The end of the year shouldn’t feel like a scramble
Getting through year-end without a scramble comes down to knowing which deadlines apply to you and starting early enough to act on them. A gift you make on December 30 counts on this year’s taxes, while the same gift on January 2 sits a full year before it helps you.
2026 is also the first full year under the tax law signed in July 2025. A few rules got more generous, like the higher SALT cap and an estate exemption that no longer expires, and a few got tighter, like the new floor on charitable deductions.
This checklist walks you through how to prepare, one area at a time. You won’t need every item, so skim it, flag the handful that fit your year, and get them in front of your advisor and CPA before December.
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Download checklistKey deadlines for the 2026 tax year
Get your estimated 2026 AGI from your CPA first, because that one number decides which of these moves are worth making. Then work backward from these deadlines.
| Deadline | What’s due |
|---|---|
| December 31, 2026 | Anything that needs to count for 2026, like payroll retirement contributions, gifts, and investment moves |
| Your plan’s or state’s deadline (often December 31) | Leftover FSA dollars and 529 contributions for a state tax deduction |
| April 15, 2027 | IRA and HSA contributions for 2026 |
| Your business’s 2026 filing deadline, plus extensions | Employer retirement plan contributions for 2026 |
Each section below covers what falls under these deadlines in more detail.
What changed for me in 2026?
A handful of tax rules changed this year, mostly from the One Big Beautiful Bill Act signed July 4, 2025, plus SECURE 2.0 rules that kicked in for 2026.
| What changed | What it means for you |
|---|---|
| $15 million estate and gift exemption, now permanent | The 2026 sunset is gone. The question shifts from beating a deadline to deciding what to give, when, and to whom. |
| SALT cap rises to $40,400 | More households in high-tax states may benefit from itemizing again. The cap phases down above $505,000 of MAGI and reverts to $10,000 in 2030. |
| 0.5% of AGI floor on charitable deductions | The first slice of an itemizer’s giving no longer lowers taxes. Bunching gifts into fewer years can help. |
| 35% cap on itemized deductions in the top bracket | If you’re in the 37% bracket, each deductible dollar is worth a little less than before. |
| Charitable deduction for non-itemizers | Up to $1,000 ($2,000 joint) for cash gifts to qualified charities, even if you take the standard deduction. |
| $6,000 senior deduction (2025 to 2028) | An extra deduction for taxpayers 65 and older, on top of the standard deduction. Income limits apply. |
| Roth catch-ups for higher earners over 50 | If you earned over $150,000 in FICA wages in 2025, your 2026 workplace catch-up contributions go in as Roth. |
| Lower AMT phaseout threshold | The phaseout now starts at $500,000 ($1 million joint), so a large ISO exercise may trigger AMT sooner than it used to. |
| Trump Accounts launched July 4, 2026 | A new tax-deferred account for children under 18, with a one-time $1,000 federal deposit for eligible births from 2025 to 2028. |
| 529 plans cover more | K-12 tuition withdrawals rise to $20,000 per student, and funds can pay for certain credential and licensing programs. |
The 2017 tax brackets are also permanent now, which makes it easier to plan Roth conversions and gifts over several years. And the dependent care FSA limit went up to $7,500 per household.
Your 2026 year-end checklist
Goals and cash
What should I look back on before the year ends?
Compare what you spent and saved this year against what you planned. If a move, a big purchase, or more travel threw it off, adjust now, and write down your 2027 goals and any large purchases you see coming.
How big should my emergency reserve be?
Keep 3 to 12 months of spending in reserve, plus any lump sums you know are coming, like tuition or a tax bill. If your income is steady you can sit near the low end, but if it fluctuates, like a business owner’s, aim higher. Fill this before you add to long-term investments.
Where should I keep my near-term cash?
Somewhere that pays a competitive rate, not a checking account earning close to nothing. Principal-protected options through our custodians or your bank may do better.
What should I do with cash beyond my reserve?
Put it to work in your long-term plan once your reserve and the next 12 to 24 months of known expenses are covered. Extra cash feels safe, especially when revenue is unpredictable, but money sitting idle for years has a cost of its own.
Income tax
What’s the first tax number I need?
Your estimated 2026 AGI. Pull your realized gains and losses for the year and run the estimate with your CPA in October or November, while there’s still time to act on it. That number sets your bracket and shapes the many moves in this guide.
Should I check my withholding?
Yes, if anything changed this year. A new job, a bonus, marriage, divorce, or a new child can throw it off. Too little means a penalty in April and too much is an interest-free loan to the IRS, so fix it while you’ve still got a paycheck or two left.
Should I itemize again in 2026?
You might, especially if you live in a high-tax state like California. With the SALT cap at $40,400, more households can clear the standard deduction again, though the cap phases down above $505,000 of MAGI. Ask your CPA to run it both ways.
Do the new deductions apply to me?
They might if you earn tips or overtime, pay interest on a qualifying car loan, or are 65 or older. Each one has its own income limits, so ask your CPA directly.
Investments
Should I rebalance before year-end?
Yes, rebalance if strong markets pushed your stock exposure above your target. Think of it like a wheel alignment – after enough miles, your car drifts, and an alignment keeps it driving straight. In taxable accounts, weigh the tax cost of each sale and use new contributions or withdrawals to rebalance where you can.
Can investment losses lower my tax bill?
Yes. Losses offset realized gains plus up to $3,000 of ordinary income a year, and anything left over carries forward. Just don’t buy a substantially identical investment within 30 days before or after the sale, or the wash sale rule cancels the loss.
Why do you need my tax return?
Because your loss carryforward lives on your return, not in your accounts. Once we have that number, we can use it to rebalance without handing you a big tax bill.
Does it matter which account holds each of my investments?
Yes. Holding tax-inefficient investments in tax-deferred accounts and higher-growth ones in Roth accounts can help you keep more of what you earn over time.
Retirement accounts
Is there still time to max out my 2026 contributions?
Yes, but workplace plan contributions have to come out of your paycheck by December 31, so check your year-to-date total and bump your deferral now if you need to. IRA and HSA contributions can wait until April 15, 2027, and business owners may have until their filing deadline, plus extensions, for employer contributions.
Does the new Roth catch-up rule apply to me?
It does if you’re 50 or older and earned over $150,000 in FICA wages in 2025. Your 2026 workplace catch-ups go in as Roth, after tax, so confirm your plan is set up for it. If you’re 60 to 63, you also get the larger super catch-up shown in the 2026 key numbers section below.
When do I need to take my RMD?
By December 31, if you’re 73 or older. Inherited IRAs can carry their own annual requirements under the 10-year rule even if you’re younger, so check those too.
Is this a good year for me to do a Roth conversion?
It could be if you have room left in your current bracket, especially in a lower-income year like a gap between jobs or early retirement. Think of it as paying the tax now so future-you doesn’t have to. With brackets now permanent, it’s easier to spread conversions over several years, and the 2026 deadline is December 31.
Charitable giving
How does the new 0.5% floor affect my giving?
If you itemize, only the giving above 0.5% of your AGI is deductible now. On $400,000 of AGI, your first $2,000 in gifts won’t lower your taxes. If you’re in the 37% bracket, the new 35% cap on itemized deductions trims each deductible dollar a little more.
Should I bunch my gifts?
It’s worth considering if your annual giving doesn’t clear the floor and the standard deduction on its own. Combining two or three years of gifts into one lets more of it count, and a donor-advised fund lets you take the deduction now and send grants to charities over the next few years.
Should I give stock instead of cash?
Usually, if you’ve held the shares more than a year and they’ve grown. You skip the capital gains tax and still deduct the full market value, which makes it one of the more efficient ways to give from a concentrated or long-held position.
Can I deduct gifts if I don’t itemize?
Yes, starting in 2026. You can deduct up to $1,000 ($2,000 joint) in cash gifts to qualified charities on top of the standard deduction.
What’s the best way for me to give if I’m 70½ or older?
Give straight from your IRA with a Qualified Charitable Distribution. You can send up to $111,000 to charity without it counting as income, and after 73 it can count toward your RMD.
Gifting and estate
How much can I give in 2026 without filing a gift tax return?
$19,000 per person, or $38,000 as a couple. It doesn’t touch your lifetime exemption, and it resets on January 1, so whatever you don’t use this year is gone.
Can I pay someone’s tuition or medical bills as a gift?
Yes, and it won’t count toward any gift limit as long as you pay the school or provider directly. If you write the check to the person instead, it becomes a regular gift.
Does my estate plan still fit?
It might not if it was built around the old 2026 sunset. The $15 million exemption ($30 million for couples) is now permanent and indexed for inflation, so trusts and gifting strategies designed to beat that deadline deserve a fresh look with your estate attorney. Your state may still have its own estate tax at a much lower threshold.
When should I review my beneficiaries?
Now, if you can’t remember the last time you did, along with your powers of attorney, healthcare directives, and guardianship choices. A beneficiary form usually overrides your will, so an outdated one can send money somewhere you never intended, especially after a marriage, divorce, birth, or death.
Family and education
What should I do with leftover FSA dollars?
Spend them before your plan’s deadline, because health FSAs are generally use-it-or-lose-it. Some plans allow a carryover of up to $680 or a short grace period, so check yours. The dependent care FSA limit also rose to $7,500 per household, which is worth knowing during open enrollment.
When do I need to fund my 529?
By December 31 in many states, if you want the state income tax deduction. You can also superfund up to five years of annual exclusion gifts at once, which comes to $95,000 per beneficiary or $190,000 for a couple in 2026, with a gift tax return. 529s now cover up to $20,000 a year in K-12 tuition plus certain credential and licensing programs.
Should I open a Trump Account for my child?
It’s worth a look, especially if your child was born from 2025 through 2028 and qualifies for the one-time $1,000 federal deposit, which you elect on IRS Form 4547. The accounts launched July 4, 2026 for children under 18 and allow up to $5,000 a year in contributions, so talk through how one fits next to a 529 or custodial account.
Insurance
Does my life and disability coverage still match my life?
Not if your income, spending, or family changed and your policy didn’t. A new child, a new home, or a big raise can leave a five-year-old policy well short of what your family would need.
When should I shop my home and auto insurance?
Now, if it’s been a while. Rebuilding costs have climbed, so confirm your replacement cost keeps up, and if you hold a healthy cash reserve, a higher deductible may lower your premium.
Do I need an umbrella policy?
You likely do if your net worth is higher than what your home and auto policies cover, which is typically $300,000 to $500,000 of liability. Umbrella coverage is usually affordable for what it protects.
What should I check at open enrollment?
Your health plan, Medicare elections, HSA, and dependent care FSA. What fit last year may not fit if your health, family, or income changed.
Business owners and equity compensation
Do I need to set up a business retirement plan by December 31?
Some plans do need to be in place by year-end, so don’t wait for tax season. A SEP IRA, Solo 401(k), or cash balance plan can shelter a meaningful share of business income, and if you’re writing a bigger check to the IRS every April without a strategy behind it, this is where to start.
Can I shift business income or expenses into a different year?
You may be able to if you own a pass-through business. Timing revenue or purchases around December 31 can help manage taxable income, and with the QBI deduction now permanent, it’s worth checking with your CPA where your 2026 income lands against its limits.
Should I exercise ISOs this year?
Not before you model it with your CPA. ISO exercises can trigger AMT, and this year’s lower phaseout threshold makes that more likely.
What should my 2027 equity calendar include?
Your RSU vesting dates, option expirations, and whether a 10b5-1 plan or concentrated position strategy makes sense. Equity that vests on autopilot can quietly become a big share of your net worth, and seeing it on one calendar makes it easier to decide what to hold, sell, or diversify.
What changed for my qualified small business stock (QSBS)?
The 2025 law raised the gain exclusion for QSBS issued after July 4, 2025, and gifting shares to family or trusts may stretch the benefit further. The rules are detailed, so bring in your CPA and estate attorney before you act.
Where you are matters
Here’s where we’d focus first, depending on where you are.
- Growing families. Fill your emergency reserve, capture your full employer match, and fund 529s before your state’s deadline. If you had a child in 2025 or 2026, elect the $1,000 Trump Account deposit and update your will, guardianship choices, and life insurance.
- Pre-retirees, roughly 50 to 65. These are usually your highest-earning years, and some windows close fast. Use your catch-up contributions, treat your HSA as a long-term medical reserve, and look at Roth conversions in lower-income years before Social Security and RMDs start.
- Retirees. You’re shifting from saving to drawing down. Take RMDs on time, give from your IRA with QCDs, and watch how your income affects Medicare premiums and the new senior deduction.
- Business owners and equity-compensated professionals. Your biggest levers are timing decisions. Get your retirement plan set up, model any ISO exercise for AMT, and put your 2027 vesting and expiration dates on one calendar before the year closes.
What we hear often
Is it too late for me to do year-end planning?
No. Gifts, Roth conversions, and loss harvesting can happen through December 31, and IRA and HSA contributions can wait until April 15, 2027. Starting sooner just gives you more options.
Do I need to do everything on this list?
No. You’ll likely need a handful, and the checklist is there to help you find them.
What’s the biggest change for me in 2026?
For high earners in high-tax states, it’s the $40,400 SALT cap. For charitable givers it’s the new 0.5% floor, and for larger estates it’s the permanent $15 million exemption.
Will you work with my CPA and attorney?
Yes. We’ll coordinate so your investment, tax, and legal decisions fit together and everyone’s working from the same numbers.
2026 key numbers
Figures reflect IRS guidance for tax year 2026. Your CPA can confirm how they apply to you.
Retirement accounts
| Account | 2026 limit | Age 50+ | Notes |
|---|---|---|---|
| 401(k), 403(b), 457, TSP | $24,500 | $32,500 total ($8,000 catch-up) | Ages 60 to 63: $35,750 total ($11,250 catch-up) |
| Total employee + employer | $72,000 | Catch-up added on top | Also the SEP IRA cap |
| Traditional or Roth IRA | $7,500 | $8,600 total ($1,100 catch-up) | Deadline April 15, 2027 |
| SIMPLE IRA or SIMPLE 401(k) | $17,000 | $21,000 total ($4,000 catch-up) | Ages 60 to 63: $5,250 catch-up |
IRA income limits
| Limit | Single / head of household | Married filing jointly |
|---|---|---|
| Roth IRA contribution phaseout | $153,000 to $168,000 | $242,000 to $252,000 |
| Traditional IRA deduction phaseout, covered by a workplace plan | $81,000 to $91,000 | $129,000 to $149,000 |
| Traditional IRA deduction phaseout, spouse covered and you’re not | Does not apply | $242,000 to $252,000 |
Health, family, and education
| Item | 2026 amount |
|---|---|
| HSA contribution | $4,400 self-only / $8,750 family, plus $1,000 if 55 or older |
| Health FSA contribution | $3,400 (carryover up to $680 if your plan allows) |
| Dependent care FSA | $7,500 per household |
| 529 superfunding | $95,000 per beneficiary / $190,000 per couple |
| Trump Account contributions | $5,000 per child per year, plus a one-time $1,000 federal deposit for eligible births 2025 to 2028 |
Tax, giving, and estate
| Item | Single | Married filing jointly |
|---|---|---|
| Standard deduction | $16,100 | $32,200 |
| Additional senior deduction (65+) | $6,000 | $6,000 per eligible spouse |
| Top 37% bracket begins | $640,600 | $768,700 |
| SALT deduction cap | $40,400, phasing down above $505,000 MAGI | $40,400, phasing down above $505,000 MAGI |
| AMT exemption / phaseout begins | $90,100 / $500,000 | $140,200 / $1,000,000 |
| Annual gift exclusion | $19,000 per recipient | $38,000 per recipient |
| Lifetime estate and gift exemption | $15,000,000 | $30,000,000 |
| Qualified Charitable Distribution (70½+) | Up to $111,000 | Up to $111,000 per spouse |
| Charitable deduction for non-itemizers | $1,000 | $2,000 |
| Net capital loss against ordinary income | $3,000 | $3,000 |
The head of household standard deduction is $24,150. RMDs generally begin at age 73.
How we work through it together
- Understand. We start with what changed in your life this year.
- Analyze. We run the numbers with your CPA on the moves that fit.
- Build. We turn decisions into a short, dated action list.
- Manage. We take care of what’s ours to do and track the rest.
Let’s talk it through
You don’t have to work through this alone. Download the printable checklist, circle what you want to talk through, and bring it to your next review or reach out anytime before December 31.
Sources: Figures reflect IRS guidance as of September 2026 and are subject to change. IRS News Release IR-2025-111 (2026 retirement plan limits); IRS News Release IR-2025-103 and Revenue Procedure 2025-32 (2026 inflation adjustments); IRS, Retirement Topics: Catch-Up Contributions; Fidelity, HSA contribution limits; Fidelity Charitable, One Big Beautiful Bill and charitable giving; Center for Retirement Research at Boston College, Trump Accounts primer.