End-of-Summer Financial Reset: Preparing for Q4 Tax Planning

As summer winds down and autumn approaches, it’s the perfect time for a financial reset, to reassess your financial situation, and prepare for Q4 tax planning. With these tips and guidance from a financial professional, you can tackle Q4 tax planning with ease!

Start with a financial review

To begin, reflect on the first three quarters of the year by checking: 

• Goals- Evaluate financial goals and the progress made toward them. This assessment will provide insights into the necessary adjustments to be made.
• Budget- Analyzing the household budget aids in predicting future expenses and planning for them accordingly.
• Expenses – Review previous quarters’ expenses to identify potential cost-cutting opportunities or expenses to eliminate.
• Savings verification –  Verify savings account deposits and retirement savings contributions until now. Secondly, estimate how much to save to reach year-end savings goal and goals for retirement.

Plan a tax filing strategy

The next important step in Q4 tax planning is identifying strategies to help minimize tax liability, which can reduce taxable income and save money, which may reduce taxable income, manage tax exposure, and help limit surprises at filing time.

• Tax deductions  –  Work with financial and tax professionals to identify potential deductions, such as professional fees, healthcare expenses, or donations that you can claim. More applicable deductions may lead to a lower tax liability, depending on your specific tax situation
• Tax credits – Just like tax deductions, tax credits can significantly lower the tax bill. Depending on your situation, you may be eligible for several tax credits. Meet with financial and tax professionals to understand 2025’s tax credits.
• Retirement Contributions –  Maximize contributions to retirement accounts, as they may offer tax advantages and help you build savings for retirement.

Financial Reset

An end-of-summer financial reset provides an excellent opportunity to evaluate your financial situation, plan strategically, prepare for the Q4 tax season, and prepare for the upcoming year. Remember, tax laws can be complicated. Therefore, seek assistance from a financial or tax professional to check that you are on track toward your goals and not missing out on any potential tax-saving opportunities.

SWG4705743-0725 This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

In addition, Bee Paid-Up LLC started in 2020. We have a passion for helping people successfully retire or protect their assets from risk. We have worked for the biggest broker-dealers in the U.S. as well as the largest banks in the U.S. Our goal is to assist clients/friends understand how they may retire sooner than they thought possible. Contact us today to get started planning your ideal retirement.