As the year draws to a close, it’s a natural time to pause and check in on your financial picture. One of the most valuable conversations you can have is with your CPA—and it doesn’t have to be complicated. A handful of intentional questions can go a long way in making sure you finish the year strong and set yourself up well for the next.
Here are five questions I encourage clients to ask before the calendar flips.
1. Am I On Track with My Taxes?
Start with the basics. Ask whether your current withholding and estimated tax payments are where they need to be. If there’s a shortfall, you still have time to make adjustments before December 31.
2. Should I Shift Income or Deductions?
Timing matters. In some cases, it makes sense to move income or deductions into the following year. Your CPA can help you determine if deferring or accelerating certain items is a smart move for your situation.
3. Have I Maxed Out My Retirement Contributions?
This is a straightforward but often overlooked question. Check whether you’ve taken full advantage of your 401(k), IRA, or other retirement accounts. Even a last-minute contribution can make a difference for both your future and your tax bill.
4. Are There Any New Credits or Deductions I Should Know About?
Tax laws change, and sometimes valuable credits or deductions slip through the cracks simply because they’re new or unfamiliar. Ask your CPA if anything has changed this year that might apply to you.
5. Are There Smart Year-End Moves I Can Make Around Giving?
The end of the year is often a natural time for generosity. Charitable gifts, family gifts, or even early estate-planning steps can all play a role in your financial strategy. Your CPA can help you think through what fits best.
Wrapping Up
These five questions can spark a productive conversation with your CPA that helps identify opportunities as you head into the new year. A little intentional review now can help you feel confident, prepared, and ready for what’s ahead.