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//// Tax · Year-End Planning

Year-End Tax Checklist

Don't leave money on the table. Deadline-organized checklist covering Solo 401(k) by Dec 31, SEP-IRA by April 15, §179 assets, mileage log, 1099-NEC filing, and more. Includes a tax savings calculator.

Where this fits

🧾 TaxTax StackGoing 1099Freelancers

This tool lives inside Tax Stack + Going 1099 and is most useful for freelancers.

401(k) Limit 2024$23,000
Roth IRA Limit$7,000
S&P 500 Avg Return~10%/yr
Just starting0/23 applicable (0%)

12 required items unchecked — Max Solo 401, Check state Q4 estimated tax due date +10 more

required N/A = not applicable to you
Dec 31

Before December 31 — Action Window

0/8

Click to check · click again for N/A · click again to uncheck

Jan 31

Before January 31

0/6

Click to check · click again for N/A · click again to uncheck

Apr 15

Before April 15 (Tax Day)

0/9

Click to check · click again for N/A · click again to uncheck

Estimated Tax Savings Calculator

Enter your numbers to see the value of completing deductible checklist items.

SE Tax
$12,010
15.3% of SE base
Total Deductions
$30,005
reduces AGI
Est. Tax Saved
$6,601
federal estimate
1

SE Tax Base — IRC §1402(a) net earnings from self-employment

netProfit × 0.9235

$85,000 × 0.9235

= $78,498

The 0.9235 factor (1 − 7.65%) removes the employer-side of FICA from the base — a statutory reduction that approximates what employees don't pay on their wages.

IRC §1402(a); IRS Pub 334 Ch. 10

2

Self-Employment Tax — IRC §1401 (15.3% on SE base)

seBase × 15.3%

$78,498 × 15.3%

= $12,010

15.3% = 12.4% Social Security (on first $168,600 of SE income in 2024) + 2.9% Medicare. Self-employed workers pay both the employer and employee share.

IRC §1401; IRS Pub 505

3

SE Tax Deduction — IRC §164(f) — half of SE tax is above-the-line

seTax ÷ 2

$12,010 ÷ 2

= $6,005

This deduction reduces AGI, not just taxable income — it lowers your bracket exposure without itemizing. Congress designed it to mirror the employer deduction.

IRC §164(f); Form 1040 Schedule 1 Line 15

4

Retirement contribution deduction — Solo 401(k) / SEP-IRA

contribution (your input)

$15,000

= $15,000

Above-the-line deduction that directly reduces AGI. Solo 401k: employee deferrals due Dec 31; employer profit-sharing due by filing deadline. SEP-IRA: due by filing deadline (+extensions).

IRC §401(k); IRS Pub 560

5

Self-employed health insurance deduction — IRC §162(l)

annual premiums (your input)

$6,000

= $6,000

Covers premiums for health, dental, and long-term care insurance for you, spouse, and dependents. Cannot exceed net self-employment income. Not available for months eligible for employer-sponsored coverage.

IRC §162(l); IRS Pub 535

6

Home office deduction — §280A (actual method or $5/sq ft simplified)

home office deduction (your input)

$3,000

= $3,000

Space must be used regularly and exclusively for business. Actual method: allocate mortgage/rent, utilities, repairs by sq ft ratio. Simplified: $5/sq ft, max 300 sq ft ($1,500).

IRC §280A; IRS Pub 587

7

Total above-the-line deductions — all deductible items combined

SE tax deduction + retirement + health insurance + home office

$6,005 + $15,000 + $6,000 + $3,000

= $30,005

All of these reduce Adjusted Gross Income (AGI) before the standard or itemized deduction. Lower AGI also affects QBI deduction phase-outs, ACA premium credits, and other means-tested benefits.

8

Estimated total federal tax saved — at your marginal rate

(retirement + health insurance + home office) × marginalRate + SE tax deduction × marginalRate

$24,000 × 22% + $6,005 × 22%

= $6,601 estimated saved

At 22% marginal rate. This is an estimate — actual savings depend on your full income picture. A CPA can optimize your exact deduction order and bracket management.

Key insight

Every dollar of above-the-line deduction (SE tax deduction, retirement contributions, health insurance, home office) reduces your AGI, which in turn reduces your taxable income and potentially keeps you in a lower bracket. The order matters: SE tax deduction comes first, which also lowers the base for the SE tax itself — a feedback loop that makes pre-December action especially valuable.

Use this result in →

Quarterly Safe Harbor →Self-Employed Retirement →Self-Employment Tax →

#ShowYourWork

This checklist is for general educational guidance — not tax or legal advice. Deadlines, limits, and phase-outs change annually. The tax savings estimate is an approximation based on marginal rates and does not account for the full tax picture (AMT, NIIT, state taxes, phase-outs, etc.). Always verify deadlines with the IRS and consult a CPA for your specific situation. Sources: IRS Pub 334, Pub 560, Pub 587, Pub 505; IRC §§162, 164, 280A, 401, 1401–1402.

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