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Fall Is the Perfect Time for Year-End Tax Planning

As the leaves turn and the year winds down, fall brings more than just cooler weather and holiday planning—it’s also the ideal time to think about year-end tax strategies. By acting now, individuals and business owners can take advantage of opportunities to reduce taxable income, maximize deductions, and avoid surprises when filing in April.

Why Plan Now?

Waiting until December—or worse, tax season—limits your options. Many strategies, such as retirement plan contributions or charitable giving, need to be completed before December 31. Planning in the fall allows you to review your financial picture, identify potential savings, and implement strategies with less stress.

Key Strategies for Individuals

  • Maximize Retirement Contributions: Contribute to 401(k)s, IRAs, or HSAs before year-end to reduce taxable income.

  • Harvest Investment Losses: Sell underperforming investments to offset gains and reduce capital gains tax.

  • Consider Charitable Giving: Donating cash or appreciated assets before December 31 can provide valuable deductions.

  • Review Withholdings: Ensure your tax withholdings align with your expected liability to avoid underpayment penalties.

Key Strategies for Small Businesses

  • Accelerate Expenses: Prepay expenses or purchase needed equipment before year-end to capture deductions.

  • Take Advantage of Section 179 and Bonus Depreciation: Deduct or depreciate qualifying equipment purchases in the current year.

  • Defer Income Where Possible: Delay invoicing until January to reduce this year’s taxable income.

  • Review the Qualified Business Income (QBI) Deduction: Ensure your business qualifies and consider strategies to maximize the 20% deduction.

Don’t Forget Upcoming Tax Law Changes

Some provisions of the Tax Cuts and Jobs Act are set to sunset after 2025, including the higher standard deduction and lower individual tax rates. Year-end planning today can position you to take advantage of favorable rules while they’re still available.

Final Word

A proactive approach to tax planning in the fall can mean significant savings when you file next spring. Reach out to your service team at Accavallo & Company now to review your unique situation and take the right steps before year-end.

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CHRISTINA IMPERIOLI

Supervisor, CPA

Christina Imperioli is a Supervisor at Accavallo & Company, LLC, where she specializes in the preparation and review of individual and business tax returns across a variety of industries. With a focus on accuracy, client service, and technical expertise, she plays a key role in helping clients navigate complex tax matters.

She began her career as a Staff Accountant at The Innovative CPA Group, quickly rising through the ranks to Senior Accountant and ultimately Supervisor, demonstrating a strong commitment to professional growth and leadership.

Christina is a Certified Public Accountant and an active member of both the Connecticut Society of CPAs (CTCPA) and the American Institute of Certified Public Accountants (AICPA). She holds a Bachelor of Business Administration in Financial Accounting from Western Connecticut State University.

Throughout her career, she has worked with clients in the real estate, construction, and retail sectors, bringing valuable insight and industry-specific knowledge to every engagement.

Outside of work, she enjoys traveling with her husband and son, spending time with her three dogs—two rescues named Cole and Indigo, and a Brussels Griffon named Louie—and exploring local bookstores. Christina is a passionate reader and podcast enthusiast, she often listens to new episodes during her daily commute.

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Sherri Fisher is a Tax Manager at Accavallo & Company, LLC.  Sherri has longstanding expertise in Trust and Estate Taxation, Eldercare, and Estate planning. Sherri appreciates the relationships she has built with estate planning attorneys and advisors, to provide a team approach to assisting her clients. Sherri also has seasoned experience in business and individual taxation and is partial to assisting start-ups in developing overall accounting and operating plans.

Prior to joining Accavallo & Company, LLC, Sherri was a manager in a large firm, servicing high net worth trust clients, business, and personal clients. She was also a Partner in a large bookkeeping firm, which specialized in cloud accounting systems for regional and national companies. Sherri led a team in assisting clients to organize their accounting systems.  She is a graduate of Florida Atlantic University with a B.S. degree in Accounting.    

Sherri’s experience includes working with companies and organizations in a variety of industries including:

  • Investment Trusts

  • DAPT and Family Investment Partnerships

  • Estate and Probate Administration

  • E-Commerce

  • Manufacturing

  • Construction

  • Real Estate Investment

  • Marketing and Service-based industries

In addition to her professional accomplishments, Sherri is an Intuit Advanced Pro Advisor, Intuit Future Firm Advisory Board member, member of the Valley WIN Network, and proudly served as past Connecticut Public School liaison for the Yale Tommy Fund for Childhood Cancer. Sherri enjoys time with her family, Cleveland sports, thrifting and gardening.