Shrink your taxes:
the ultimate
year-end checklist
Slay Your Taxes: The Ultimate Year-End Checklist
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Day 1
On the 1st day of Tax Planning: Max Out Your Backdoor Roth IRA
- Why It’s a Gift: Tax-free retirement growth and withdrawals forever.
- How It Works: Contribute $7,000 ($8,000 if 50+) to a traditional IRA, then convert it to a Roth IRA.
Day 2
On the 2nd day of Tax Planning: Boost Retirement Savings with a Solo 401(k)
- Why It’s a Gift: Massive tax savings and retirement growth for self-employed individuals.
- Limit: Up to $69,000 ($76,500 if 50+).
Day 3
On the 3rd day of Tax Planning: Leverage Your HSA (Health Savings Account)
- Why It’s a Gift: Triple tax benefits for healthcare now and in retirement.
- Contribution Limits (2024): $4,150 (individuals), $8,300 (families), plus $1,000 for 55+.
Day 4
On the 4th day of Tax Planning: Harvest Investment Losses
- Why It’s a Gift: Turn losses into tax wins by offsetting taxable gains and up to $3,000 of regular income.
Day 5
On the 5th day of Tax Planning: Supercharge Charitable Giving
- Why It’s a Gift: Maximize deductions and make an impact with smart donation strategies:
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- Donate appreciated stocks.
- Open a Donor-Advised Fund (DAF).
- Make Qualified Charitable Distributions (QCDs) if 70½ or older.
Day 6
On the 6th day of Tax Planning: Optimize Your QBID (Qualified Business Income Deduction)
- Why It’s a Gift: Claim up to a 20% deduction on QBI for entrepreneurs.
- Thresholds: Keep income under $364,200 (married) or $182,100 (single).
Day 7
On the 7th day of Tax Planning: Utilize Energy Efficiency Tax Credits
- Why It’s a Gift: Claim credits for green improvements like solar panels, insulation, or EVs.
Day 8
On the 8th day of Tax Planning: Make the Most of Your FSA (Flexible Spending Account)
- Why It’s a Gift: Don’t let unused pre-tax health funds go to waste.
Day 9
On the 9th day of Tax Planning: Prepay Business Expenses
- Why It’s a Gift: Deduct next year’s expenses like rent or subscriptions now to lower your 2024 taxable income.
Day 10
On the 10th day of Tax Planning: Review Estimated Tax Payments
- Why It’s a Gift: Avoid penalties and surprise bills by paying enough throughout the year.
Day 11
On the 11th day of Tax Planning: Plan for Education Savings (529 Plans)
- Why It’s a Gift: Grow funds tax-free for future education expenses, and possibly get state tax deductions.
Day 12
On the 12th day of Tax Planning: Maximize Depreciation and Bonus Depreciation
- Why It’s a Gift: If you bought business assets, claim immediate deductions under Section 179 or bonus depreciation.
What is Noyack?
Noyack is a financial ecosystem built to empower and enable young adults through two core pillars: Noyack Wealth Club and Noyack Investing Club.
Noyack Wealth Club, a 501(c)(3) nonprofit, focuses on empowerment through financial education tailored to Millennials and Gen Z, offering resources like Noyack Wealth Weekly—the #1 newsletter on personal wealth management with over 160,000 subscribers—and online learning tools.
Noyack Investing Club delivers enablement by providing access to curated alternative investments, including logistics real estate, fine art, and venture capital. In just five months, Noyack raised over $105M across four offerings, proving strong demand among younger investors.
Noyack bridges the gap for Millennials and Gen Z—helping them navigate personal wealth management, a process often fragmented, complex, and inaccessible. With the January launch of our AI-powered personal wealth management copilot in January, we’re redefining how young adults invest, plan, and grow their wealth in alignment with their values.
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