End of Year Tax Checklist for Individuals by FACT Advisors

As 2025 approaches, it’s time to start preparing for the end of the year, especially when it comes to your taxes. Proper tax preparation can not only help you avoid last-minute stress but also ensure you’re optimizing deductions and minimizing your taxable income. FACT Advisors, a trusted financial services firm based in Las Vegas, has put together a simple checklist to guide you through the essential steps for a smooth tax season.

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1. Organize Your Income Documents

The first step in preparing for tax season is gathering all of your income-related documents. Make sure you have your W-2 forms from your employer, 1099s from freelance or contract work, and any other documentation showing your income for the year. This will help ensure you're reporting all the necessary information accurately.

2. Track Down Possible Deductions

Look for any deductions that can lower your taxable income. Medical expenses, education costs, and home office deductions are just a few examples of what you may be eligible to claim. Make sure to keep track of all related receipts and documents, and don't forget about potential deductions for dependents or business expenses.

3. Maximize Your Charitable Donations

Charitable contributions are a great way to reduce your taxable income. If you’ve made donations to eligible charities throughout the year, be sure to keep your receipts or confirmation letters. If you’re still looking to make a charitable donation, consider doing so before December 31 to count it for the current tax year.

4. Contribute to Retirement Accounts

Contributing to retirement accounts such as an IRA or 401(k) can help lower your taxable income for the year. If you’re not already contributing to a retirement plan, now’s the time to start. Check with your financial advisor to understand the contribution limits for the year and to ensure you're making the most of these tax-saving opportunities.

Need Help? FACT Advisors Is Here For You

Tax season doesn’t have to be stressful, and with a little planning, you can ensure your financials are in top shape. If you’re feeling overwhelmed or need expert assistance, FACT Advisors is here to guide you every step of the way. With over 15 years of international experience in financial services, FACT Advisors offers comprehensive financial solutions, including tax planning, accounting services, financial modeling, and crypto advisory. They’re committed to providing personalized attention to ensure your success in financial management.

Reach Out Today

Don’t wait until the last minute to get your taxes in order. Contact FACT Advisors today to make your tax season a breeze. Call 702-752-8872 or send an email to info@factadvisors.us for expert advice and assistance.