---
title: "The Power 8: Smart Year-End Tax Moves!"
description: "Master year-end taxes with 'The Power 8': smart strategies like deferring income, retirement tweaks, paycheck withholding, and savvy tax planning!"
---

[Learning Center](https://media.insognacpa.com/blog)

# [The Power 8: Smart Year-End Tax Moves!](https://media.insognacpa.com/blog/smart-year-end-tax-moves)

 Written by [Chase Insogna, CPA](https://media.insognacpa.com/blog/author/chase-insogna-cpa) | Dec 7, 2023 9:16:23 PM

Year-end is right around the corner, but there are a few smart tax-saving moves you can make, including these Power 8. 

## Check Your Paycheck Withholding

Hey, check your paycheck withholding. Too much? Hello, refund! Too little? Hello, surprise bill from Uncle Sam! Aim for a break-even to make your money work harder, not the government.

## Defer Your Income

Got a bonus coming? See if you can push it to next year and lower your tax bill. Self-employed and filing accrual basis? Consider delaying those invoices to your customers.

## Adjust Retirement Account Contributions

Boost those pre-tax retirement contributions and save on taxes. Or look at maxing out your ROTH contributions by year-end. But remember, this money is for your golden years, so only boost if you have extra cash lying around.

## RMDs for the 73+ Club

If you're 73 or older, don't forget to make your RMD withdraw from your retirement accounts by Dec 31st! Miss it, and Uncle Sam hits you with a hefty penalty. No one wants that.

## Use Your Gift Tax Exclusion

Feeling generous? Use your $17,000 exclusion to give money to each person without Uncle Sam dipping into it. Stay under the radar of the IRS's gift grab.

## Maximize Tax Deductions and Credits

Pay property taxes and January's mortgage early for deductions. Donating big? Itemize for tax breaks. Going electric? Enjoy those EV credits. And finish those eco-friendly home upgrades!

## Consider a Roth Conversion

Switch to a Roth for tax-free growth and withdrawals. It's a savvy move but chat with a pro first. Keep those dollars away from the taxman!

## Consult a Tax Professional

End-of-year tax planning? Get a tax pro on your side, [like us](https://media.insognacpa.com/general-tax-contact-0)! Make smart moves, cut your tax bill, and stride into tax season like a boss.

[View full post](https://media.insognacpa.com/blog/smart-year-end-tax-moves)

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