Year-End Tax Planning Checklist for 2026 By late October the same call starts coming in: "Is it too late to do something about my taxes?" Usually not, but December 31 is a harder wall than most people realize.
This year-end tax planning checklist is the order I would work through it, with the dates that actually matter.
Year-End Tax Planning for Individuals Start with year-end tax planning for individuals at the paycheck.
Pull your last pay stub and compare year-to-date withholding against what you will owe.
If you are short, a new W-4 handed to HR now spreads the catch-up over the remaining paychecks.
If you worked a lot of overtime or earned tips this year, remember the new deductions only help if your records are clean.
The standard deduction is $16,100 single and $32,200 joint for 2026, which means plenty of households will not itemize.
The higher $40,400 SALT cap does bring some homeowners in high-tax states back over the line, so it is worth running both ways.
401k Contribution Deadline 2026 The 401k contribution deadline 2026 for payroll deferrals is December 31, and the limit is $24,500, plus 11,250 for ages 60 to 63).
Higher earners (over 8,000 50 ( $150,000 in prior-year FICA wages) now have to make catch-up contributions as Roth.
Check your payroll before the last pay period, because deferrals come out of paychecks, not your bank account on New Year's Eve.
IRAs are different: you have until April 15, 2027 for 2026, with a limit of 8,600 if 50 or older).
7,500 ( Year-End Financial Planning Checklist A quick year-end financial planning checklist beyond taxes.
Spend down your health FSA (up to $680 may carry over if your plan allows, otherwise it is use-it-or-lose-it).
Check your dependent care FSA, which went up to $7,500.
Take any required minimum distribution before December 31.
Review beneficiaries while you are at it.
And write the January 15,2027 estimated payment date on your calendar if you owe quarterlies.
Year End Tax Planning for Businesses and Small Business Owners For year end tax planning for businesses , equipment is the big lever.
Under the new law, 100% bonus depreciation is back for property acquired after January 19,2025, and the Section 179 limit went up too, but the item has to be placed in service by December 31.
Do not buy something you do not need just for the deduction (I have seen that go badly).
For year end tax planning for small business owners , also catch up on bookkeeping, decide on year-end bonuses, and note that the 1099-NEC filing threshold rises to $2,000 for payments made in 2026.
If you own an LLC or S corporation, our business tax services team does a mid-December check-in.
Tax Planning Checklist for Self Employed Here is a tax planning checklist for self employed filers: confirm your Q4 estimated payment (due January 15,2027), total up mileage and home office expenses, set up or fund a SEP or solo 401k, and keep business and personal spending in separate accounts.
Self-employment tax is the one that surprises people most.
See our freelancer and self-employed tax solutions page if you want help with it.
Free Tax Planning Ideas or Tips for Year End Tax Planning Some free tax planning ideas or tips for year end tax planning that cost nothing: run the IRS withholding estimator, keep digital copies of receipts, harvest investment losses carefully (watch wash sales), and bunch charitable gifts into one year if you are close to itemizing.
Our tax estimator is a free rough check, and tax planning and consulting is there if you want a real conversation.
General information only, not advice for your situation.
Payroll 401k deferrals, charitable gifts, equipment purchases and loss harvesting all need to happen by then.
IRA and HSA contributions for 2026 can wait until April 15, 2027.
If next year looks higher, the reverse can be better.
It may not be needed if you file your 2026 return and pay in full by February 1.
The 2026 W-2 should show qualified tips and overtime in Box 12, but your own records are a good backup.
Frequently asked questions
Can I still contribute to an IRA after December 31 for 2026?
An extension on your return does not extend that date.
Should I defer income or speed up deductions this year?
Usually, if you expect to be in the same or a lower bracket next year, deferring income and pulling deductions forward helps.
How do I adjust my withholding now so I do not owe in April?
Because withholding is treated as paid evenly, a bigger amount from the last few checks still helps.
Do I have to make the Q4 estimated tax payment, and when is it due?
If you pay quarterlies, the last one is due January 15,2027.
Is it worth bunching charitable gifts now that the standard deduction is higher?
Often yes if you are near the itemizing line, though the new 2,000 deduction for 1,000/ non-itemizers changes the math a little.
What happens to unused FSA money on December 31?
Usually you lose it, unless your plan allows a carryover (up to $680 for 2026) or a grace period.
How do I prove tips or overtime if I did not track them all year?
Pay stubs, tip logs, point-of-sale reports and bank deposits can help rebuild it.