The holiday season may have you hunting for those perfect gifts for your loved ones, but the Illinois CPA Society reminds you that there are opportunities to gift yourself something special, too. For the financially minded, time is running short to make important year-end money moves that could help the holiday cheer last through tax season. Here are a few tips to consider that could gift you a lighter tax burden, a bigger tax refund, or a better financial position for the year ahead.

Set up a self-employed retirement plan: Whether you’re newly self-employed or have been running your own business for years, setting up a Simplified Employee Pension (SEP) plan for yourself can give your personal finances a shot in the arm. Self-employed individuals can lower their taxable income by contributing up to 25 percent of their self-employment income (up to $61,000 for 2022) to a SEP IRA. Your SEP IRA must be established by your company’s tax filing deadline (plus any extensions) for the tax year in which the qualifying contribution is made.

Give a gift: Being gift-giving season, why not give a gift that also gifts you a lower tax burden? If you have wealth that you’d like to pass on to loved ones or other beneficiaries, you can gift up to $16,000 to as many people as you’d like this year without paying a gift tax or reducing your lifetime gift and estate tax exemption. Such gifts can be used for any number of things, like funding a grandchild’s 529 college savings plan (you can gift up to five years at once to a 529 plan, or $80,000 up front), helping a family member with a down payment on a home, or other financial goals. Make these gifts by December 31.

The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Find your CPA at www.icpas.org/findacpa.