--- title: "The Thanksgiving Checklist: 7 Financial Things You’ll Be Thankful You Did This Year" description: This Thanksgiving, get ahead with a 7-step financial checklist to close the year strong. For professionals and business owners focused on long-term financial success. image: https://marketing.jvraccounting.com/hubfs/Thanksgiving.png --- - [Call Us: (301) 228-9510](tel:3012289510) - [Email: info@jvraccounting.com](mailto:info@jvraccounting.com) [![Logo with BoB](https://marketing.jvraccounting.com/hs-fs/hubfs/Logo%20with%20BoB.png?width=400&height=100&name=Logo%20with%20BoB.png "Logo with BoB")](https://jvraccounting.com) - [HOME](https://jvraccounting.com) - [ABOUT US](https://jvraccounting.com/about-us/) - [SERVICES](https://jvraccounting.com/services-listview/) - [BUSINESS CONSULTING](https://jvraccounting.com/services-listview/business-consulting/) - [BUSINESS MANAGEMENT](https://jvraccounting.com/services-listview/business-management/) - [ESTATE PLANNING](https://jvraccounting.com/services-listview/estate-planning/) - [TAX SERVICE AND PREPARATION](https://jvraccounting.com/services-listview/tax-service-and-preparation/) - [ACCOUNTING](https://jvraccounting.com/services-listview/accounting/) - [STRATEGIC PLANNING](https://jvraccounting.com/services-listview/strategic-planning/) - [NEWS](https://marketing.jvraccounting.com/jvr-blog) Press ENTER to search or ESC to exit [FREE CONSULTATION](https://jvraccounting.com/contact-us/) [FREE CONSULTATION](https://jvraccounting.com/contact-us/) - [HOME](https://jvraccounting.com) - [ABOUT US](https://jvraccounting.com/about-us/) - [SERVICES](https://jvraccounting.com/services-listview/) - [BUSINESS CONSULTING](https://jvraccounting.com/services-listview/business-consulting/) - [BUSINESS MANAGEMENT](https://jvraccounting.com/services-listview/business-management/) - [ESTATE PLANNING](https://jvraccounting.com/services-listview/estate-planning/) - [TAX SERVICE AND PREPARATION](https://jvraccounting.com/services-listview/tax-service-and-preparation/) - [ACCOUNTING](https://jvraccounting.com/services-listview/accounting/) - [STRATEGIC PLANNING](https://jvraccounting.com/services-listview/strategic-planning/) - [NEWS](https://marketing.jvraccounting.com/jvr-blog) --- - [Call Us: (301) 228-9510](tel:3012289510) - [Email: info@jvraccounting.com](mailto:info@jvraccounting.com) # The Thanksgiving Checklist: 7 Financial Things You’ll Be Thankful You Did This Year Posted by James Rizzo on Nov 1, 2025 ![\The Thanksgiving Checklist: 7 Financial Things You’ll Be Thankful You Did This Year\](https://marketing.jvraccounting.com/hubfs/Thanksgiving.png) # Thanksgiving Financial Checklist As the holidays approach, it’s easy to get swept up in travel plans, year-end deadlines, and gift lists. But November isn’t just a time for reflection—it’s a window of opportunity. Before you carve the turkey and kick off the holiday season, take a moment to check in on your financial strategy. This **Thanksgiving financial checklist** includes seven smart moves you can still make before year-end. They’ll help reduce your tax burden, increase clarity, and set you up for a more successful 2026. When April rolls around, these are the decisions you’ll be thankful you made today. ## **✅ 1. Revisit Your Tax Withholding and Estimated Payments** If you’ve had a strong income year, expanded your business, or received unexpected gains, now is the time to **review your withholding and quarterly tax payments**. Underpaying could lead to IRS penalties, while overpaying ties up cash that could be working for you. Use November to: - Adjust your W-4 if you’re an employee with supplemental income - Recalculate Q4 estimated taxes (due in January) - Confirm payments align with new income or capital gains A quick check-in now can prevent a tax-time scramble later. ## **✅ 2. Lock in Year-End Deductions and Business Expenses** If you’re a business owner, self-employed professional, or contractor, November is a great month to make strategic business purchases that count toward this year’s deductions. Consider: - Buying necessary equipment or software - Prepaying for services, subscriptions, or rent - Accelerating professional development expenses - If retired, take your RMD Distribution Just make sure the purchase is made and the service is received—or the item placed in use—by December 31 to qualify. ## **✅ 3. Maximize Retirement Contributions** There’s still time to increase contributions to retirement accounts before the end of the year. These pre-tax contributions reduce your taxable income and grow your long-term wealth. Make sure you’re taking full advantage of: - **401(k) plans** – Up to $23,500 for those under 50, and for those 50 or older have a $7,500 “catch-up” contribution for a total contribution for $31,000. For those 60-63, there is an $11,250 “super catch-up” contribution for a total contribution of $34,750. - **Traditional IRAs** – Contributions may be deductible depending on your income - **SEP IRAs or Solo 401(k)s** – For business owners or freelancers Check your year-to-date totals and, if possible, bump up contributions in your remaining pay periods. ## **✅ 4. Evaluate Charitable Giving Strategies** Giving Tuesday isn’t the only reason to support nonprofits in November. Charitable donations can also reduce your taxable income if you itemize deductions. Smart giving strategies include: - Donating **appreciated securities** instead of cash - Setting up or funding a **Donor-Advised Fund (DAF)** - Making **Qualified Charitable Distributions (QCDs)** from IRAs if over 70½ Not only do these strategies help causes you care about—they can reduce your tax liability while making a real difference. ## **✅ 5. Review Capital Gains and Harvest Losses** Have you sold investments for a profit this year? If so, November is a key time to **review your portfolio** and offset those gains with any potential losses. Tax-loss harvesting can: - Offset up to $3,000 of ordinary income - Reduce net capital gains - Allow you to reposition your portfolio for 2026 Just be mindful of the **wash-sale rule**—you can’t repurchase the same or substantially identical investment within 30 days of selling it for a loss. ## **✅ 6. Schedule Your Year-End Tax Planning Meeting** If you haven’t already, now is the time to book a **year-end planning session** with your JV Rizzo & Co. These meetings can uncover final opportunities to: - Adjust income or expense timing - Take advantage of credits or deductions - Plan distributions, bonuses, or buyouts - Maximize your annual gift-giving of $19,000 tax-free to family members Waiting until late December can mean rushed decisions and missed chances. November offers enough runway to make deliberate, strategic choices. ## **✅ 7. Reflect on What Worked—and What Didn’t** Thanksgiving is a time to pause and reflect. Before the new year arrives, take stock of your financial wins and lessons learned in 2025. Ask yourself: - Did I hit my savings or business profit goals? - Were there financial surprises I can plan for better next year? - Am I making progress on my long-term wealth or retirement plan? A moment of honest reflection now can lead to a sharper, more focused 2026. ## **Final Thoughts: Gratitude for Proactive Planning** Financial clarity isn’t about scrambling at tax time. It’s about creating **rhythms of review, action, and alignment** throughout the year—especially in the final stretch. By checking off the items on this list, you ensure your financial decisions this year support your success in the next. Take a deep breath, enjoy the season, and know that you’ve taken intentional steps toward your financial goals. Now that’s something to be thankful for. **Need help finishing the year strong?** [Schedule your year-end financial strategy](https://jvraccounting.com/request-a-consultation/) session with James V. Rizzo & Company today—and head into the holidays with clarity and confidence. ## Explore for more JVR Blog ### Find The Solution That Best Fits Your Business [CONSULT WITH US](https://jvraccounting.com/contact-us/) --- [![Logo\_light](https://marketing.jvraccounting.com/hs-fs/hubfs/Logo_light.png?width=400&height=150&name=Logo_light.png "Logo_light")](https://jvraccounting.com) Founded in 1988, James V. 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