The 12 Days of Tax Savings

The holidays are here, and while you’re decking the halls and wrapping presents, don’t forget to give yourself the gift of smart tax planning. At Lucrum Legal Accounting™, we believe tax savings should be simple, practical, and maybe even a little festive.

So pour some cocoa, hum along to your favorite holiday tune, and enjoy our 12 Days of Tax Savings — quick tips to make your season brighter and your tax bill lighter.

🎁 Day 1: Max Out Retirement Contributions

Put extra into your 401(k), IRA, or Solo 401(k). It’s one of the easiest ways to reduce taxable income while saving for the future.

🎁 Day 2: Give the Gift of Cash — Tax-Free

Remember the $18,000 annual gift exclusion (2025). Gifting now can reduce your estate and spread holiday cheer.

🎁 Day 3: Charitable Giving

Donations to qualified charities are deductible. Even better — give appreciated stock instead of cash and avoid capital gains.

🎁 Day 4: Harvest Tax Losses

If some investments didn’t perform well, consider selling them to offset gains elsewhere. A year-end portfolio cleanup can reduce taxes.

🎁 Day 5: Accelerate Business Expenses

Stock up on supplies or prepay certain expenses before December 31. It may reduce this year’s taxable income.

🎁 Day 6: Review Your Withholding & Estimates

Check your tax payments before year-end. Adjust now to avoid penalties or surprises in April.

🎁 Day 7: Energy-Efficient Upgrades

Going green can pay off! Certain home improvements and EV purchases may qualify for energy tax credits.

🎁 Day 8: Consider a Roth Conversion

Strategically converting traditional retirement funds to a Roth IRA can lock in today’s tax rates and grow tax-free for the future.

🎁 Day 9: Pay Family Through Payroll

If family members help in your business, paying wages (instead of gifts) may create deductions for you and income-shifting benefits for them.

🎁 Day 10: Use Your FSA Dollars

Flexible Spending Accounts are “use it or lose it.” Schedule medical or dental appointments now so the money doesn’t go to waste.

🎁 Day 11: Check Your Business Structure

S Corp? Partnership? LLC? The right entity choice can make a big difference in taxes. Year-end is a perfect time to evaluate.

🎁 Day 12: Schedule a Tax Strategy Session

The best gift you can give yourself? Peace of mind. A year-end planning session with your CPA ensures you’re making the most of these strategies.

The Lucrum Bottom Line

The holidays are all about giving — but don’t forget to give yourself the gift of tax savings. From charitable donations to smart payroll and investment moves, there are plenty of ways to trim your tax bill before the year wraps up.

At Lucrum Legal Accounting™, we help attorneys and entrepreneurs uncover every opportunity to stabilize cash, position tax, and grow wealth.

🎄 Ready to put these tax-saving tips into action? Let’s make your next year the most profitable yet.