Podcast Summary: Get A Grip On Your Money with Damon Carr

Episode: Year-end tax moves matter.
Date: December 3, 2025
Host: Damon Carr

Overview

In this timely episode, Damon Carr—seasoned financial planner, tax pro, and personal finance journalist—shares practical, actionable steps everyday people can take before the calendar year closes to save on taxes and boost their financial well-being. Drawing from his work in "The Carr Report" and his “Ask Damon” newsletter, Damon delivers a concise rundown of overlooked end-of-year tax moves that can yield significant rewards.

Key Discussion Points & Insights

1. Maximize Retirement Contributions

Timestamp: [00:08]

• Damon opens with a vital reminder: "First, max out those retirement contributions."
• Boosting your 401k or IRA not only secures your future but also offers upfront tax deductions.

2. Charitable Giving for Deductions

Timestamp: [00:14]

• Review charitable donations before year’s end.
• Damon advises: "Give to qualified charities and save those receipts."
• Every donation can help both your community and your bottom line.

3. Harvesting Tax Losses

Timestamp: [00:20]

• Consider selling underperforming investments to offset capital gains.
• This year-end tax loss harvesting can lower your taxable investment income.

4. Flexible Spending Account (FSA) Strategy

Timestamp: [00:24]

• Damon warns: "Use your flexible spending account funds before they vanish."
• Many FSA benefits are use-it-or-lose-it by year’s end, so check your balances and plan qualifying expenditures.

5. Energy-Efficient Home Upgrades

Timestamp: [00:28]

• Upgrade your home for energy efficiency—a win for the planet and your taxes.
• "The federal government offers tax incentives to encourage energy efficiency in homes," Damon notes.

6. Electric Vehicle Tax Credits

Timestamp: [00:33]

• Thinking about going electric?
• "You might qualify for up to $7,500 in tax credits," Damon highlights, referencing new and ongoing EV incentives.

7. Tax Withholding Adjustments

Timestamp: [00:38]

• Avoid unwanted surprises with your next tax return.
• Damon suggests: "Adjust your tax withholding to avoid surprises next year."

8. Stay Organized & Meet Deadlines

Timestamp: [00:42]

• Finally, Damon reminds listeners to mark important tax deadlines on their calendar.
• Staying organized prevents costly filing mistakes and late penalties.

Notable Quotes & Memorable Moments

• "Max out those retirement contributions. Pump up your 401k or IRA to maximize both tax deductions and retirement savings." — Damon Carr [00:08]
• "Give to qualified charities and save those receipts." — Damon Carr [00:14]
• "Use your flexible spending account funds before they vanish." — Damon Carr [00:24]
• "The federal government offers tax incentives to encourage energy efficiency in homes." — Damon Carr [00:28]
• "You might qualify for up to $7,500 in tax credits." — Damon Carr [00:33]
• "Adjust your tax withholding to avoid surprises next year." — Damon Carr [00:38]

Recommended Action Steps

• Review retirement accounts and maximize contributions.
• Compile receipts for charitable donations.
• Evaluate your portfolio for loss harvesting opportunities.
• Spend down FSA balances before the year ends.
• Research home improvements and EV credits with available tax incentives.
• Check and adjust your tax withholdings if needed.
• Set reminders for all relevant tax deadlines.

Damon Carr’s no-nonsense advice in this episode is perfect for those wanting to optimize their year-end tax position with minimum hassle and maximum impact.