Tax Planning Checklist for Filing by April 15, 2025

As the April 15 tax filing deadline approaches, many professionals, executives, and business owners find themselves overwhelmed. Between managing high-stakes projects, running businesses, traveling for work, and making time for family and social commitments, tax preparation often takes a backseat.

For many, tax season is a scramble—hunting for W-2s, 1099s, business expense records, and charitable donation receipts, all while trying to juggle their already packed schedules. Instead of being proactive about tax strategies, they often find themselves reacting to their tax bill after the fact, missing valuable opportunities to reduce their tax burden.

The reality is that taxes are one of the biggest expenses professionals and business owners face—and just like any other expense, they should be strategically managed. The good news? There’s still time to make impactful tax moves before the filing deadline.

Last-Minute Tax Moves to Reduce Your 2024 Tax Bill

While most tax-saving strategies had to be completed by December 31, 2024, there are still important actions you can take to reduce your tax liability before filing.

1. Contribute to Retirement Accounts (If Eligible)

✔ Traditional IRA Contributions (Deadline: April 15, 2025)

• Contribute up to $7,000 (or $8,000 if age 50+) to a Traditional IRA and potentially deduct it from taxable income.

✔ SEP IRA Contributions (For Self-Employed Individuals) (Deadline: Tax Filing, Including Extensions)

• If self-employed, you can contribute up to 25% of net earnings, with a max of $69,000 for 2024.
• These contributions are fully deductible and can significantly lower taxable income.

✔ HSA Contributions (If Enrolled in a High-Deductible Health Plan) (Deadline: April 15, 2025)

• Contribute up to $4,150 (individual) or $8,300 (family) and deduct contributions from taxable income.
• If age 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

2. Maximize Tax Deductions & Credits

✔ Review Charitable Contributions

• If you made charitable donations in 2024 but did not document them, gather receipts to claim deductions.
• If age 70½ or older, confirm whether you made Qualified Charitable Distributions (QCDs) from an IRA.

✔ Determine if You Qualify for the Child Tax Credit

• Up to $2,000 per child, subject to income phase-outs.

✔ Claim Education-Related Tax Credits

• American Opportunity Credit (for undergraduate students, up to $2,500)
• Lifetime Learning Credit (for continuing education, up to $2,000)

✔ Check for Home Energy Efficiency Credits

• If you installed solar panels, upgraded insulation, or replaced HVAC systems in 2024, you may qualify for tax credits.

✔ Deduct Student Loan Interest

• Up to $2,500 in student loan interest may be deductible.

3. Optimize Capital Gains & Losses

✔ Use Prior-Year Capital Loss Carry-forwards

• If you harvested losses in 2023, they can offset any 2024 capital gains.
• You can also deduct up to $3,000 in losses against ordinary income.

✔ Confirm Tax Treatment of Any 2024 Investment Sales

• If you sold investments, determine whether they qualify for lower long-term capital gains rates (0%, 15%, or 20%).

✔ Review Estimated Tax Payments (If Self-Employed or Have Large Investments)

• If you underpaid estimated taxes in 2024, confirm whether penalties may apply.
• The IRS waives some penalties if 90% of taxes were paid through withholdings or estimated tax payments.

4. Ensure Business Owners Take Advantage of Last-Minute Deductions

✔ Fund a SEP IRA (Deadline: April 15 or Tax Filing with Extensions)

• Contribute up to $69,000 (2024 limit) to reduce taxable income.

✔ Confirm Deductible Business Expenses

• Ensure home office, business mileage, travel, and client entertainment expenses are documented for deduction.

✔ Take Advantage of QBI Deduction (If Eligible)

• If you own a pass-through business (LLC, S-Corp, or Sole Proprietorship), you may be able to deduct up to 20% of qualified business income (QBI).

✔ Finalize Payroll and Employee Benefit Contributions

• Ensure any employee bonuses, retirement contributions, or profit-sharing payments are properly accounted for.

What to Gather for Your Tax Preparer or Financial Advisor

Pulling together the right tax documents ensures an accurate and efficient tax filing. Use this checklist to organize your records before meeting with your CPA, tax preparer, or financial advisor.

Personal Information

✔ Full Legal Names & Social Security Numbers for all dependents
✔ Filing Status: Single, Married, Head of Household
✔ Bank Information: For direct deposit refunds

Income-Related Documents

✔ W-2s from all employers
✔ 1099s (for self-employed, contract work, rental income, dividends, or investment income)
✔ K-1 Forms (for income from partnerships, S-corps, or trusts)
✔ Rental Property Income (if applicable)
✔ 1099-INT/1099-DIV (for interest and dividend income)
✔ 1099-B (for stock sales or investment transactions)
✔ Alimony Received (if applicable)

Deductions & Credits

✔ IRA Contributions (Traditional, Roth, SEP, SIMPLE IRA)
✔ HSA Contributions & Distributions
✔ Medical Expenses (if itemizing deductions)
✔ Mortgage Interest & Property Tax Statements (1098)
✔ Charitable Contribution Receipts
✔ Student Loan Interest (Form 1098-E)
✔ Education Expenses (Form 1098-T for tuition credits)
✔ Childcare Expenses (Name, Address, and EIN of Provider)
✔ Moving Expenses (if Military)

Business Owners & Self-Employed Tax Documents

✔ Profit & Loss Statement for 2024
✔ Business Expense Receipts (home office, vehicle mileage, travel, meals, equipment)
✔ Payroll & Employee Benefits Records
✔ Retirement Plan Contributions (Solo 401(k), SEP IRA, SIMPLE IRA)
✔ Estimated Tax Payments Made in 2024

Investment & Real Estate Tax Documents

✔ 109-R for Retirement Distributions
✔ 1099-Q for 529 Plan Distributions
✔ 1099-S (if you sold a home or rental property)
✔ Schedule K-1 (if you’re a partner in a business or receive trust income)
✔ Cost Basis & Sale Proceeds for Any Investments Sold
✔ Rental Property Income & Expenses

Final Steps Before Filing

✔ Confirm Your Estimated or Final Tax Payment (If Owed)
✔ Check for Any Carry-forward Losses or Unused Deductions
✔ Consider Filing an Extension (If Needed)

• Use Form 4868 to extend the filing deadline to October 15, 2025.
• Note: You must still pay any owed taxes by April 15 to avoid penalties.

Don’t Wait—Plan Now to Reduce Your Tax Bill!

The weeks leading up to April 15, 2025 are crucial for filing accurately, claiming deductions, and minimizing taxes owed. The earlier you gather documents and meet with your advisor, the better positioned you are to reduce your tax burden and avoid last-minute surprises.

Need help navigating tax strategies or making final contributions before filing? Contact Gatewood Wealth Solutions today for a customized tax planning review!

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risk including loss of principal. No strategy assures success or protects against loss.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

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