Use the Business Checklist to identify tax, cash-flow, compensation, and reporting items worth reviewing before December 31. Tax rules continue to change in 2026. A year-end review can help business owners identify deductions, credits, elections, and timing decisions while there is still time to act.
And the Individual Checklist to review deductions, credits, retirement contributions, investments, and family-related tax items before year-end. Year-end tax planning is most useful before December 31, while you may still have time to adjust withholding, make contributions, harvest investment gains or losses, complete gifts, and gather records.
Whether you’re a business owner or an individual taxpayer, the clock is ticking to capture new deductions, take advantage of permanent credits, and avoid last-minute surprises at filing time.
Download the Year-End Tax Checklists for Businesses and Individuals
Two Checklists to Keep You on Track
To make planning easier, we’ve created two simple, printable checklists: one for business owners and another for individual taxpayers. Each breaks down what must be done before year-end and what’s smart to review.
For Businesses
Your year-end focus should include:
- Maximizing deductions through bonus depreciation, R&D write-offs, and retirement plan contributions.
- Updating payroll systems to reflect new overtime and tip-reporting rules.
- Reviewing owner compensation and partnership payments to ensure QBI compliance.
Optional, but valuable, actions include reviewing accounting methods (cash vs. accrual), evaluating Opportunity Zone investments, and checking for new or expanded state-level tax credits.
For Individuals
Before December 31, consider:
- Comparing itemized vs. standard deductions under the new higher thresholds.
- Leveraging the SALT cap to your advantage.
- Taking the new car loan interest deduction and tracking overtime or tips for potential deductions.
- Maxing out retirement plans or HSAs to reduce taxable income.
- Checking your withholding to prevent an unexpected bill next spring.
Other smart moves include capital gains harvesting, contributing to 529 plans, and reviewing the Enhanced Deduction for Seniors.
Timing Is Everything
The best opportunities disappear once the calendar flips to January. Some deductions require expenses to be paid or assets to be placed in service before year-end. Others, like FSA balances or charitable contributions, depend on timing to qualify.
Waiting until tax season to make adjustments is often too late. A quick review with us now can uncover planning opportunities that save thousands.
Proactive Planning Is More Important Than Ever
Every year-end brings a chance to plan smarter, making proactive planning more valuable than ever.
Schedule your year-end tax planning meeting soon to make sure you don’t miss opportunities come tax time.