December 31 Is Closer Than You Think: Your Year-End Tax Planning Window Is Open Now

by | Oct 1, 2026

ARTICLE | October 01, 2026

Here is an uncomfortable truth: the single most important thing you can do for your 2026 tax bill has nothing to do with what you file in April. It has everything to do with what you do before December 31. Once that deadline passes, the window closes -- and the opportunities close with it.

The good news? Right now, you still have time. And thanks to sweeping changes under the One Big Beautiful Bill Act (OBBBA), 2026 brings a rare combination of new permanent tax benefits and fresh planning opportunities that reward those who act before year-end.

For business owners, the fourth quarter is when you can still control the timing of income, bonuses, equipment purchases, retirement contributions, and deductions -- all of which can meaningfully shift your tax outcome. Permanent 100% bonus depreciation and expanded Section 179 limits mean capital investment decisions made in December can deliver immediate tax savings. The 20% Qualified Business Income (QBI) deduction is now a permanent fixture of the tax code, but maximizing it still requires intentional planning around entity structure, compensation, and qualified property.

For high-net-worth individuals and families, the stakes are equally significant. Portfolio gains, Roth conversion opportunities, charitable giving strategies, and estate planning decisions all carry hard deadlines. The federal estate and gift tax exemption now sits at approximately $15 million per individual under the OBBBA -- but families who built their plans around the anticipated TCJA sunset need to revisit those assumptions now. Year-end is also the ideal time to harvest investment losses, fund donor-advised funds with appreciated securities, and evaluate whether a Roth conversion makes sense before your bracket changes.

This is far from a complete list. The tax law has changed dramatically over the last 18 months, and the planning considerations for business owners, investors, and high-net-worth families are extensive. Every situation is different, and the strategies that deliver real value depend on your specific income, entity type, investment profile, and long-term goals.

The OBBBA fundamentally changed the planning landscape. Some provisions that were expected to expire are now permanent, which means the way you structure decisions today will shape your tax position for years to come. This is not the year to wait until April.

At KHA Accountants, we have spent more than 50 years helping businesses and high-net-worth families navigate complex tax environments with clarity and confidence. Our team is ready to review your situation, run year-end projections, and identify strategies before the December 31 deadline arrives.

Do not leave money on the table. Contact KHA Accountants today at www.kha.cpa to schedule your year-end tax planning appointment. Time is the one resource you cannot recover.

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