--- title: 12 Year-End Tax Planning Tips That Can Save You Thousands description: Who doesn't want to keep more money come tax time? Well, as you prepare at the end of the year for your next tax filing, we've got some tips to help you out. image: https://blog.cmp.cpa/hubfs/Tax%20Planning%20for%20Lifes%20Major%20Changes%20-%201.jpg --- - [Contact Us](https://cmp.cpa/contact-us/) - [Bill Pay](https://cmp.cpa/my-account/) - [File Drop-Off](https://app2.gettruss.io/firm_drop_offs/new?auth_token=MTQyNyZ6OW1HeHh4NWhRbXNIRDF6RmU3OVZXRGJRUkV2aU5ZSGN0OXprNUtH&firm_user_id=3261) - [Client Portal](https://app2.gettruss.io/client_portals/sign_in?client_portal_name=CMP-CPA) [![CMP](https://blog.cmp.cpa/hubfs/Cookmartin-Dec2015/CMP-Logo.png "Cook Martin Poulson, P.C.")](https://cmp.cpa/) - [Home](https://cmp.cpa/) - [About](https://cmp.cpa/company/) - [Meet the Team](https://cmp.cpa/company/meet-the-team/) - [Community](https://cmp.cpa/company/community/) - [CMP Celebrates 40-Years In Business](https://cmp.cpa/company/news/) - [Careers](https://cmp.cpa/company/careers/) - [Reviews & Testimonials](https://cmp.cpa/reviews/) - [Services](https://cmp.cpa/services/) - [Tax Preparation](https://cmp.cpa/services/income-tax-services/) - [Tax Planning](https://cmp.cpa/services/tax-planning/) - [Financial Audits & Reviews](https://cmp.cpa/services/financial-statements-audits-and-reviews/) - [Business Valuation](https://cmp.cpa/services/business-valuations/) - [Estate and Succession Planning](https://cmp.cpa/services/estate-succession-planning/) - [ERISA / 401K Audits](https://cmp.cpa/services/erisa-audits/) - [Crypto Tax Accountant](https://cmp.cpa/services/crypto-tax/) - [Federal R&D Tax Credit](https://cmp.cpa/services/rd-tax-credit-services/) - [Utah R&D Tax Credit](https://cmp.cpa/services/utah-rd-tax-credit-services/) - [Bookkeeping and Payroll](https://cmp.cpa/services/bookkeeping-and-payroll-services/) - [Accounting Software Solutions & Consulting](https://cmp.cpa/services/accounting-software-solutions/) - [Retirement Plan Services and TPA](https://cmp.cpa/services/retirement-plan-tpa-services/) - [Cost Segregation Studies](https://cmp.cpa/services/cost-segregation/) - [Outsourced CFO](https://cmp.cpa/services/cfo-outsourced-solutions/) - [Industries](https://cmp.cpa/industries/) - [Farm and Ranch](https://cmp.cpa/industries/farm-ranch-accountant-service/) - [Real Estate and Construction](https://cmp.cpa/industries/real-estate-construction/) - [Retail and Wholesale](https://cmp.cpa/industries/wholesale-and-retail-accounting-services/) - [Nonprofit](https://cmp.cpa/industries/non-profits/) - [Manufacturing](https://cmp.cpa/industries/manufacturing/) - [Healthcare](https://cmp.cpa/industries/healthcare/) - [Technology](https://cmp.cpa/industries/software-technology/) - [Internet Marketing/YouTube](https://cmp.cpa/industries/internet-marketing-youtube/) - [Resources](https://cmp.cpa/resources/) - [Videos](https://cmp.cpa/videos/) - [Tools](https://cmp.cpa/resources/#tools) - [Important Documents](https://cmp.cpa/resources/#import-doc) - [Important Links](https://cmp.cpa/resources/#import-link) - [FAQ](https://cmp.cpa/resources/faqs/) - [Problems We Solve](https://cmp.cpa/problems-we-solve/) - [Blog](https://blog.cmp.cpa/)   Wasatch Front  [801-467-4450](tel:8014674450) |  Cache Valley [435-750-5566](tel:4357505566)[tel:8017428119](tel:8017428119) | Southern Utah  [435-269-4540](tel:4352694540) ![Salt-Lake-City-Utah.jpg](https://blog.cmp.cpa/hs-fs/hubfs/Cookmartin-Dec2015/Salt-Lake-City-Utah.jpg?width=1106&name=Salt-Lake-City-Utah.jpg "Salt-Lake-City-Utah.jpg") # 12 Year-End Tax Planning Tips That Can Save You Thousands Updated October 26, 2026 By [Tyler Robinson](https://blog.cmp.cpa/author/tyler-robinson) 12 Year-End Tax Planning Tips That Can Save You Thousands 11:44 Every November and December, I work with clients on their year-end [tax planning](https://cmp.cpa/services/tax-planning/), giving them a final opportunity to reduce their tax liability before they file next spring. Inflation-adjusted brackets, phase-outs and the [One Big Beautiful Bill Act](https://blog.cmp.cpa/one-big-beautiful-bill) (OBBBA) make this year especially important. Here are 12 smart moves to consider before December 31. ## Key Takeaways - Most of these moves must be done by December 31. IRA contributions can wait until April 15, 2027, and a SEP can be set up as late as your business return’s due date. - Timing matters. If you expect a higher bracket next year, consider moving income into 2026. If your income will drop, defer it, and consider a Roth conversion in a lower-income year. - Retirement contributions are one of the easiest ways to lower your 2026 taxable income: up to $7,500 in an IRA ($8,600 at 50 or older) and $24,500 in a 401(k), plus catch-up contributions. - New for 2026: the SALT cap is $40,400 but shrinks once modified AGI is above $505,000. Itemizers can deduct only charitable gifts above 0.5% of AGI, and non-itemizers can deduct up to $1,000 of cash gifts ($2,000 joint). - Selling investments at a loss can offset gains and up to $3,000 of other income. Watch the 30-day wash-sale rule. - Business owners can use 100% bonus depreciation, Section 179 expensing (up to $2.56 million) and the 20% QBI deduction, which is now permanent. ## ![Ten-Year-End-Tax-Planning-Tips-for-Individuals](https://blog.cmp.cpa/hs-fs/hubfs/Ten-Year-End-Tax-Planning-Tips-for-Individuals.jpg?width=2000&height=1000&name=Ten-Year-End-Tax-Planning-Tips-for-Individuals.jpg) ## 1. State Income Tax Prepay state income tax. If you expect to owe state income tax in April, paying it before December 31 can move the deduction into this year. Individuals use the cash method of accounting, so the tax has to be paid by year-end to count for this year. Prepaying only helps if you itemize and your state and local taxes stay within the SALT limit (see tip 6). Paying early sets the timing, but it doesn’t create an extra deduction on its own. Some business owners may also benefit, since many states now offer a pass-through entity (PTE) tax election. ## 2. Traditional IRA Contributing to a Traditional IRA or increasing your pre-tax deferrals to an employer-sponsored retirement plan is one of the most effective ways to lower your taxable income while saving for retirement. For 2026, the IRA contribution limit is $7,500 ($8,600 if you’re 50 or older). For 401(k) and similar workplace plans, you can defer up to $24,500, plus an $8,000 catch-up contribution if you’re 50 or older. If you’re 60, 61, 62 or 63, your plan may allow a higher catch-up of $11,250. One change for 2026: if your prior-year wages from your employer were over $150,000, your catch-up contributions must go in as Roth contributions. They won’t reduce your taxable income this year, though they grow tax-free. Your deduction for IRA contributions may be limited if a workplace plan covers you or your spouse and your income exceeds certain levels. Your CPA can help determine how much of your contribution qualifies as deductible based on your adjusted gross income and filing status. For 2026, the deduction phases out between $81,000 and $91,000 of modified AGI if you’re single and covered by a workplace plan, between $129,000 and $149,000 if you’re married filing jointly and covered, and between $242,000 and $252,000 if only your spouse is covered. You can make 2026 IRA contributions up to the filing deadline, generally April 15, 2027. A filing extension doesn’t extend this deadline. If you’re[self-employed,](https://blog.cmp.cpa/self-employed-retirement-plan-options) consider a Solo 401(k) or SEP IRA. These plans allow much higher deductible contributions than a Traditional IRA and can be a powerful way to build retirement savings while reducing your 2026 taxable income. A SEP can generally be set up as late as your business return’s due date, including extensions, but planning now helps you decide how much to put in. ![Cover of the CMP guide: 7 (Bonus) Ways to Reduce Taxable Income as a High Earner](https://blog.cmp.cpa/hs-fs/hubfs/Lead_Magnets/card-thumb-7-bonus-ways-high-earner.png?width=150&name=card-thumb-7-bonus-ways-high-earner.png) Free guide · Updated for 2026 The higher-income version of this list The tips here work for most filers. If your income is high enough that the standard moves stop being enough, our companion guide covers seven strategies built for that situation, updated for the 2026 rules. - Bunching charitable gifts to clear the standard deduction - Loss harvesting against gains, and the carry-forward rules - Deferring compensation out of a peak-income year - 529 superfunding: five years of gifts in one - 1031 exchanges for appreciated property [Get the Free Guide](https://info.cmp.cpa/reduce-taxes-high-income?utm_source=blog&utm_medium=inline_cta&utm_campaign=year-end-tax-planning&utm_content=high-earner-guide-mid) PDF · seven pages · no cost 3\. Charitable Contributions Instead of donating cash, consider giving appreciated stock, mutual funds, or other investments you have held for more than one year. You can usually deduct the fair market value of the asset and avoid paying capital gains tax on its appreciation. Cash gifts to public charities are generally deductible up to 60% of adjusted gross income (AGI), and gifts of appreciated assets up to 30% of AGI. Gifts must be made to qualified[501(c)(3) organizations](https://cmp.cpa/industries/non-profits/) by December 31 to count for this year. Two rules change starting in 2026. If you itemize, only charitable gifts above 0.5% of your AGI are deductible. If you don’t itemize, you can now deduct up to $1,000 of qualifying cash gifts ($2,000 if married filing jointly); gifts to donor-advised funds don’t count toward this one. “Bunching” several years of gifts into one year can still help you clear the standard deduction, and a donor-advised fund lets you make a large gift now, take the deduction this year and direct grants later. Keep the right records. For any single gift of $250 or more, get a written acknowledgment from the charity by the earlier of when you file or your return’s due date, including extensions. It must state the cash amount or describe the donated property, and include the required information about any goods or services you received in return. A bank record alone isn’t enough, and noncash gifts can have additional requirements. Logan tax partner Herschel Hugie wrote a blog post about charitable contributions and tax deductions. If you make charitable contributions or are considering it, be sure to check it out: [What Charitable Contributions Can I Claim As A Deduction On My Taxes?](https://blog.cmp.cpa/claim-charitable-contributions) ## **4. Mortgage Interest** Mortgage interest is deductible only when the loan proceeds are used to buy, build or substantially improve the home that secures the loan. Refinancing or consolidating personal debt, like credit cards or car loans, into a mortgage or home equity loan doesn’t make that interest deductible. The mortgage interest deduction remains limited to interest on up to $750,000 of acquisition debt for most taxpayers ($1 million for debt taken out before December 16, 2017). For married taxpayers filing separately, the limits are $375,000 and $500,000. Refinancing qualifying acquisition debt can preserve its tax treatment, generally up to the outstanding principal balance. Interest on[home equity loans](https://blog.cmp.cpa/is-home-equity-loan-interest-tax-deductible) or lines of credit follows the same rule: it’s deductible only if the proceeds were used to buy, build or substantially improve the home. If you’re planning a home purchase or improvement project, talk with your CPA about how to finance it so the interest qualifies. ## **5. Capital Gains** Consider investing in stocks or mutual funds that pay qualified dividends rather than interest. Qualified dividends and long-term capital gains are taxed at 0%, 15% or 20%, depending on your income. For 2026, the 0% rate applies to taxable income up to $49,450 (single) or $98,900 (joint), and the 20% rate starts above $545,500 (single) or $613,700 (joint).[High-income taxpayers](https://blog.cmp.cpa/reduce-taxable-income-high-earners) may also owe the 3.8% net investment income tax once modified AGI is above $200,000 (single) or $250,000 (joint). If you expect your income to rise next year, you may want to realize some gains in 2026 to take advantage of a lower rate now. Remember that gains on investments held one year or less are taxed as ordinary income; long-term rates apply to assets held more than one year. State treatment of capital gains can differ from federal law, so check your state’s rules too. If you live in Utah, see our guide to the[state’s capital gains rules](https://blog.cmp.cpa/capital-gains-tax-utah). Discuss the best timing and approach with your CPA before year-end. If you’re trying to make sense of [how stock options are taxed](https://blog.cmp.cpa/stock-options-tax-guide/), this guide walks you through the federal and Utah treatment of ISOs, NSOs, and RSUs so you can see what actually triggers tax and when. It explains the key differences that affect your bill and why timing your exercise or sale matters long before April 15. ## **6. Itemized Deductions** If your itemized deductions are close to the standard deduction each year, consider bunching your deductions into one tax year to maximize your benefit. For 2026, the standard deduction is $16,100 for single filers, $24,150 for heads of household and $32,200 for[married couples filing jointly](https://blog.cmp.cpa/married-filing-jointly-vs-separately). When your total itemized deductions (such as mortgage interest, property taxes, charitable donations and medical expenses) fall just below that threshold, combining or timing payments can increase your[total deductions and lower your tax bill.](https://blog.cmp.cpa/miscellaneous-itemized-deductions) For example, if you regularly give to charity, you could delay your December contributions and make them in January of the next year, then also give again in December of that same year. This way, two years of giving fall in one calendar year, pushing you well above the standard deduction for that filing. With the new 0.5%-of-AGI floor on charitable deductions, bunching gifts into one year is even more useful. The cap on the itemized deduction for state and local taxes (the SALT deduction) has gone up. Under the Tax Cuts and Jobs Act (TCJA), it was $10,000 ($5,000 if married filing separately). Under the One Big Beautiful Bill Act (OBBBA), it rose to $40,000 for 2025, and it’s $40,400 for 2026 ($20,200 if married filing separately). The higher cap isn’t available to everyone. For 2026, it starts to shrink once your modified adjusted gross income (MAGI) is above $505,000, whether you file single or jointly ($252,500 if married filing separately). At higher incomes, the cap falls back to $10,000 ($5,000 if married filing separately). ## **7. Capital Loss** Selling investments that have decreased in value can reduce your tax bill for 2026. When you sell an asset at a loss, that realized loss can offset capital gains from other investments. If your capital losses exceed your gains, you can deduct up to $3,000 ($1,500 if married filing separately) against other types of income, such as wages or business earnings. Any unused losses are carried forward indefinitely to future years. This strategy, often referred to as tax-loss harvesting, is most effective when integrated with your investment plan. Review your portfolio before year-end to identify positions that are unlikely to recover soon. Be careful to follow the wash-sale rule. If you buy the same or a substantially identical security within 30 days before or after the sale, you can’t deduct the loss now; it’s added to the cost basis of the new shares instead. Under current law, the[wash-sale rule doesn’t apply to cryptocurrency](https://blog.cmp.cpa/cryptocurrency-wash-sale-rule), though Congress has considered extending it. Always confirm timing and reporting with your CPA before executing trades.  ## **8. Real Estate** Consider adding[real estate](https://cmp.cpa/industries/real-estate-construction/) to your investment mix. Residential and commercial properties often generate tax losses in the early years due to depreciation deductions and other expenses. These paper losses can generally offset only passive income, such as income from other rental activities. They can’t offset portfolio income like interest, dividends or gains on stocks. If you actively participate in a rental, you may be able to deduct up to $25,000 of rental losses against other income, but that allowance phases out between $100,000 and $150,000 of modified AGI and is gone above $150,000 (married filing separately rules differ). Real estate professionals are a separate exception: if you meet the IRS time tests and materially participate in the rental, these limits don’t apply. For higher-income taxpayers, real estate can still provide valuable depreciation and long-term appreciation benefits even if current losses are limited. Work with your CPA to ensure proper recordkeeping, cost segregation, and compliance with passive activity loss rules under[IRC Section 469](https://www.law.cornell.edu/uscode/text/26/469). While real estate planning can help manage taxable income, equity-based exits often raise a different set of questions. Understanding the [qualified small business stock exclusion](https://blog.cmp.cpa/qsbs-exclusion) can significantly change the tax outcome when selling business stock, especially for founders and early investors. This guide explains how the rules work, what qualifies, and what to confirm early so tax planning doesn’t wait until a deal is already in motion. Free guide · Eight pages If you own the business too The next few tips touch business income. Our guide for owners covers nine strategies in full (entity structure, retirement funding, bonus depreciation and Section 179) and which have a December 31 deadline. [Get the Free Guide](https://info.cmp.cpa/reducing-tax-liabilities?utm_source=blog&utm_medium=inline_cta&utm_campaign=year-end-tax-planning&utm_content=reduce-tax-liability-end) ## **9. Investing In A Business** [Investing in a business](https://blog.cmp.cpa/small-business-financing) can offer significant tax benefits. Purchases of machinery, equipment or technology may qualify for 100% bonus depreciation or Section 179 expensing, giving you an immediate deduction instead of spreading the cost over several years. The 2025 tax law restored 100% bonus depreciation for eligible property acquired and placed in service after January 19, 2025. It also raised the[Section 179 deduction](https://blog.cmp.cpa/understanding-depreciation-deduction) limit to $2.5 million for 2025, phasing out above $4 million of qualifying purchases. For 2026, those figures are $2.56 million and $4.09 million. Losses generated by business operations can offset other ordinary or[investment income](https://blog.cmp.cpa/types-of-income), depending on your level of participation and the at-risk and passive-activity rules. Before year-end, review planned purchases and projected income with your CPA to confirm the optimal timing for equipment, vehicle, or software acquisitions and to accurately document business-use percentages. ## **10. Cryptocurrency Transactions** If you trade or invest in [cryptocurrency](https://cmp.cpa/services/crypto-tax/), be aware that [each sale, exchange, or payment can create a taxable event](https://blog.cmp.cpa/how-to-fill-form-8949). The IRS treats crypto as property, not currency, so gains are taxable and losses can be used to offset other capital gains. Keep accurate records of every purchase, sale and transaction fee. Brokers now report crypto sales on Form 1099-DA, and for 2026 sales they also report cost basis for assets bought on or after January 1, 2026 and kept on the same platform. Assets bought earlier or moved between wallets or exchanges still depend on your own records. If you’re thinking about harvesting losses or rebalancing before December 31, talk with your CPA first to make sure it fits your overall tax plan. ## **11. Business** If you run an[S corporation, partnership, or sole proprietorship](https://blog.cmp.cpa/best-business-entity-company), you may qualify for the 20%[Qualified Business Income deduction](https://blog.cmp.cpa/pass-through-deduction-can-help-you-save-taxes). This deduction reduces your taxable income based on the profit your business earns, and you don’t have to spend anything to get it. The 2025 tax law made this deduction permanent. For 2026, once your taxable income is above $403,500 (joint) or $201,750 (single), limits based on the W-2 wages your business pays and the property it owns start to apply. Specified service businesses, such as many professional practices, also start to lose eligibility above those thresholds. Other qualifying businesses can still claim the deduction at higher incomes. If your income is close to those levels, talk with your CPA before year-end. Adjusting when you take income or make deductible purchases could help you stay under the threshold and keep the full deduction. ## 12. Tax Bracket Management Smart year-end planning isn’t just about finding deductions. It’s also about managing when you recognize income and deductions to take advantage of favorable tax brackets. If you expect your income to fluctuate, consider these strategies before December 31: Accelerate or defer income: If you expect to be in a higher bracket next year, accelerating income into 2026 may reduce overall lifetime taxes. Conversely, if your income drops next year, deferring income can push it into a lower bracket. Roth conversions: Converting part of a Traditional IRA to a Roth IRA while you’re in a lower bracket allows you to pay tax now and enjoy tax-free growth later. This can be especially powerful in years with unusually low income. Reviewing your projected taxable income with your CPA before year-end can help you “fill up” the lower brackets strategically and avoid surprises when you file your 2026 return. A little bracket management now can save you thousands over time.  Do you need help with your tax planning? The experts at CMP can help. Tax planning consultation Plan your year-end moves with a CPA Talk through your income, deductions and timing with one of our CPAs before December 31, and find out which of these moves fit your situation. [Schedule a Tax Planning Consultation](https://info.cmp.cpa/nationwide-tax-consultation?utm_source=blog&utm_medium=inline_cta&utm_campaign=year-end-tax-planning&utm_content=tax-planning-consultation-end) *This content is for educational purposes only and may not apply to your specific tax situation. Tax laws are complex, subject to change, and depend on individual circumstances. Consult a qualified tax advisor before relying on this information.* [![Tyler Robinson](https://blog.cmp.cpa/hs-fs/hubfs/Tyler%20Robinson.jpg?width=160&height=190&name=Tyler%20Robinson.jpg)](https://cmp.cpa/team/tyler-robinson/) About Tyler Robinson Tyler Robinson is a Senior Tax Associate in our Logan office. Born and raised in Cache Valley, he enjoys working with individuals and business owners to make taxes feel less stressful and more manageable. He earned both his bachelor’s and master’s degrees in accounting from Utah State University in 2024. Tyler helps clients with entity selection, bookkeeping, payroll, and tax return preparation. Outside of work, he enjoys mountain biking, hunting, and golfing. [Read Full Bio](https://cmp.cpa/team/tyler-robinson/) RECENT BLOG POSTS - [How Are Stock Options Taxed? A Complete Guide to ISOs, NSOs, and RSUs](https://blog.cmp.cpa/stock-options-tax-guide/) - [How to File Taxes If You Switched Jobs](https://blog.cmp.cpa/changing-jobs-impact-tax-return) - [When Is a Financial Statement Review Enough?](https://blog.cmp.cpa/when-is-financial-statement-review-enough) Get our quarterly tax newsletter Four short emails a year, each timed to a moment that matters for your taxes, with a practical tip from one of our CPAs in every issue. Unsubscribe anytime. 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