Year-end tax planning checklist for 2022

Theresa Marx

November 23, 2022

As 2022 draws to a close, it’s important to think about your year-end tax planning. Our Wealth Strategies team provides this handy guide to get started.

Year-end tax planning should be a part of everyone’s financial routine. The checklist below from our Wealth Strategies Group serves as a starting point to think about planning in an uncertain economic environment, as well as items that are important to consider every year. As always, we encourage you to speak with your CIBC Private Wealth advisor and outside tax advisors to help ensure that you are taking full advantage of all year-end tax savings opportunities. 

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Income tax

  • Consider the timing of harvesting capital losses to offset capital gains
  • Consider whether to accelerate or defer income and deductions
  • Be mindful of the Alternative Minimum Tax (AMT) trap 
  • Consider the impact of the Kiddie Tax 
  • Consider investing in opportunity zones 
  • Review the use of your net operating losses 
  • If you are a trustee, consider whether it is appropriate under the terms of the trust agreement to make distributions to current beneficiaries

Lifetime gift planning

  • Determine whether to make significant lifetime transfers 
    • Consider taking advantage of current high transfer tax exemptions and potentially lower asset values
    • Evaluate whether flexible planning strategies meet your personal and family needs
  • Review the use of annual exclusion gifts 
  • Review the use of the gift exclusion for payment of tuition and medical expenses 

Charitable giving

  • Consider combining multi-year gifts into one year using a donor-advised fund
  • Consider donating appreciated capital gain assets that have been held for more than a year
  • Consider making cash gifts to eligible charities to take advantage of charitable deductions of up to 60% of adjusted gross income (AGI)

Retirement planning

  • Consider a Roth conversion for your IRA
  • Plan for IRA and 401(k) distributions 
  • Consider making a tax-free contribution directly from an IRA to a charitable organization
  • Maximize retirement plan contributions


Theresa Marx is a senior wealth strategist for CIBC Private Wealth Management in Chicago, with over 15 years of industry experience. In this role, she is responsible for developing integrated wealth management solutions and providing comprehensive estate and financial planning services to high-net-worth clients.