Prepare for year-end by exploring tax-saving strategies, including harvesting investment losses, charitable giving, maximising retirement contributions, efficient gifting, and leveraging deductions or credits.

As the end of the year approaches, it is crucial to evaluate financial strategies to optimise your tax situation. Reviewing your portfolio for potential tax-saving opportunities, such as harvesting investment losses to offset gains, might be beneficial. Charitable contributions are an effective way to potentially reduce taxable income while supporting worthwhile causes, with options like donating appreciated assets or making direct cash gifts. Additionally, individuals nearing retirement should consider maxing out contributions to retirement accounts or leveraging catch-up contributions where eligible. For families, gifting strategies might be explored to transfer wealth efficiently while staying within exemptions. Finally, reviewing upcoming cash needs or business expenses can help you use deductions or credits wisely before 31st December. These steps can aid in structuring a more tax-efficient year-end financial plan.