5 Tax Planning Moves to Make in the New Year
Discover five key tax planning moves—from charitable giving to estate strategies—to help minimize taxes and grow after-tax wealth
As we start the new year, thoughtful tax planning can play a big role in protecting and growing your wealth. High-net-worth individuals often have unique opportunities—and potential pitfalls—when it comes to minimizing taxes. The earlier you start evaluating your strategies, the more flexibility you’ll have to make impactful decisions.
Here are five smart tax planning considerations to review early in the year:
1. Optimize your charitable giving strategy
Beyond writing a check, consider tax-efficient ways to give—such as donating appreciated stock, using a donor-advised fund (DAF), or “bunching” multiple years of gifts into one tax year to exceed the standard deduction threshold.
2. Evaluate retirement plan opportunities
Review your contribution limits for defined contribution plans, such as 401(k)s and IRAs, or cash balance plans. High-income earners may also want to explore backdoor Roth IRA conversions or coordinate contributions between personal and business retirement plans.
3. Manage capital gains and losses strategically
Consider strategies for offsetting large capital gains—like tax-loss harvesting or timing the sale of appreciated assets. For illiquid investments or private equity positions, planning ahead for liquidity events can help manage tax exposure.
4. Review portfolio tax efficiency
Not all investments are taxed equally. Reassess where assets are held—tax-advantaged vs. taxable accounts—to make sure you’re making the most of tax-efficient vehicles such as municipal bonds, ETFs, and index funds.
5. Revisit your estate and gifting strategy
Annual gift exclusions, lifetime exemptions, and potential legislative changes can all affect your long-term plan. Early-year reviews allow you to align your estate strategy and consider techniques like GRATs, intrafamily loans, or trust funding while exemptions remain favorable.
To help you stay organized, we’ve created a simple 2026 Tax Planning Checklist. It highlights these five key areas plus a few bonus reminders to revisit throughout the year.
You can download it here: 2026 Tax Planning Checklist
By taking time now to review these strategies, you can position yourself to make informed decisions all year long—and take control of your after-tax wealth growth.
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