Most of the tax decisions that shape your 2026 bill have to be made before December 31. By the time you’re gathering documents in March, the return mostly records what already happened. The fall is when planning actually changes the outcome.
Here are the questions we work through with business owners every fourth quarter.
1. Are your books current enough to project the year?
Everything else depends on this. If your books are three months behind, any estimate of your 2026 profit is a guess, and so is every decision built on it. Getting reconciled through September or October gives you a reliable picture of where the year will land.
2. Should you buy equipment now or wait?
Business equipment, vehicles and software purchased and placed in service before year-end can often be deducted much faster than owners expect. That can make a December purchase attractive. But a deduction only helps if you have the income to use it against, and it should never drive a purchase you don’t need. Run the numbers first.
3. Is your entity type still the right fit?
Many businesses start as a single-member LLC and never revisit that choice. As profit grows, an S-corporation election can reduce self-employment tax. It also brings payroll, a reasonable-salary requirement and added compliance cost. Whether it makes sense depends on your actual numbers, which is one more reason to have current books.
4. Will your estimated payments cover what you owe?
Underpaying during the year can trigger penalties, even if you pay the balance in full in April. The fourth-quarter estimated payment is due January 15. A fall projection tells you whether to increase it, and by how much.
5. Are you making the most of retirement contributions?
Retirement plans are one of the few tools that can reduce taxes and build long-term wealth at the same time. Some plans have to be set up before year-end to be used for this year, so this one is worth raising early.
Start the conversation in the fall
We’re scheduling year-end planning meetings now through Aconter Tax, our affiliated tax practice. If you’d like a spot, request a consultation or call (385) 335-4227.
This article is general information, not tax advice for your specific situation. Talk with a tax professional before acting on it.
