Year-End Financial Prep Starts Earlier Than You Think

Many year-end financial moves must be completed by December 31, not in March when taxes are due. This short video breaks down the key steps that can impact your 2025 planning and beyond. If you want to stay ahead and avoid last-minute pressure, it’s worth reviewing this now.

Topics Discussed:

• Plan holiday spending early

• Maximize 529 contributions

• Finalize charitable giving

• Evaluate Roth conversion options

• Avoid tax-season surprises

Transcript:

Hey everybody. I'm Russell Rivera, founder and president of Voice Wealth Management, and this is Sidewalk Talk. Well, we're getting to the end of the year, but I know it's pretty warm right now today, but we're getting to November and December and it's really time to start thinking about end of the year financial topics that need to be taken care of. I know so many people who wait until March when it's time to file taxes, but of course, for a lot of things it's too late. Sure, you can make IRA contributions at that time or maybe take some FSA expenses at that time, but for the most part, everything ends at the calendar year. We all know about how you have to make charitable contributions before the end of the year, but at the same time, there are other things that you can do in order to set yourself up for a good 2026 and have fewer problems maybe when it comes to tax time.

So first of all is think about your holiday spending budget. This is the time to do that. As much as the commercials have already started for getting you to spend big this holiday season. Where are you set up in order to make sure you can spend well and not end up in a situation where maybe you overspent and you're spending the first month or two of 2026 catching up because you overspent more than what you had and was you budgeted.

Separately, 529 contributions. If you have any of those, those need to be done before the calendar changes. Get those if you're eligible for a tax deduction, getting those things done matters tremendously. Obviously, people know about charitable contributions and how those might be eligible for a tax deduction, and of course, everybody knows those need to be done by December 31st.

And of course, there are other things as well that might take a little bit more time. Maybe you've considered a Roth conversion and maybe this is a good year because your income's down a little bit and you don't really know until this new year whether or not it makes sense and how much you should move. So this is a good time to think about that as well, and maybe you need a consultation. That's what we can help with. So reach out, give us a call, and so we can help you get all of your 2025 financial matters closed and in a good place before the end of the year comes. I'm Russell Rivera, founder and president of Voice Wealth Management. Thanks for joining us for Sidewalk Talk and we'll see you next time.

Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.