With approximately 100 days remaining in 2026, this is a practical time to review your tax position before the filing season begins. The final stretch of the calendar year can offer opportunities to make informed adjustments that affect your tax result, support cash flow, and reduce the risk of an unwelcome surprise when your return is prepared.

Taxes are often not top of mind until filing deadlines approach. However, a review before December 31 may be especially valuable if your income changed, you earned money through a side venture, increased retirement savings, or experienced a significant personal or family change during the year.

Year-end planning does not need to be overwhelming. By taking a closer look at several core areas now, you can gain a clearer view of your 2026 tax picture and identify matters worth addressing before the year closes.

Check Withholding and Estimated Tax Payments

A useful starting point for year-end tax planning is reviewing the tax withheld from your income and any estimated payments you have made. For individuals and small-business owners alike, these amounts should reasonably reflect the income earned throughout the year.

A job change, investment income, consulting work, online sales, a new business activity, or a major life event can all change the amount of tax due. When withholding or estimated payments have not kept pace with those changes, taxpayers may discover a larger balance due at filing time.

Reviewing this information before the end of the year may provide time to make appropriate adjustments. O’Hara & Company helps individuals and businesses across Suffolk County and Long Island evaluate year-end tax considerations with a clear, personalized approach.

Organize Side Income and Self-Employment Records

Income outside of a traditional paycheck has become increasingly common. Freelance assignments, consulting, rideshare work, online selling, and payments received through digital platforms may all create tax reporting responsibilities.

If you earned side income in 2026, gather and review your income and expense records now. Keeping those details organized can make it easier to understand potential tax obligations and prepare for the information returns and documentation needed during tax season.

A review of self-employment activity may also help identify eligible business expenses and deductions. For those seeking business tax preparation in Suffolk County, addressing bookkeeping and documentation issues before filing season can help limit avoidable complications later.

Review Retirement Contributions

Retirement accounts can be important tools for long-term savings as well as current-year tax planning. Depending on the account and your circumstances, additional contributions may help reduce taxable income while increasing the amount set aside for retirement.

Taxpayers age 50 and older may have access to catch-up contribution opportunities, allowing them to contribute more to eligible accounts before the year ends. Recent law changes also expanded certain contribution opportunities for some people in their early 60s, which makes retirement tax planning in New York particularly relevant for those nearing retirement.

Before making a decision, it is important to consider contribution limits, eligibility, and the broader impact on your financial plan. A year-end review can help determine whether additional retirement savings may fit your goals.

Assess Whether a Roth IRA Conversion Makes Sense

The end of the year can also be an appropriate time to consider whether a Roth IRA conversion supports your financial objectives. A conversion generally moves assets from a traditional IRA to a Roth IRA and creates taxable income in the year the conversion occurs.

In exchange, qualified future withdrawals from the Roth account may be tax-free. This approach may be worth reviewing for someone in a lower-income year or for a person planning ahead for future retirement distributions.

A Roth conversion is not the right strategy in every circumstance. Reviewing the potential immediate tax cost and the longer-term effect before year-end can help you make an informed decision.

Revisit Education and Dependent Care Tax Benefits

Families with children, dependents, or college students should review potentially available tax benefits before the year concludes. Timing and recordkeeping may affect whether certain education-related expenses qualify for available tax credits.

If you or a dependent is attending college, paying qualifying education expenses before year-end may help maximize available benefits based on your overall tax situation. It is important to maintain clear records of payments and related documentation.

Dependent care expenses also deserve attention. Taxpayers who paid for daycare, after-school care, summer day camps, or other qualifying care so they could work or look for work should review their records. Recent 2026 law changes expanded the Child and Dependent Care Credit, making this an important item to revisit before filing.

Make the Most of HSA and FSA Opportunities

Health Savings Accounts and Flexible Spending Accounts can provide meaningful tax advantages, yet they are easy to overlook until the last part of the year. Reviewing these accounts now can help you understand remaining contribution room, available balances, and eligible expenses.

Depending on your circumstances, there may still be a chance to use available HSA and FSA tax benefits before December 31. A timely review can help ensure these tax-favored accounts are being used as effectively as possible.

As with other planning decisions, account rules and individual circumstances matter. Keeping records of contributions and eligible expenses can also simplify tax preparation later.

Consider Your Charitable Giving Plan

Charitable contributions remain an important part of year-end tax planning for many taxpayers. In addition to supporting organizations and causes that matter to you, giving may create tax benefits depending on your filing situation.

Under the One Big Beautiful Bill Act, taxpayers claiming the standard deduction may still be eligible to deduct certain cash charitable gifts beginning with the 2026 tax year. That means charitable contributions may be worth reviewing even for taxpayers who do not anticipate itemizing deductions.

Taxpayers near the itemizing threshold may also want to consider whether concentrating charitable gifts in one tax year could improve the overall tax value of their giving. Retain donation acknowledgments and related records as part of your year-end file.

Confirm RMDs and Beneficiary Designations

Retirement tax planning involves more than making contributions. Individuals age 73 and older generally must take required minimum distributions from certain retirement accounts each year.

Missing a required distribution or withdrawing less than the required amount may result in penalties. Reviewing account balances and distribution requirements before year-end can help prevent an avoidable issue.

This is also a useful time to update beneficiary designations on retirement accounts, life insurance policies, and other financial assets. Marriage, divorce, births, deaths, and other family changes can leave existing instructions out of date. Keeping designations current helps ensure assets are handled in accordance with your wishes.

Prepare Your Records Before Filing Season

Getting organized is one of the most effective steps you can take before tax season. Collect receipts, bank statements, charitable giving records, business expense documentation, and other paperwork while the information is still accessible.

Early organization can make individual tax preparation in Port Jefferson and surrounding communities more efficient. It may also help reveal deductions, credits, or missing information that could otherwise be overlooked.

As filing season gets closer, it can become harder to locate documents and confirm details. Taking care of recordkeeping now can reduce stress and support a smoother preparation process.

The remaining months of 2026 may pass quickly, but there is still time to review planning opportunities that could improve your overall tax position. Even a few proactive steps may help make filing season more manageable.

If you would like help reviewing year-end tax strategies, O’Hara & Company is available to assist individuals, families, and small businesses in Port Jefferson Station, St. James, Suffolk County, and across Long Island. Our team can help you evaluate relevant options and prepare for the upcoming tax season with confidence.