For some, the end of Halloween ushers in the holiday season. For personal finance nerds like me, it means that it’s time for year-end tax and financial planning. Because there are so many features of the Trump tax bill that take effect both this year and next, you may need a little extra time to develop a smart game plan.

Before we start, here are the Standard Deduction Amounts for 2025:

Single: $15,750

Married Filing Jointly: $31,500

Head of Household: $23,625

Changes for 2025-2028 The following deductions begin this tax year (2025) and conclude in 2028. Most are phased out based on your income, so if you are close to the levels where you might qualify, try to reduce income to get below some of the Adjusted Gross Income (AGI) thresholds.

An easy way to do so is to increase your pre-tax employer-sponsored retirement plan contributions to the 2025 limit ($23,500 for those under 50, $31,000 for those over 50, $35,000 for those aged 60 through 63). The same goes for those using Health Savings Accounts. If you are self-employed, you may want to hold off on billing until after January 1 or consider deferring a big purchase this year, rather than next.

Tip Income Deduction

Applies to qualified tip income up to $25,000, regardless of itemizing status. It phases out for individuals with income greater than $150,000 ($300,000 for married taxpayers filing jointly (MFJ)).

Overtime Income Deduction

Capped at $12,500 for individuals ($25,000 MFJ), and phases out for individuals with income greater than $150,000 ($300,000 MFJ), and ends after 2028).

State and Local Tax Deduction (SALT)

Increases to $40,000, for taxpayers earning less than $500,000, before reverting to the previous cap of $10,000 permanently.)

Auto Loan Interest Deduction

For NEW loans for cars, minivans, vans, SUVs, pickup trucks, or motorcycles, weighing less than 14,000 pounds—and whose final assembly is in the U.S., the deduction is limited to $10,000 per year, and phases out individuals earning more than $100,000 or couples making over $200,000.

Senior Bonus Deduction

Those 65 and older may qualify for an extra deduction of $6,000 per individual. It phases out at a rate of 6% of AGI over $150,000 for MFJ, or $75,000 for all other filers.

Get a jump on your taxes NOW

Use the IRS’s withholding estimator to see if you have had enough money set aside to pay your tax bill in April. If not, notify your payroll department to increase your withholding through the end of the year. If you are not working or are self-employed, you may want to make an estimated tax payment to reduce or eliminate potential tax penalties.

Consider a Roth Conversion

If your income dipped in 2025, it may make sense to convert to a Roth IRA. When you do so, the amount that you convert will add to your taxable income. Once you convert to a Roth, the money grows tax-free and when you retire and withdraw it, there is no tax due. Because Roth plans are not subject to RMDs, using them can help control future taxation of Social Security benefits and/or increased costs of Medicare, which are income tested.

Your losers are winners

If you have a taxable investment account, sell losing positions and use those losses against sales of winning positions. If you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income. If you have more than $3,000, you can carry over that amount to future years. Taking losses is a great way to rebalance your account with Uncle Sam’s help.

Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com.