---
title: Year-End Financial Planning Checklist and Moves to Stay on Track
description: Tax loss harvesting, ROTH conversions, Series I bonds, and more–here is a checklist for year end financial planning and important money moves to consider.
image: https://blog.birchwoodfp.com/hubfs/2022%20Year%20End%20FInancial%20Planning.jpeg
---
[](https://www.birchwoodfp.com/)
Phone: [952-885-9088](tel:19528859088)[](https://cta-redirect.hubspot.com/cta/redirect/3811900/47770b11-5936-41e0-b9cf-9b391581cd7a)
Phone: [952-885-9088](tel:19528859088)
[](https://cta-redirect.hubspot.com/cta/redirect/3811900/47770b11-5936-41e0-b9cf-9b391581cd7a)
# Financial Insights Blog
- Share
- [**](https://www.facebook.com/sharer/sharer.php?u=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track)
- [**](https://twitter.com/intent/tweet?url=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track)
- [**](https://plus.google.com/share?url=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track)
- [**](https://www.linkedin.com/shareArticle?url=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track)
- [**](https://pinterest.com/pin/create/button/?url=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track&media=https://3811900.fs1.hubspotusercontent-na1.net/hubfs/3811900/2022%20Year%20End%20FInancial%20Planning.jpeg)
- [**](mailto:?body=https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track)
# Year-End Financial Planning Checklist and Moves to Stay on Track
[Damian Winther, CFP® CSRIC®](https://blog.birchwoodfp.com/author/damian-winther-cfp)
Dec 1, 2022 7:15:00 AM
With year-end quickly approaching, we encourage our clients to take advantage of key financial planning moves to stay on track. Whether you are a retiree, a young earner, or at the midway point of your career, consider whether you should address some of these money moves before December 31.
### Tax Loss Harvesting Before the New Year
Suppose you have a non-qualified brokerage account with securities trading in an unrealized loss position. In that case, you may benefit from this strategy by selling some of your securities at a loss and immediately reinvesting the money into a similar asset. Capital losses can be used to offset capital gains, and the unused losses will carry forward into future years. In addition, taxpayers can use up to $3,000 per year of capital losses to offset ordinary taxable income.
### Roth Conversion
If your income this year is lower than initially anticipated, consider shifting assets from your IRA into a Roth IRA. We encourage our clients to use today’s low tax brackets, and Roth conversion can be an excellent way to do so. An added benefit of Roth conversion is that you would [do it during a year when the market is down](https://blog.birchwoodfp.com/bear-market-roth-conversion), meaning the future growth on assets in the Roth IRA would be tax-free.
### Max Fund Your Workplace Retirement Plan
Take a look at your paystub and make sure you are maxing out your workplace retirement plan (i.e., 401k, Roth/401k and 403b). The maximum contribution in 2022 is $20,500 (or $27,000 for those over age 50).
### Purchase Series I Savings Bonds
[Series I Saving bonds](https://blog.birchwoodfp.com/investing-during-inflation-strategies) are issued by the United States Treasury, and taxpayers can purchase in increments up to a maximum of $10,000 per calendar year. For savings bonds issued from November 1, 2022, to April 30, 2023, the interest rate is 6.89%.
### Contribute to a 529 College Savings Plan
If you have kids or grandkids, [consider funding their 529 plan](https://blog.birchwoodfp.com/benefits-of-529-plan). Some states offer generous tax benefits on contributions, so it is important to know the specific details and requirements before funding.
### Family Gifting
If you’ve been considering [gifting money to a family member](https://blog.birchwoodfp.com/giving-money-to-family-members), remember to keep in mind the annual $16,000 annual gift exclusion. If you’re married, you can do a split gift with your spouse, whereby you can each make a $16,000 gift without having to file a Federal Gift Tax Return.
At Birchwood Financial Partners, we work with our clients to help them feel empowered and knowledgeable about the financial decisions they are making every day. [Learn more about our firm](https://www.birchwoodfp.com/about), our team, our processes and services, and the clients we currently serve.
Topics: [Investment Management](https://blog.birchwoodfp.com/topic/investment-management), [Taxes](https://blog.birchwoodfp.com/topic/taxes), [Damian Winther](https://blog.birchwoodfp.com/topic/damian-winther)
*Investment Advisory services offered through Birchwood Financial Partners, Inc. an SEC Registered Investment Advisor.*
*All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Opinions expressed herein are solely those of Birchwood Financial Partners, Inc., and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser or qualified professional before making any financial decisions. We are not affiliated with or endorsed by the Social Security Administration or any government agency. The inclusion of any link is not an endorsement of any products or services by Birchwood Financial Partners. All links have been provided only as a convenience.*
### Search Our Blog
### Posts by Tag
- [Investment Management (50)](https://blog.birchwoodfp.com/tag/investment-management)
- [Retirement (50)](https://blog.birchwoodfp.com/tag/retirement)
- [Suddenly Single (39)](https://blog.birchwoodfp.com/tag/suddenly-single)
- [Cash Flow and Budgeting (36)](https://blog.birchwoodfp.com/tag/cash-flow-and-budgeting)
- [Estate & Legacy Planning (35)](https://blog.birchwoodfp.com/tag/estate-legacy-planning)
- [Market Insight (35)](https://blog.birchwoodfp.com/tag/market-insight)
- [Bridget Handke (29)](https://blog.birchwoodfp.com/tag/bridget-handke)
- [Dana Brewer (25)](https://blog.birchwoodfp.com/tag/dana-brewer)
- [Taxes (25)](https://blog.birchwoodfp.com/tag/taxes)
- [Damian Winther (20)](https://blog.birchwoodfp.com/tag/damian-winther)
- [Rachel Infante (18)](https://blog.birchwoodfp.com/tag/rachel-infante)
- [Socially Responsible Investing (SRI) (17)](https://blog.birchwoodfp.com/tag/socially-responsible-investing-sri)
- [Steve Dixon (14)](https://blog.birchwoodfp.com/tag/steve-dixon)
- [Charitable Giving (13)](https://blog.birchwoodfp.com/tag/charitable-giving)
- [Kimmie Andrews (12)](https://blog.birchwoodfp.com/tag/kimmie-andrews)
- [Education Planning (11)](https://blog.birchwoodfp.com/tag/education-planning)
- [Kay Kramer (5)](https://blog.birchwoodfp.com/tag/kay-kramer)
- [Cybersecurity (3)](https://blog.birchwoodfp.com/tag/cybersecurity)
- [Brayden Kelly (1)](https://blog.birchwoodfp.com/tag/brayden-kelly)
- [Growing Wealth (1)](https://blog.birchwoodfp.com/tag/growing-wealth)
- [Kayla Berceau (1)](https://blog.birchwoodfp.com/tag/kayla-berceau)
[See all](https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track#)
[](https://www.birchwoodfp.com/)
[Home](https://www.birchwoodfp.com)
[WHO WE ARE](https://www.birchwoodfp.com/about)
[WHO WE SERVE](https://www.birchwoodfp.com/who-we-serve)
[WHAT WE PROVIDE](https://www.birchwoodfp.com/solutions)
[DOWNLOADABLE GUIDES](https://info.birchwoodfp.com/resources)
[blog](https://blog.birchwoodfp.com)
[Contact Us ](https://www.birchwoodfp.com/contact-us)
[Form CRS](https://info.birchwoodfp.com/form-crs)
[Forms ADV](https://info.birchwoodfp.com/adv)
[PRIVACY POLICY](https://info.birchwoodfp.com/privacy-policy)
[5601 Green Valley Dr., Ste 600](https://maps.app.goo.gl/EbBNRPP4sFfkeYZd8)
[Bloomington, MN 55437](https://maps.app.goo.gl/EbBNRPP4sFfkeYZd8)
Phone: [952-885-9088](tel:19528859088)
Email: [info@birchwoodfp.com](mailto:info@birchwoodfp.com)
All written content on this site is for information purposes only. Opinions expressed herein are solely those of Birchwood Financial Partners, Inc. and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Birchwood Financial Partners, Inc., an SEC Registered Investment Advisor. Birchwood Financial Partners, Inc. is not affiliated with or endorsed by the Social Security Administration or any government agency, and is not engaged in the practice of law. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of AZ, CA, FL, IA, IL, MN, NC, NY, TX, WI or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. The inclusion of any link is not an endorsement of any products or services by Birchwood Financial Partners, Inc. All links have been provided only as a convenience.
© 2026 Birchwood Financial Partners. All Rights Reserved.
[Disclaimer ](https://www.birchwoodfp.com/disclaimer)[Legal, privacy, copyright and trademark information](https://www.birchwoodfp.com/legal-privacy-copyright-and-trademark-information)
```json
{
"@context" : "https://schema.org",
"@type" : "BlogPosting",
"author" : {
"@type" : "Person",
"name" : "Damian Winther, CFP® CSRIC®",
"url" : "https://blog.birchwoodfp.com/author/damian-winther-cfp"
},
"dateModified" : "2022-12-01T14:13:48.033Z",
"datePublished" : "2022-12-01T13:15:00.000Z",
"headline" : "Year-End Financial Planning Checklist and Moves to Stay on Track",
"image" : [ "https://blog.birchwoodfp.com/hubfs/2022%20Year%20End%20FInancial%20Planning.jpeg" ],
"mainEntityOfPage" : {
"@id" : "https://blog.birchwoodfp.com/year-end-financial-checklist-to-stay-on-track",
"@type" : "WebPage"
},
"publisher" : {
"@type" : "Organization",
"logo" : {
"@type" : "ImageObject",
"url" : "https://blog.birchwoodfp.com/hubfs/new%20logo%201%20b.jpg"
},
"name" : "Birchwood Financial Partners"
}
}
```