If you’re like most people, you view the coming new year as a chance for a fresh start. You don’t have to rush to finalize your taxes before you ring in the new year. However, taking a few minutes to draw up a tax-preparation checklist may help you find some clarity.
At Truvium Wealth Management, we help our clients create customized tax-preparation checklists and plan for the future. Here’s what you should know.
Examine Your Retirement Contribution Strategy
If you aren’t yet retired, it’s not a bad idea to revisit your retirement contribution strategy at the end of each year. Here are some general tips to keep in mind:
- Contribute as much as possible to employer-sponsored accounts.
- Keep a mix of taxed, tax-advantaged, and tax-free accounts.
- Consider a health savings account (HSA) if you have a high-deductible health plan.
If you’re retired and have to start taking required minimum distributions (RMDs) from your tax-advantaged accounts in 2026, we recommend getting in touch with us as soon as possible. We can help you create a plan to keep your RMD taxes to a minimum as part of your tax-preparation checklist.
Create Your Tax-Preparation Checklist
For many, navigating taxes is a headache. Unless you’re one of the few brave souls willing to tackle the 1040 alone, you probably have the help of an experienced advisor. Even if your tax prep is relatively hands-off, it may help to consider the following:
- All tax-loss harvesting transactions must be done by December 31.
- 401(k) contributions must be made by December 31.
- IRA contributions must be made by April 18.
- If you want a charitable gift to be tax-deductible for 2025, you must make the gift by December 31.
Because the end of the year is approaching quickly, it might be worth asking your financial advisor for a “pro forma” tax return. This is a tax return that’s prepared ahead of time to give you an idea of what your taxes might look like in April. In some situations, creating a pro forma return can be an important part of a tax-preparation checklist.
If you and your financial advisor look closely at the pro forma return, you may still be able to make changes that impact your 2025 return. If not, you can still take action to improve your 2026 tax situation.
Take a Look at Your Investment Strategy
Going through your tax-preparation checklist at the end of the year is a good idea, but it isn’t everything. Conducting a general financial planning review (and getting in touch with us to help you fine-tune, if necessary) may help you enter 2026 on firm footing.
One of the most important parts of your financial planning review is your investment strategy. As you look over your portfolio, ask yourself the following:
- Have my investment goals shifted over the past year?
- Has my risk tolerance changed?
- Has my portfolio drifted from its target asset allocation?
- Are any investments noticeably underperforming?
You don’t have to redesign your investment strategy alone. However, when you have the answers to these questions, you are better able to discuss your portfolio and your tax-preparation checklist with your financial advisor.
Setting Yourself Up for Success in 2026
If you feel like you’ve fallen short of your financial goals this year, 2026 offers a chance to start anew. At Truvium Wealth Management, we aim to help our clients truly understand their finances so they can make sound decisions.
Whether you want to draw up a tax-preparation checklist, review your financial plan, or both, we’re here for you.
Contact us today with your questions about who we are and what we do. To schedule a meeting, call (877) 277-2751 or email info@truviumwealth.com.
Frequently Asked Questions About Tax Preparation
1. What should be included in a tax-preparation checklist?
A thorough tax-preparation checklist should include reviewing your retirement contributions, verifying key tax deadlines, gathering income and deduction documents, and checking on strategies like tax-loss harvesting or charitable giving. It’s also smart to request a pro forma tax return from your advisor to anticipate your potential tax liability.
2. Why is it important to update my tax-preparation checklist before the end of the year?
Updating your tax-preparation checklist before December 31 helps ensure you don’t miss important deadlines for contributions, deductions, or tax-saving opportunities. Reviewing your plan early allows you to make timely adjustments that could improve both your 2025 return and your 2026 tax outlook.
3. How can a financial advisor help with my tax-preparation checklist?
A financial advisor can tailor your tax-preparation checklist to your specific situation—helping you manage RMDs, optimize investment decisions, and coordinate your overall financial strategy. At Truvium Wealth Management, we guide clients through each step to help reduce tax surprises and support long-term financial goals.
About Scott
Scott Gegerson is the President of Truvium Wealth Management, a holistic financial planning firm based in Garden City, New York, serving individuals and business owners nationwide. He develops personalized financial plans and builds lasting client relationships grounded in trust and education. Since starting his career as a financial planner in 2001, Scott has been dedicated to helping clients grow and preserve their wealth. His passion stems from personal family experiences with poor financial planning, inspiring him to help his clients avoid similar pitfalls.
With a bachelor’s degree from Villanova University and the CERTIFIED FINANCIAL PLANNER® designation, Scott leads Truvium’s comprehensive approach to wealth management. He brings together advisors, attorneys, CPAs, and other professionals to create cohesive, streamlined financial strategies. His clients appreciate the firm’s white-glove service, personalized guidance, and commitment to alleviating financial stress.
Based in Rockville Centre, NY, Scott is a devoted father and active community member, helping out with his kids’ sports and volunteering locally. He enjoys golf, skiing, surfing, and leading a healthy lifestyle. Scott is also committed to cancer research through the Leukemia & Lymphoma Society, honoring his parents’ memory. To learn more about Scott, connect with him on LinkedIn.