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4th Quarter Tax Planning
The fourth quarter is a great time to pause, review the year so far, and plan ahead. A little preparation now can help reduce surprises, identify potential tax-saving opportunities, and make tax season more manageable.
For Businesses
Year-end planning can help you understand where your business stands and what to expect when it is time to file your tax return. You can review your year-to-date income and expenses, compare your results with prior years, and update your estimated tax projections.
Depending on your situation, things to consider:
- Purchasing equipment or other business assets
- Reviewing your fixed asset listing to confirm that the equipment is still owned and in service by the business
- Identifying assets that were sold, traded in, scrapped, or otherwise disposed of so your records and depreciation can be updated appropriately
- Reviewing payroll, bonuses, and retirement plan contributions
- Evaluating whether certain expenses should be paid before year-end
- Writing off uncollectible customer accounts, where appropriate
- Reviewing inventory and accounts receivable
- Checking your business structure and owner compensation
- Making sure your bookkeeping records are complete and accurate
If your business experienced significant growth, a change in profitability, new financing, or an unexpected expense, please let us know. These changes may affect your tax liability, cash flow, and estimated tax payments.
For Individuals and Families
Personal tax planning is also important, particularly if your financial situation changed during the year. A new job, bonus, investment activity, purchase or sale of property, or major family event can all affect your tax picture.
Items to consider:
- Federal and state withholding
- Estimated tax payments
- Retirement contributions
- Charitable giving
- Capital gains and losses
- Education expenses and credits
- Health savings account contributions
- Major purchases, sales, or other financial transactions
Before selling investments, exercising stock options, completing a real estate transaction, or making a large charitable contribution, consider contacting us. Planning before a transaction occurs may provide more options than waiting until tax season.
Plan Ahead
Our goal is to help you feel prepared—not surprised—when tax filing season arrives. A fourth-quarter review gives us an opportunity to update your tax projection, identify missing information, and discuss steps that may benefit you or your business.
Schedule a year-end planning appointment. Some tax-planning decisions must be made or completed by December 31, so scheduling early gives us time to review your information and discuss your options. To allow adequate time for review and planning, we encourage you to schedule by November 1, 2026. We look forward to helping you finish the year with greater clarity and confidence.
As everyone's tax situation is unique, please check with your tax professional to confirm how these changes may affect you.
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