Year-End Tax Planning Moves for High-Net-Worth Utah Households

For high-net-worth households, the most valuable tax work happens before December 31 — not in April. Once the calendar year closes, most planning levers are gone. Below are the moves worth reviewing with your CPA each fall. Harvest gains and losses deliberately. If your income is unusually low this year, realizing long-term capital gains may cost little or nothing in tax. In a high-income year, the reverse applies: harvesting losses to offset gains — and carrying excess losses forward — can reduce your bill. The point is that the timing is a choice, and it should be made on purpose. Time your charitable giving. Bunching several years of giving into one year (often through a donor-advised fund) can push you above the standard deduction and maximize the benefit. Donating appreciated securities rather than cash avoids the capital-gains tax on the appreciation while still deducting full fair-market value. Maximize retirement and tax-advantaged accounts. Confirm you have funded 401(k), SEP, or defined-benefit contributions to the extent that makes sense for your situation, and consider whether a Roth conversion in a lower-income year could lock in today's rates. Watch the thresholds. Additional Medicare tax, net investment income tax, and phase-outs all turn on specific income levels. Small timing shifts — deferring a bonus, accelerating a deduction — can keep you under a threshold that would otherwise apply. Coordinate the whole picture. The biggest wins come when your CPA, financial advisor, and estate attorney work from one plan rather than three. A move that looks smart in isolation can create an unintended tax cost elsewhere. None of this is one-size-fits-all. The right combination depends on your income mix, your entities, and your goals for the year. If you'd like a proactive review before year-end, we're glad to help.