60 Days Left: 7 Tax Moves to Consider Before Year-End
With just 60 days left in the year, the window for this year’s tax planning is getting smaller. Reviewing your finances now will help you identify potential tax-saving opportunities, address surprises before December 31, and head into this upcoming tax season better prepared.
Here are seven tax moves to consider over the next 60 days.
1. Check Your Income and Tax Withholding
Start by reviewing your year-to-date income, tax withholding, and estimated tax payments.
If your income increased this year, or you received a bonus, investment income, or additional business profits, you could owe more than expected. Checking the numbers now gives you time to adjust your withholding or make an estimated tax payment before the end of the year.
The sooner you identify potential shortfalls, the more options you’ll have to address it.
2. Review Your Retirement Contributions
With only a few pay periods left in the 2026 calendar year, now is a good time to review your retirement contributions.
If you participate in an employer-sponsored plan, such as a 401(k), check how much you've contributed and whether increasing your contributions before the end of the year makes sense for your financial situation.
Also, if you're eligible for a deduction, consider a Traditional IRA. While IRA contributions for 2026 can generally be made through the 2027 federal tax-filing deadline, reviewing your retirement strategy now can help you determine where additional contributions may have the greatest impact.
3. Plan Your Charitable Giving
If charitable giving is already part of your plans, don't wait until the end of December to think about it. Depending on your tax situation, qualifying cash and noncash donations may provide a deduction. Make sure eligible contributions are completed within the required timeframe and keep the appropriate receipts and documentation.
With tax rules affecting charitable deductions changing for 2026, it's also worth considering how your giving fits into your overall tax strategy rather than looking at donations in isolation.
4. Review Business Expenses and Equipment Needs
Business owners still have time to review expenses, equipment needs, and other investments planned for the remainder of the year.
Certain qualifying business property acquired and placed in service after January 19, 2025, may be eligible for 100% bonus depreciation. That could allow businesses to deduct the full cost of qualifying property in the year it is placed in service.
The key phrase is placed in service. Ordering equipment before December 31 may not be enough if it isn't ready and available for business use by year-end.
5. Review Your Portfolio for Potential Losses
If you have investments in a taxable brokerage account, these last 60 days is the time to review your portfolio.
Tax-loss harvesting may allow you to sell investments at a loss and use those losses to offset capital gains. If your eligible capital losses exceed your gains, you may also be able to apply a portion against ordinary income, with additional losses potentially carried forward.
*** Be careful about what you purchase afterward. Wash-sale rules can affect your ability to claim the loss if you purchase the same or a substantially identical investment within the restricted period.
6. Check Your HSA Contributions
If you have a Health Savings Account (HSA), take a few minutes to review your contributions for the year. If you're eligible, HSA contributions may provide valuable tax benefits. Check how much you and your employer have contributed so far, since employer contributions generally count toward the annual limit.
Although eligible 2026 HSA contributions can generally be made through the 2027 federal tax-filing deadline, reviewing your account now can help you identify remaining opportunities and avoid contributing more than allowed.
7. Schedule Your End-of-the-Year Tax Planning Review
Bring everything together with an end of the year tax planning session. Review your expected income, deductions, retirement contributions, charitable giving, investments, and any major financial decisions you're considering. Business owners should also review their books, outstanding invoices, expenses, and planned purchases.
A year-end tax planning conversation can help you determine which strategies may benefit you and identify actions that need to happen before December 31.
60 Days Can Still Make a Difference
The end of the year will be here quickly, but there is still time to make thoughtful financial decisions. The goal isn't to make last-minute moves simply to reduce your taxes. It's to understand where you stand, identify opportunities that make sense for your situation, and take action while you still have time.
Don't wait until the final days of December to start planning. Connect with a VAAS Tax Professional to review your financial picture, explore potential tax-saving opportunities, and develop a year-end strategy tailored to your needs.
