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2026 Year-end Planning: Tax Checklist for Individuals

Article

December 4, 2025

Last Updated: October 20, 2026

Download Your Year-end Tax Planning Checklist

As 2026 draws to a close, now is the time to schedule a meeting with your tax advisor to discuss year-end tax planning. To help you prepare, we have created a downloadable guide with key considerations and action steps for 2026, as well as a look ahead to 2027 planning.

Cherry Bekaert’s team of tax advisors looks forward to working with you, your family and your business to streamline your year-end planning.

Tax Planning Checklist: Action Items for 2026

The downloadable checklist summarizes the questions and planning areas below. Review the items that apply to your circumstances and identify any actions that may need to be completed before year-end.

Answer These 2026 Tax Planning Questions

Before you start on your 2026 taxes, take the time to answer the following questions to determine which life events, if any, may impact your filing:

Have you experienced significant life changes this year, such as marriage, divorce, retirement, relocation, job changes or new family members?
Have there been significant transactions this year, such as new investments, inheritances, casualty losses, or business successes or failures?
What capital gains or losses can be realized before year-end?
Do you make charitable contributions?
Do you receive income from a pass-through business?
Are there carryover losses, deductions, charitable contributions or other tax attributes from 2025 or earlier years?
Will your income change significantly in 2027?

Review Impact of Tax Reform Provisions

There are a few notable tax reforms that could change your year-end planning, including:

Standard Deduction: This year, the standard deduction, or the income you can exclude from taxes before respective tax rates apply, was increased to $16,100 for single filers and $32,200 for joint filers.
Limit on Itemized Deductions: The 2025 tax reform permanently repealed miscellaneous itemized deductions and enforced a limit on deductions for taxpayers in the 37% tax bracket. For 2026, the tax benefit from itemized deductions in the 37% bracket will be treated as if they were in the 35% bracket.
Tax-advantaged Trump Accounts: Created under P.L. 119-21, or the “One Big Beautiful Bill” (OBBBA), the 2025 tax reform, these accounts are available to U.S. citizens under 18, with a general contribution cap of $5,000 per year. The contributions aren’t tax-deductible, but the account’s growth can generally be tax-deferred until the child turns 18.
State and Local Tax Deduction Cap: Review how the 2026 state and local tax (SALT) deduction cap may affect your itemized deductions and year-end planning.
Qualified Opportunity Zone Deferred Gains: Review any remaining gains deferred under the pre-OBBBA Qualified Opportunity Zone regime. These gains may need to be recognized by December 31, 2026, potentially affecting your 2026 taxable income and estimated tax payments.

Develop Your Tax Planning Roadmap

While individual year-end planning strategies differ, and you have your own unique tax position, there are a few common action steps to consider as you begin. To build your roadmap, review the comprehensive list of steps in our downloadable guide and see which actions apply to your situation.

For example, you can consider whether you can decrease your tax bill by shifting income or deductions between 2026 and 2027. Or you may consider gain deferral by investing in a Qualified Opportunity Zone, a program that was made permanent by P.L. 119-21, with additional benefits and new zones rolling out in 2027.

Consider Planning With Retirement Savings

This year, the new Roth requirement for higher-income taxpayers’ catch-up contributions went into effect. Signed into law through the 2022 SECURE 2.0 Act, the rules require higher-income participants to make catch-up contributions as after-tax Roth contributions. This applies for 401(k), 403(b), and 457(b) retirement plans and could potentially push taxpayers subject to this limit into a higher tax bracket.

The limit on annual contributions to a traditional or Roth individual retirement account (IRA) is now $7,500, and the maximum contribution to most defined contribution plans (e.g., 401(k) plan) is $24,500. For participants in 401(k), 403(b), and governmental 457 plans, the catch-up contribution limit remains $11,250 for those aged 60, 61, 62 and 63.

Consider ways to prioritize your retirement savings during year-end planning, such as maximizing contributions to your IRA, profit sharing, 401(k) and employer retirement savings plans.

Factor in Gifts and Estate Planning

In 2026, the unified lifetime gift, estate, and generation-skipping transfer exemption was set at $15 million per individual ($30 million per couple) and indexed for inflation. Combined with the annual gift tax exclusion at $19,000, individuals have the potential to strategically plan and reduce future estate taxes.

Charitable giving limitations also took effect in 2026, meaning only the portion of gifts that exceed 0.5% of adjusted gross income qualify for deduction. Grouping or bunching charitable contributions can help taxpayers maximize qualifying deductions. As you look ahead, be sure to refresh your estate plan and consider making annual exclusion gifts before December 31.

Final Advice for 2026 Tax Payments

When it comes time to make your 2026 tax payment, don't forget to confirm the following:

Withholdings and Estimated Taxes: Review year-to-date income tax withholding and estimated taxes to avoid underpayment penalties or overpayment in April 2027.
Adjustments: Consider adjusting tax withholding from wages or IRA required minimum distributions (RMDs) to better align with your tax liability.
Electronic Payments: Make electronic deposits of federal and state tax payments for convenience and accuracy.
2027 Estimated Payments: Consider calculating your first-quarter 2027 estimated tax payment and reviewing expected changes in income, deductions, or withholding.