Fall Financial Planning: Why Now is the Time to Prep

As summer winds down and fall schedules fill up with school events, holidays, and year-end deadlines, financial planning can easily slip to the bottom of the list. But September and October are two of the best months to review your finances and take action before the rush of the holiday season. Starting now ensures you have time to make adjustments that can save money, reduce tax stress, and set you up for a stronger start to the new year. 

Here are a few smart moves to consider this fall: 
 

1. Review Your Withholding and Estimated Taxes 
If you’ve had changes in income this year—whether from a raise, job change, or side business—it’s important to check your tax withholding. Making adjustments now helps you avoid an unexpected bill (or penalty) come April. 
 

2. Max Out Retirement Contributions 
Fall is a great time to check on your retirement accounts. Can you increase your 401(k) contributions before year-end? Are you eligible for a traditional or Roth IRA contribution? Even a small increase now can make a big difference long-term, and contributions may reduce your taxable income. 
 

3. Consider a Roth Conversion 
If your income is lower this year or you want to take advantage of current tax brackets, converting part of a traditional IRA to a Roth IRA could be a smart move. Roth accounts grow tax-free and withdrawals in retirement aren’t taxed, making them a powerful planning tool. 
 

4. Look at Tax-Loss Harvesting 
Do you have investments that haven’t performed as well as expected? Selling them at a loss could offset capital gains elsewhere in your portfolio. This strategy—known as tax-loss harvesting—can help lower your overall tax liability while rebalancing your investments. 

5. Don’t Forget Charitable Giving  
Fall is also a great time to plan for charitable contributions. Whether it’s cash donations, appreciated stock, or even required minimum distributions (RMDs) directed to charities, giving before year-end may provide a valuable tax deduction while supporting causes you care about. 

6. Catch-Up Contributions 
If you’re 50 or older, don’t miss the opportunity to make catch-up contributions to your retirement accounts. For 2025, you can put an extra $7,500 into your 401(k) or $1,000 into an IRA. These contributions can both boost your savings and lower your taxable income. 

Don’t Wait Until December 
Financial planning isn’t just a once-a-year activity—it’s a year-round process. By taking action now, you give yourself time to make meaningful changes without the pressure of the year-end crunch. 

At Freedom Tax & Accounting, we help individuals and business owners create strategies that work in real life, not just on paper. From retirement planning to tax strategies, we’re here to make sure you head into the new year with confidence. 

📅 Ready to get started? Contact us today to schedule your fall financial review session.