decision made before the 31st instead of in April, when it is too late.
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