Honolulu Tax Planning Services - Maximize your Retirement Savings while Reducing Taxable Income 💰 Schedule Consultation 808-468-8041
- Diamond Head Tax Group OAHU Blogger
- Nov 15
- 7 min read
Updated: Nov 17
As the year comes to a close, there are several strategies you may want to review that could positively impact your tax situation—especially with recent changes to the tax laws. Here are some key considerations while there’s still time:
Maximize Retirement Contributions and Reduce Taxable Income
There’s still an opportunity to contribute to employer retirement plans, such as a 401(k). Each year has a contribution limit, and unused amounts cannot be carried over. Notable updates include:
Special catch-up contributions for those aged 60–63 have increased to $11,250 (up from $7,500). Take advantage if applicable.
Starting in 2026, those with incomes over $125,000 can only make catch-up contributions to Roth accounts, so plan carefully for this year and next.
Leverage the Increased Itemized Deduction Cap
The new cap for itemized deductions has increased to $40,000 (up from $10,000). This may affect your approach to itemizing your return this year.
Plan Year-End Charitable Contributions
Changes to the tax law may allow you to deduct more this year. Consider:
Donating appreciated stock held for more than a year directly to a qualified charity or through a donor-advised fund.
If you are 70½ or older, making a qualified charitable distribution (QCD) from a retirement account can reduce taxable income. In 2025, the QCD limit is $108,000 ($216,000 for married couples) and can also satisfy required minimum distributions—consult a professional to ensure it’s done correctly.
Review Investments for Capital Gains and Losses
You can offset capital gains with losses, and up to $3,000 of net capital losses can offset ordinary income, helping reduce your overall tax liability.
Take Advantage of Kiddie Tax Rules and Gift Limits
A child can earn up to $2,700 of unearned income at their lower tax rate. Additionally, you can gift up to $19,000 per taxpayer this year.
Maximize Contributions to Medical Accounts
Contributions to Health Savings Accounts (HSAs) provide tax-free savings for qualified medical, dental, and vision expenses, and unused balances roll over year to year.
While Medical Savings Accounts (MSAs) have less flexibility, review your options now to avoid losing tax-free funding opportunities.
Prepare for Tax-Free Tips and Overtime Pay
Confirm your eligibility for tax-free tips and overtime pay well before year-end. Employers are not required to break these out on W-2s or 1099s in 2025, so ensure your records are accurate.
Estimate Tax Liability and Make Final Payments
Consider:
Tax-free tips and overtime pay
The new $6,000 senior deduction ($12,000 for qualifying couples)
Current tax withholdings and any adjustments needed
Other tax law changes affecting your situation (e.g., interest on new car loans)
Evaluate Retirement Account Rollovers
Consider converting tax-deferred retirement accounts into Roth accounts if it aligns with your tax strategy.
Get Organized for Tax Filing
Prepare by:
Listing expected W-2s and 1099s
Reviewing tax withholdings
Issuing any required tax forms (especially for household employees)
Organizing all relevant tax records
If you have questions about these strategies, seek guidance. Proper documentation and compliance are essential to ensure you maximize potential tax savings.
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As Honolulu continues to expand, we continue to be the trusted local Oahu CPA firm. We are Located in the heart of Honolulu, and are focused on delivering professional and quality CPA Services to the small businesses and residents in Honolulu, Oahu.
We are proud to offer our tax and accounting firm services that help with the financial and business needs of our clients. Whether those needs are personal or business, we are here to provide you the financial guidance you seek.
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