The end of 2023 is approaching rapidly, and it’s time to take a closer look at your financial plans. In this blog, we’ll discuss key items that should be on your checklist as you prepare for the year’s end.

Maximizing Contributions

  • Contributions to Retirement Accounts: Ensure you’ve reached the maximum allowable contributions for retirement accounts like your 401(k) and HSA.
  • 529 Plans: Check if you’ve maximized contributions to your 529 college savings plans.
  • Benefit Changes: Review any benefit changes for the upcoming year (2024) to ensure they still align with your financial needs.
  • Flexible Spending Accounts (FSA) and Dependent Daycare Accounts: If you have these accounts, make sure you’ve utilized the allocated funds.
  • Revisiting Financial Goals: Review your financial goals for the year to ensure you’ve met your savings targets.

Business Owners’ Financial Statements

  • Reviewing Financial Statements: If you’re a business owner, review your company’s financial statements to assess your financial position for the year.
  • Tax Savings and Deductions: Ensure you’ve taken advantage of available tax savings and deduction strategies, such as purchasing equipment to reduce net income, implementing a retirement plan, or deferring income for cash method businesses.

Changes in Tax Laws

Tax Bracket and Standard Deduction Updates

  • Inflation Adjustments: Tax brackets and standard deductions have been updated for inflation, so be sure to use the latest numbers when evaluating your income and tax liability.

Green Energy Credits

  • Residential Clean Energy Credit: Consider applying for this credit if you’ve installed an alternative energy system in your home, such as solar, wind, geothermal, or battery storage technology. The credit is 30% of the equipment and installation cost, available through 2032 but with decreasing percentages in subsequent years.
  • Energy Efficient Home Improvement Credit: This revamped tax credit is available for energy-efficient home improvements, with a credit of 30% of the cost and an annual limit of $1,200 (subject to variation based on the type of improvement).
  • Clean Vehicle Credit: If you’re considering buying an electric vehicle, explore the changes to the Clean Vehicle Credit, which has undergone significant revisions this year.

Portfolio Review and Investment Strategies

  • Reviewing Investment Portfolios: Despite the differences between 2023 and the previous year, the end of the year is an excellent time to reassess your investment portfolios. Ensure they align with your risk tolerance and long-term growth objectives.
  • Tax-Efficient Strategies: Consider strategic decisions like tax loss harvesting and gifting appreciated stock to help optimize your investment portfolio.
  • Capitalizing on Higher Yields: Due to the Federal Reserve’s aggressive interest rate policies, yields on bonds and money market funds have increased. Take advantage of these traditional investment options, which have been overlooked in recent years due to low yields.

Retirement Planning

  • RMD Age Increase: Note that the required minimum distribution (RMD) age has increased to 73 for individuals who turn 72 after 2022, providing an additional year to keep funds in a tax-deferred retirement account.


As we approach the end of 2023, it’s essential to review your financial plans and take advantage of opportunities to optimize your financial situation. Whether you’re maximizing contributions, exploring tax credits, reviewing your investment portfolio, or considering retirement planning, careful consideration of these items can help you make informed financial decisions. If you have any questions or need further guidance, don’t hesitate to reach out to one of our advisors at Wealth Dimensions for assistance.

For informational purposes only. Not intended as investment advice or a recommendation of any particular security or strategy. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. For more information about Wealth Dimensions, including our Form ADV Part 2A Brochure, please visit or contact us at 513-554-6000. Please be advised that this material is not intended as legal or tax advice. Accordingly, any tax information provided in this material is not intended and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.