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Your Tax-Smart Fall Financial Checklist

Learn the tax-smart money moves you can make this fall to set yourself up for success next year and beyond. Find tips on investing, taxes, charitable giving and more.

Key Takeaways

  • Fall can be a good time to revisit your financial plans and set yourself up for success in the coming year.
  • Revisiting your asset allocation can help ensure your portfolio is on track to meet your financial goals.
  • Now may also be a good time to start preparing for the upcoming tax season as well as review your estate plan and plan your charitable and holiday giving.

As fall arrives, the changing of the season can be an ideal time to revisit your financial plans with a fresh perspective. Ask yourself: What goals do you still need to tackle this year? And which ones do you want to pursue next year?

 

As you review your finances, it also may be helpful to consider which year-end moves may have tax implications, from retirement contributions to charitable giving. Here are five moves you can make in the final months of the year to help set yourself up for future success.

  1. 1
    Plan for Your Tax Return

    Rather than waiting until filing season, use the fall to review potential tax planning moves while there may still be time to act. Whether or not you live in a state with high taxes, consider how mitigating the impact of taxation on your portfolio can help you build and sustain your wealth over time. For example, a tax-aware asset location strategy, which accounts for differences in the tax treatment of various accounts, may help increase after-tax returns. For taxable accounts, a strategy known as tax-loss harvesting can help mitigate taxes on capital gains while also maintaining your diversification goals. 

     

    If you’re working, make sure you’re fully funding your employer-sponsored retirement plan, such as a 401(k), since your contributions can be made on a pretax basis. In 2026, you can save up to $24,500 through your 401(k) plan, with up to $8,000 in additional contributions for those age 50 or older. Those age 60 to 63 may be able to make a higher catch-up contribution of $11,250 and can contribute a total of $35,750.1 Standard employee 401(k) contributions (including catch-up contributions) must be deducted from your payroll by Dec. 31, 2026.

     

    Separately, for the 2026 tax year, you can save up to $7,500 in an individual retirement account (IRA), plus an additional $1,100 if you are age 50 or older.1 You have until April 15, 2027, to make IRA contributions for the 2026 tax year. 
  2. 2
    Revisit Your Asset Allocation

    The end of the year is a good time to revisit your investment strategy and asset allocation to help ensure your portfolio is still apportioned among stocks, fixed income, cash and other asset classes thatalign with your goals and risk tolerance. If volatility in financial markets has caused your investments to drift away from your target allocations, it may be time to consider rebalancing them. Before rebalancing, consider the potential tax impact of selling investments in taxable accounts, including whether realized gains could be offset by tax-loss harvesting opportunities, and whether additional year-end contributions to tax-advantaged accounts fit into your plan.

     

    Your Morgan Stanley Financial Advisor can help you make the necessary adjustments to bring your portfolio back in line with your overall investing strategy and prepare for any changes in economic and market conditions ahead. 
  3. 3
    Update Your Estate Plan

    You may want to consider periodically updating your wills and other estate planning documents. Year-end can be a good time to review the changes the past year brought to your family, as well as your overall estate plan, to ensure it still reflects your situation and goals.

     

    This year-end review can also be a good time to consider strategic tax moves as part of your estate plan. For example, if you are planning to give financial gifts to family members, keep in mind the annual gift tax exclusion limit is $19,000 for 2026 ($38,000 per recipient for married couples) and look to make those gifts before year-end. The federal estate tax exclusion amount for 2026 is $15 million per person or $30 million per married couple.2 Note, however, that states with an estate tax may have a lower estate tax exclusion amount. Given that, you may want to make gifts to family members today to help them with their own finances. Strategies for such gifting may include:

     
  4. 4
    Plan Your Charitable Giving

    During the holidays, many feel the call to give back through charity. When making your gifting plans, consider whether you want to give cash, appreciated securities or through volunteered time.

     

    From a tax perspective, the type of asset you gift and the timing of it can matter, especially if you’re considering gifting appreciated assets. One option for charitable giving is a donor-advised fund, which provides potential tax advantages while helping you support your favorite causes. If you’re serious about creating a more substantial structure and commitment, you might consider establishing a family foundation, which would allow your entire family to engage in philanthropy. 
  5. 5
    Rethink your holiday budget

    Holiday shopping and travel often come with increased expenses, making it important to plan ahead financially. Before buying gifts for everyone on your list during this spending season, consider first setting a budget, keeping in mind any service providers and special people in your life to whom you’d like to give holiday bonuses. A holiday budget can also help you preserve flexibility for tax-related planning moves, such as retirement contributions, charitable gifts or other year-end priorities.

     

    Talk with your Morgan Stanley Financial Advisor to discuss your year-end plans. 

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Footnotes:

1 Source: Internal Revenue Service (IRS) News Release IR-2025-111, “401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500” (published November 13, 2025). https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500.

2 Source: Internal Revenue Service (IRS), “Frequently Asked Questions on Gift Taxes,” Small Business and Self-Employed, updated December 2025. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

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