It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.
You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.
Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.
Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.
So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)
Susan
Sounds like a page from AMR’s “explanation” to the little people working under concessionary wages since 2003 as to why executive bonuses are justified and required.
Jan Dillaha
The AIG situation is no surprise. WSJ published a story on this problem before the bailout dust had settled.
What is surprising is that as a nation who has no respect for it’s duly elected legislators we trust them to watch over AIG. Most of our legislators have no business experience and less business acumen. The idea that any of them can tell AIG how to run their business better is insanity.
When Arthur Anderson did stupid they went under. There was no discussion about the government bailing them out even though our financial markets depend on the services that CPAs provide. We got a bit antsy about the Big 8 becoming the Big 4. Lots of people lost their jobs, clients realigned with a new firm. Mid sized firms found this to be a huge opportunity.
It was painful, but the market worked then and it could work now.
Government is a place where the problems are worrisome, but the solutions are terrifying.
If you think that I make these comments lightly, there is nothing further from the truth. I am a CPA in SE Michigan who grew up in a GM home.
J Zodiaco
I am an A.I.G.annuity client and my 5 year contract had matured on 2/3/09. I had my local bank send; in advance of the said maturty date to A.I.G.to roll over my wifes and my account. At this writing,after four phone calls . All they keep telling me is checks in the mail!Anyone out there getting the same run around and/or what course of action help is available to get my money. As I see it they are holding our money illegally and it may be on the edge of fraudulent business practices and/or plain criminal larceny