A new year means new opportunities. Here's your comprehensive guide to the tax changes, updated limits, and strategic planning moves that will help you keep more of what you earn in 2026.
The new year brings updated tax brackets, contribution limits, and thresholds. Understanding these changes now helps you plan effectively for the year ahead.
Don't wait until December to think about retirement contributions. Setting up automatic contributions now ensures you'll hit your maximum limits and get the full tax benefit.
Your first quarterly estimated tax payment for 2026 is due April 15th. Now is the time to calculate what you'll owe based on projected income and avoid underpayment penalties.
Don't Forget: If you owe more than $1,000 at tax time and haven't paid at least 90% of your current year liability (or 100% of last year's), you'll face penalties. Plan ahead!
The start of a new year is the ideal time to evaluate whether your current business structure is still optimal. With updated Social Security wage bases, the savings from an S-Corp election may be even more significant in 2026.
Section 179 and bonus depreciation remain powerful tools in 2026. If you know you'll need major equipment purchases this year, planning them strategically can maximize your deductions.
January is the perfect time to clean up your books and establish good habits for the year. Proper categorization and documentation throughout 2026 will save you headaches at tax time.
If you're self-employed, your health insurance premiums are 100% deductible. But there are additional strategies—like Health Savings Accounts (HSAs)—that can provide triple tax benefits.
Tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses
$4,300 (individual) or $8,550 (family), plus $1,000 catch-up if 55+
If you expect your income to vary significantly between 2025 and 2026, there may be opportunities to shift income or deductions between years to minimize your overall tax burden.
2025 Returns Due Soon: Remember, you can still make IRA and HSA contributions for 2025 until April 15, 2026. Don't miss this opportunity to reduce last year's tax bill!
Strategic charitable giving can provide significant tax benefits. Consider these approaches for 2026:
Avoid capital gains tax while getting a deduction for the full fair market value
Bunch multiple years of giving for a larger deduction, then distribute over time
The most successful business owners don't wait until tax season to think about taxes. They work with a tax strategist throughout the year to identify opportunities and implement strategies proactively.
These strategies are powerful—but only if you implement them before December 31st. Once the calendar flips to January 1st, most of these opportunities are gone for good.
The difference between reactive tax preparation and proactive tax strategy is often tens of thousands of dollars. Business owners who plan ahead keep more of what they earn.
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