Here’s what you still have time to do

As the calendar winds down, there is still time for certain year-end tax moves — but investors need to act quickly, experts say.

With the tax season fast approaching, these tactics could boost your refund or reduce taxes owed, depending on how much you’ve already paid.

However, most planning moves must be done by Dec. 31 to count for 2025. Some exceptions include pre-tax individual retirement account or health savings account contributions, which can be made by the tax deadline in 2026.  

Keep in mind, timing could be tricky with a shortened trading day on Christmas Eve, the major exchanges closed on Christmas Day and holiday hours for some financial firms.

Many taxpayers could see bigger tax refunds in 2026 due to 2025 changes made via President Donald Trump’s “big beautiful bill.” The IRS did not update withholding tables for employers after the law was enacted, and many workers could see the benefit at tax time, experts say.

With limited time left until Dec. 31, here are a few last-minute tax strategies to consider, according to financial experts.

One popular year-end move is tax-loss harvesting, or selling losing brokerage account assets to offset portfolio gains on your tax return. If investing losses exceed profits, you can use the excess to reduce regular income by up to $3,000 per year. 

However, with the S&P 500 up nearly 17% year-to-date, as of Dec. 22, many investors won’t have 2025 brokerage account losses, experts say.

Instead, investors in lower tax brackets may consider so-called “tax-gain harvesting,” which involves strategically selling profitable assets. If your taxable income falls within the 0% capital gains bracket, you could diversify your portfolio or take profits without triggering a tax bill.

Either way, depending on your investments, there’s still enough time to harvest losses or gains before year-end.

“New Year’s Eve is a full trading day for a reason,” said certified financial planner Michael DeMassa, founder of Forza Wealth Management in Sarasota, Florida. “It doesn’t matter if it settles, as long as the trade date is [Dec. 31], it’s in the calendar year.”

Another popular year-end strategy is Roth individual retirement account conversions, which transfer pretax or nondeductible IRA funds into a Roth IRA to begin future tax-free growth.

However, income projections are important because you’ll owe upfront taxes on the converted balance. Many advisors wait until year-end for Roth conversions, when they have more precise estimates for other earnings. 

Depending on your Roth conversion strategy, the move could be “pretty quick,” according to CFP Judy Brown, who works at C&H Group in the Washington, D.C., and Baltimore area.

“We pick the highest appreciated funds in there, and we do an in-kind conversion,” which transfers the assets from one account to the other without selling, she said. “It’s good the next day.” 

However, the process could take longer if you don’t have an existing Roth IRA set up to receive the funds, said Brown, who is also a certified public accountant: “Getting accounts set up right now is probably the biggest barrier.”