3 Things to Do in November to Save on Taxes
With just a few weeks left in the year, November is the perfect time to take action on key tax-saving strategies. While it may feel like the holidays are right around the corner, there’s still time to make meaningful moves that can lower your 2025 tax bill and set you up for a strong financial finish.
Here are three simple but powerful steps to take this month.
1. Review Your Year-to-Date Income and Expenses
Whether you’re self-employed or on payroll, now’s a great time to look at how much income you’ve earned so far—and how your expenses stack up.
For business owners, this review can help you:
Identify opportunities to accelerate deductions (e.g., making purchases or paying bills before year-end)
Evaluate whether it makes sense to defer income to next year
Prepare for a potentially higher tax bill if income is up
Taking stock of your current numbers gives you a clearer picture of where you stand—and what you can still do to improve your outcome.
2. Max Out Retirement Contributions
Contributing to retirement accounts like a 401(k), traditional IRA, SEP IRA, or Solo 401(k) can reduce your taxable income.
If you haven’t maxed out your contributions yet, November is a great time to:
Check your YTD contributions and remaining limits
Increase your deferrals if you’re behind
Talk to your CPA about year-end contribution strategies
Some contributions—like SEP IRAs for self-employed individuals—can still be made next year and count for this tax year. But making them now gives you more control and time in the market.
3. Consider Charitable Contributions
If you plan to donate to nonprofit organizations this year, make those contributions before December 31 to count for your 2025 return.
A few tips:
Gifts must go to a qualified 501(c)(3) to be deductible
Appreciated stock can offer double benefits: a deduction for the fair market value and no capital gains tax
Keep documentation—especially for gifts over $250
Beyond the tax benefit, this is a great time of year to support causes you care about and make a meaningful impact.
Let’s Wrap the Year Up Right
November is a great time to check in with your CPA or tax advisor. A quick conversation now can uncover ways to save, reduce your risk of surprises, and help you go into the new year with confidence.
At Trail CPA, we’re here to help you finish the year strong—with smart, proactive planning that fits your life and your goals.
Want to review your tax plan before year-end?
Schedule a consultation with our team here. Let’s make this your most prepared year yet!