What has changed for you in 2025? For many, this year has been as complicated as learning a new dance.
Did you start a new job or leave a job behind? That’s one step. Some bigger changes, especially those in the family, are practically a pirouette.
If notable changes occurred in your personal or professional life, you may want to review your finances before this year ends and 2026 begins. Proving that you have all the right moves in 2025 might put you in a better position to tango with 2026.
At Apple Financial Services, we understand the challenges families face today. Our mission is to get to know and understand your unique needs, wants and long-term goals. We want to help you develop, implement, and monitor a strategy that’s designed to address your individual situation.
Even if your year has been relatively uneventful, now is still a good time to get moving and see what changes may need to be made. Here are some things to think about as you head into the new year.
Money Moves
Do you engage in tax-loss harvesting? That’s the practice of taking capital losses (selling securities worth less than what you first paid for them) to manage capital gains. If you are thinking about this move, consider seeking some guidance from a professional who can provide insights.
In fact, you could even take it a step further. Consider that up to $3,000 of capital losses in excess of capital gains can be deducted from ordinary income, and any remaining capital losses above that amount can be carried forward to offset capital gains in upcoming years.1
Please keep in mind this article is for informational purposes only and is not a replacement for real-life advice. You should consult your tax professional before modifying your tax strategy.
Do you want to itemize deductions? You may just want to take the standard deduction for the 2025 tax year, which has risen to $15,750 for single filers and $31,500 for joint. If you think it might be better to itemize, now would be a good time to get the receipts and assorted paperwork together.2
Are you thinking of gifting? How about donating to a qualified charity or non-profit organization before 2025 ends? Your gift may qualify as a tax deduction. For some gifts, you may be required to itemize deductions.3
Planning Ahead
While we’re on the topic of year-end moves, why not take a moment to review a portion of your estate strategy? Specifically, take a look at your beneficiary designations. If you haven’t reviewed them for some time, double-check that these assets are structured to go where you want them to, should you pass away. Lastly, look at your will to see that it remains valid and up to date.
Check on the amount you have withheld. If you discover that you have withheld too little on your W-4 form so far, you may need to adjust your withholding before the year ends.
What can you do before ringing in next year? New Year’s Eve may put you in a dancing mood, eager to say goodbye to the old year and welcome 2026. Rather than putting it off, take a moment now—these year-end moves can improve both your short-term and long-term outlook.
As we say goodbye to 2025, make sure you and your loved ones have a plan for what’s ahead. Your financial situation is as unique as your circumstances. It’s important to ensure that your financial plan meets your goals and is one you feel comfortable with.
We’re here to help.
