100 Days Left of the Year - Individual Taxes

Quick Summary: With about 100 days remaining in 2026, a proactive review of your tax situation can help you prepare for filing season with fewer surprises. Checking withholding, retirement savings, side income, available credits, and documentation before December 31 may reveal practical opportunities to improve your tax position. Eric J. Brunsen CPA provides tax planning in Iowa Falls for individuals, families, farms, and small businesses seeking clear, local guidance.

Tax planning is often postponed until forms begin arriving in January, but many decisions that affect a 2026 return need to be made before the calendar year ends. A change in income, a new job, self-employment work, increased savings, or a family milestone can all influence what you owe or the tax benefits you may qualify to receive.

Fortunately, year-end planning does not need to feel overwhelming. By reviewing a few key areas now, you can gain a clearer picture of your 2026 taxes, address potential issues early, and make tax preparation more manageable in the months ahead.

Check Tax Withholding and Estimated Payments

Reviewing federal and state tax withholding, along with any estimated tax payments, is one of the most useful steps to take before year-end. Payments that made sense earlier in the year may no longer match your current income or tax obligations.

A job change, raise, investment income, side work, business income, or significant personal change can affect your total tax liability. If too little has been withheld or paid throughout the year, you may face an unexpected amount due when you file.

Looking at these figures before December 31 gives you time to understand whether an adjustment may be needed. This review can help reduce filing-season stress and support better cash-flow planning.

Organize Side Income and 1099 Activity

Income earned outside a traditional W-2 job is increasingly common. Freelancing, consulting, online selling, rideshare driving, digital-platform work, and other independent activities may all create tax reporting responsibilities.

If you received side income during 2026, take time to gather records of what you earned and the expenses connected to that work. Keeping the information organized now can make it easier to prepare for 1099 reporting and determine the potential tax impact.

A year-end review of self-employment activity may also bring attention to allowable business deductions. For those seeking tax services in Iowa Falls, early recordkeeping can help prevent last-minute complications when it is time to prepare a return.

Review Retirement Contributions Before December 31

Retirement contributions can support both future financial security and current-year tax planning. Adding funds to eligible retirement accounts may lower taxable income while helping you build savings for retirement.

Individuals age 50 and older may have access to catch-up contribution amounts, which can provide an additional opportunity for tax-advantaged saving. Recent law changes have also increased certain contribution options for some people in their early 60s.

Because of these opportunities, retirement planning deserves a closer look before the year closes. A tax preparer in Iowa Falls can help you consider how retirement contributions may fit into your broader 2026 tax picture.

Assess Whether a Roth IRA Conversion Fits Your Plan

For some taxpayers, the end of the year is a timely point to consider a Roth IRA conversion. Moving all or part of a traditional IRA into a Roth IRA generally adds taxable income for the year in which the conversion occurs.

In exchange, qualified withdrawals from the Roth IRA may be tax-free in the future. This possibility can be particularly relevant for someone having a lower-income year or thinking ahead about future retirement distributions.

A Roth conversion is not the right choice for everyone, but reviewing its long-term implications before year-end can be worthwhile. The decision should be evaluated in the context of your income, tax bracket, retirement needs, and financial goals.

Look at Education and Dependent Care Benefits

Families may have important tax benefits to review when they have children in college or pay for qualifying care. If you or a dependent is enrolled in higher education, certain qualified expenses paid by year-end may affect eligibility for education-related tax credits, depending on your circumstances.

It is also important to gather records for daycare, after-school care, summer day camps, and other qualifying dependent care expenses. These expenses may be relevant when care allowed you to work or look for employment.

Recent tax-law changes expanded the Child and Dependent Care Credit beginning with the 2026 tax year. That makes it especially valuable to review dependent care documentation well before filing season begins.

Make the Most of HSA and FSA Tax Advantages

Health Savings Accounts and Flexible Spending Accounts can offer meaningful tax benefits, yet they are easy to overlook in a busy final quarter. A quick review of contribution limits, available balances, and eligible health-related expenses can help you identify remaining opportunities.

Depending on the account and your individual situation, there may still be actions available before the end of the calendar year. Understanding the rules for your HSA or FSA can help you make better use of these tax-favored accounts.

Taking a few minutes to check account details now may help ensure that you do not miss benefits that could support your 2026 tax planning.

Revisit Your Charitable Giving Approach

Charitable gifts are another common component of year-end tax planning. Under the One Big Beautiful Bill Act, taxpayers using the standard deduction may still qualify to deduct certain cash donations beginning in tax year 2026.

As a result, charitable contributions may be worth evaluating even when you do not anticipate itemizing deductions. Keep complete donation acknowledgments and related records so the information is ready when tax preparation begins.

Taxpayers nearing the point at which itemizing may be beneficial can also consider whether combining charitable gifts into one tax year could create a greater overall tax benefit. The right approach depends on the taxpayer's complete financial situation and giving goals.

Confirm Required Minimum Distributions and Beneficiaries

Retirement planning involves more than adding money to an account. In general, taxpayers age 73 and older must take required minimum distributions from certain retirement accounts each year.

Missing or underestimating a required distribution can lead to penalties. Reviewing account information and distribution requirements before the end of 2026 helps provide time to address any outstanding amount.

Year-end is also an appropriate time to update beneficiary designations for retirement accounts, life insurance policies, and other financial assets. Marriage, divorce, births, deaths, and other family changes can make older designations inconsistent with your current wishes.

Prepare Your Records Before Tax Season Begins

Strong organization is one of the most straightforward ways to simplify tax preparation. Collect receipts, bank statements, business expense records, charitable giving acknowledgments, and other tax documents while the details are still accessible.

Early preparation can make it easier to identify deductions and credits that might otherwise be overlooked. It also gives you more time to clarify missing information rather than searching for documents during the busiest part of tax season.

For farms, families, and small businesses, organized records can make conversations with your accountant more efficient and productive. Keeping documentation together now is a practical investment in a smoother filing experience.

Plan Ahead With a Local CPA in Iowa Falls

The final stretch of 2026 will move quickly, but there is still time to review meaningful tax planning opportunities. Even modest adjustments to withholding, savings, recordkeeping, or giving strategies may improve your understanding of your tax position and reduce uncertainty at filing time.

Eric J. Brunsen CPA offers personalized tax preparation and tax planning in Iowa Falls, IA, with practical guidance for individuals, families, farms, and small businesses. Our team serves Iowa Falls and nearby communities including Alden, Ackley, Eldora, and Hampton.

If you would like help reviewing these year-end tax planning considerations, contact Eric J. Brunsen CPA to discuss the options that may support your financial goals before 2026 ends.