Year-end tax planning tends to slip. Many of the moves that can lower your 2026 tax bill, including contributions, conversions, harvested losses, and charitable gifts, have a December 31 deadline, and most cannot be made retroactively in April.

You do not need to tackle everything at once, and most households only need to act on a handful of these items. Here is a breakdown of what to review before year-end, organized by where you are in life: items for everyone, items for those still working, and items for retirees.

For Everyone

Charitable giving. The rules changed this year. Starting in 2026, you can deduct up to $1,000 in cash gifts to qualifying charities ($2,000 for married couples filing jointly) even if you take the standard deduction, while itemizers can now deduct only the portion of their giving that exceeds 0.5% of adjusted gross income. Bunching several years of giving into one year, often through a donor-advised fund, can help clear that floor and restore the deduction. For strategies beyond writing a check, see our blogs “Nine Ways to Support Charities Beyond Writing a Check” and “Charitable Gift Stacking.”
Tax-loss harvesting. If some investments in your taxable account are worth less than you paid, selling them can generate losses that offset capital gains, plus up to $3,000 of ordinary income each year. Be mindful of the wash-sale rule: If you buy the same or a substantially identical investment within 30 days before or after the sale, the loss is generally disallowed. Our blog “Understanding the Tax Ramifications of Investment Income in a Non-Retirement Account” explains how gains and other investment income are taxed.
Withholding and estimated payments. If you had unusual income this year, perhaps a bonus, a large capital gain, or a Roth conversion, check whether enough tax has been paid in. You can generally avoid an underpayment penalty if you owe less than $1,000 after withholding, or if you paid at least 90% of this year’s tax or 100% of last year’s (110% if your prior-year adjusted gross income was over $150,000). Adjusting your withholding before December 31 is often easier than catching up with an estimated payment.

If You Are Still Working

Max out your 401(k). For 2026, you can contribute up to $24,500 to a 401(k), 403(b), governmental 457 plan, or the federal Thrift Savings Plan. If the maximum is out of reach, at least confirm you are contributing enough to capture your full employer match. For help deciding between pre-tax and Roth dollars, see our blog “Pre-Tax or After-Tax Contributions to Your Employer Retirement Plan: How to Decide.”
Catch-up contributions. Workers 50 and older can add $8,000 on top of the above limit, and those ages 60–63 can add $11,250 instead. One change to know: Starting in 2026, if you earned more than $150,000 in FICA wages in the prior year from the employer sponsoring your plan, catch-up contributions generally must be made as Roth contributions.
Fund your health savings account (HSA). For 2026, you can contribute up to $4,400 for self-only coverage and $8,750 for family coverage, plus a $1,000 catch-up if you are 55 or older. Contributions reduce your taxable income, growth is tax-free, and withdrawals for qualified medical expenses are not taxed. You generally have until the April 2027 filing deadline to contribute for 2026, but payroll contributions need to be adjusted before year-end. For more on HSAs, read our blog “Health Savings Account (HSA): What Is It and How Can It Benefit You?”
Spend expiring FSA dollars. Unlike an HSA, a flexible spending account (FSA) is largely use-it-or-lose-it. Employers may allow a carryover into the next plan year or a short grace period, but neither is required, and they cannot offer both. Check your balance and your plan’s rules now, while there is still time to schedule appointments or restock eligible supplies.

If You Are Retired

Required minimum distributions. If you are 73 or older, required minimum distributions (RMDs) from traditional IRAs and most workplace plans are generally due by December 31, and a missed distribution can trigger a 25% penalty on the shortfall (reduced to 10% if corrected promptly). If you turned 73 this year, you can delay your first RMD until April 1, 2027, but you would then take two distributions in the same tax year. If you are charitably inclined and at least 70½, a qualified charitable distribution (QCD) of up to $111,000 in 2026, paid directly from your IRA to a qualified charity, can generally satisfy some or all of your RMD without adding to your taxable income (donor-advised funds do not qualify); our blog “Qualified Charitable Distribution Overview” explains more.
Partial Roth conversions. If your income is temporarily low, perhaps you have retired but not yet started Social Security or RMDs, converting a portion of a traditional IRA to a Roth can fill up today’s lower tax brackets. Conversions must be completed by December 31 to count for 2026, and they cannot be undone. See our blog “Why Consider Roth Conversions in Retirement?” for whether the strategy may fit your situation.
IRMAA thresholds. Medicare sets premium surcharges using tax information from two years earlier. For 2026 premiums, the surcharges generally begin above $109,000 of 2024 modified adjusted gross income for single filers or $218,000 for joint filers. Because the surcharge works in tiers, crossing a threshold by even a small amount can raise your costs for that year, so it is worth running the numbers before a year-end conversion or large capital gain.

A Note for Louisiana Residents

Louisiana now has a flat 3% income tax, and several kinds of retirement income are exempt: Social Security and certain qualifying Louisiana government retirement benefits are not taxed at the state level, and residents 65 and older can claim a retirement income exclusion with a base amount of $12,000, indexed annually for inflation beginning in 2026. A Roth conversion generally increases the income on your Louisiana return, though state exemptions may reduce how much is ultimately taxable, so include the state impact when weighing a conversion.

For a broader look at year-end issues beyond taxes, including cash flow, estate planning, and insurance, download our 2026 year-end planning checklist.

How We Can Help

A checklist can tell you what to look at; it cannot tell you which moves fit together. A Roth conversion may make sense on its own but push you over an IRMAA threshold. Harvested losses may pair well with a rebalancing you already planned. We help clients across the Gulf Coast coordinate these decisions with their broader financial plan, and we work alongside your CPA where tax preparation is involved. We are not accountants and do not prepare tax returns, but year-end tax planning is squarely within what we do.

If you would like a second set of eyes on your year-end checklist, schedule a complimentary call with a fiduciary, fee-only financial advisor.