At this time of year, it’s natural to wonder whether there’s more you could be doing to make the most of your money. A thoughtful year-end review can help replace that uncertainty with clarity. By considering key tax strategies and opportunities, we can identify adjustments that allow you to optimize savings and retirement contributions and maximize deductions that fit your broader financial picture.

Here are the top strategies and opportunities to consider before the end of the year.

Maximize annual contributions to stack tax-advantaged savings.

• Pre-tax workplace retirement plan contributions not only help you save for retirement, but also reduce your current year taxable income. The maximum 401(k) contribution in 2026 is $24,500, plus additional catch-up provisions for workers age 50 and older.

• Traditional or Roth IRAs offer an additional retirement savings plan option outside of work. Contributions to Traditional IRAs by those within certain income limits reduce current year taxable income. While contributions to tax-free Roth IRA accounts won’t help save current year taxes, all contributions and earnings can be withdrawn tax-free if requirements are met, potentially lowering your income tax during retirement.
  
  While Traditional IRA deductions and Roth IRA contributions phase out at higher incomes, a “backdoor” path to Roth savings will help workers build a separate tax-free retirement account. The maximum contribution to a Traditional or Roth IRA account in 2026 is $7,500, plus a catch-up contribution of $1,100 for those age 50 or over.
• Health savings accounts (HSAs) offer a triple tax advantage – contributions are tax-deductible (or made pre-tax through an employer), growth is tax-free, and withdrawals are tax-free when used for qualified medical expenses. The maximum contribution to a family HSA in 2026 is $8,750, plus a catch-up contribution of $1,000 for those age 55 or over.

Optimize your charitable contributions.

• Could you benefit from bunching charitable deductions? For 2026, due to the new .5% AGI floor limitation on charitable contributions and the itemized deduction limitation for those in the 37% bracket, the tax deductibility of charitable contributions will be reduced across the board, but especially for those in the highest bracket. Bunching five years of donations in one tax year generally produces a more favorable tax outcome than spreading out those same gifts over five tax years. A donor advised fund (DAF) can be utilized to accomplish “charitable bunching”. Tax deductions for DAFs are immediate, but the payout from the DAF to the charity can be made at a later date.
• Donate appreciated long-term investments directly to a qualified charity (or to a DAF) which allows you to avoid capital gains taxes on the sale and claim a charitable deduction for the fair market value.
• Consider a qualified charitable distribution (QCD) directly from your IRA to a qualified charitable organization (though not to a DAF). If you’re 70-1/2 or over, you won’t be taxed on the distribution or receive a deduction for the donation, but you can use the gift to satisfy all or a portion of your required minimum distribution (RMD) without including the QCD in your taxable income.

Utilize capital losses to offset capital gains.

• Harvest tax losses in taxable investment accounts to offset current year taxable capital gains. If you have more capital losses than gains, not only can you offset up to $3,000 of ordinary income, but you can also carry over any excess amounts to future tax years.
• Similarly, review your most recently filed tax return for unused capital loss carryforwards which present a tax-free opportunity to recognize gains in order to rebalance or restructure your portfolio.

Make use of a net operating loss (NOL) carryforward to offset a Roth conversion.

• The amount of a Traditional IRA converted to a Roth will be treated as income and taxed at your ordinary income tax rate. A carryforward NOL can be used to offset the income from a Roth conversion. Convert just enough to use up the carryforward loss or to remain within a specific tax bracket.

There are additional opportunities that may impact how you plan, invest, and give. We can help simplify complex tax laws, build a tailored strategy that supports your financial goals, and proactively partner with your existing team of accountants to implement strategies for tax optimization with your bigger financial picture in mind.

If you’d like to learn more or to plan with us, please reach out to start a conversation.

Thinking of selling your business? As it turns out, you’re not alone. One study¹ suggests 73% of owners plan to transition ownership within the next 10 years. Yet despite high intention, less than half of those looking to sell have a formal plan or a team in place to guide the sale.

Understanding a few key steps in the process can contribute significantly toward a smooth and successful sale process.

Step 1: Develop a realistic timeline for the sale of your business.

Smaller businesses may sell in a few months, while larger, diversified businesses may have a much longer timeline.

• Depending on the size and complexity of your business, exit planning should begin well ahead of the desired sale timeframe to maximize value and prepare the business for the transition. Some initial actions include:
• Establish a baseline business valuation to track improvements.
• Examine your financials, your people, and your processes to increase the value of the business.
• Review all leases, contracts, and licenses to make sure they’re transferable.
• Consider who your buyer may be (e.g., a family member, a competitor, or a private equity group).
• Evaluate market conditions to plan the timing of the sale.

The better prepared you are at the start, the smoother the process is likely to go!

Step 2: Build your advisory team to assist with the sale.

Surround yourself with a trusted team of advisors who can help you build a tax-efficient transaction and a smooth transition that supports your goals leading up to and after the sale.

• Each advisor brings a unique skillset to your business transition team. Depending on your circumstances, you should consider:
• a valuation expert to determine the worth of your company,
• a CPA to recommend a structure for the transaction to optimize tax,
• a business attorney to draft and negotiate legally compliant documents related to the sale,
• an estate planning attorney to ensure your estate planning documents are in order before negotiating with buyer, and to reflect the new financial reality after the sale, and
• a wealth advisor to act as the strategic quarterback, coordinating the transition team to ensure that legal and tax strategies are aligned with your overall wealth management and legacy plan.

Step 3: Consider what your life looks like after the sale.

Are you planning to fully stay on to assist with the transition, work in a reduced capacity within the business, or completely step away from the business? Your answer to this question may help determine your buyer.

As a business owner, you’ve likely devoted your working life to create and build your business, so you owe it to yourself to plan not only for its sale, but also for your next chapter.

Consider your purpose in this new phase of life. What is it that you might like to retire to? Do you plan to travel, volunteer, or take up a hobby? Do you hope to spend more time with family? Rather than retiring from work, by approaching your next chapter with intention, you can retire to a life of new adventures.

If you’re thinking about selling your business, there’s no better time than now to begin preparing. Contact us to start a conversation and to learn more about how we can strategize with you during your business transition and beyond.

(1) According to the 2023 National State of Owner Readiness Survey, conducted by the Exit Planning Institute.

Have you ever wondered if you are optimizing the contributions to your tax-advantaged accounts – your employer’s retirement plan, your IRA, or your HSA? Do you know when you can and when you are required to access your retirement funds?

Beginning at age 50, there are certain tax-saving opportunities that are available to you. In the years following, additional strategies and certain retirement benefits also become available.

Our quick-reference timeline outlines the milestone ages that trigger these tax-saving opportunities and the important dates for Medicare and Social Security that may help you minimize your taxes and maximize your income.

Age 50

Catch-up contributions of $1,100 to IRAs

Workers 50 and older can save an additional $1,100 in an IRA for a total contribution of $8,600 for 2026.

Catch-up contributions of $8,000 to employer 401(k) plans

Employees 50 or older can contribute an additional $8,000 to their 401(k) plan for a total contribution of $32,500 for 2026.

Age 55

Catch-up contributions of $1,000 to HSAs

Individuals 55 or older are eligible to contribute an additional $1,000 to an HSA for a total contribution of $5,400 for 2026.

If both spouses are 55 or older, they can each contribute an extra $1,000, but the funds must be in separate HSAs.

The Rule of 55

If you leave (or lose) your job in the year you turn 55 or older, you can take penalty-free 401(k) withdrawals from the retirement account associated with your most recent job.

Age 59-1/2

10% early withdrawal penalty ends.

At age 59-1/2 you can withdraw funds from an IRA for any reason without incurring the 10% early withdrawal penalty, though you may still owe income tax on the distribution.

Age 60

Enhanced catch-up contributions of $11,250 to employer 401(k) plans

Employees 60 to 63 are eligible to contribute an additional $11,250 to their 401(k) plan, for a total contribution of $35,750 for 2026.

Once participants turn 64, they revert to the standard age 50+ catch-up contribution limit.

Age 62

Social Security benefits eligibility begins

Earliest age to claim Social Security, which results in a permanently reduced monthly benefit of up to 30% from your full retirement age monthly benefit.

Age 65

Medicare eligibility begins

The initial enrollment period lasts for seven months, beginning three months before you turn 65 and ending three months after the month you turn 65.

If you miss the enrollment period, a lifetime late enrollment penalty may be applied.

Additional standard deduction for taxpayers 65 or older

Single filers receive an additional $2,050 standard deduction, which increases the 2026 standard deduction from $16,100 to $18,150.

Married filers on a joint tax return receive an additional $1,650 standard deduction per taxpayer, which increases the 2026 standard deduction from $32,200 to $35,500 if both are over age 65.

Enhanced senior deduction of $6,000 for taxpayers 65 or older

This temporary deduction is available to each taxpayer 65 or older through 2028, whether or not you itemize, but only if Modified Adjusted Gross Income (MAGI) is less than certain thresholds.

For married couples filing jointly, the senior deduction begins to phase out at $150,000 of MAGI and is fully phased out if MAGI exceeds $250,000. For single filers the phase out occurs between $75,000 and $150,000 of MAGI.

Age 66-67

Full retirement age for Social Security, depending on birth year

If you start receiving benefits at your full retirement age, you will receive 100% of your monthly benefit.

Full retirement age depends on the year you were born:
• If you were born between 1943 and 1954, your full retirement age is 66.
• If you were born between 1955 and 1959, your full retirement age is 66 plus two months for each year after 1954.
• If you were born in 1960 or later, your full retirement age is 67.

Age 70

No further incentive to wait to sign up for Social Security

If you delay taking your benefits from your full retirement age up to age 70, you will receive the largest possible monthly benefit.

Age 70-1/2

Qualified Charitable Distributions (QCDs) from your IRA are allowed

You can transfer any amount up to $111,000 for 2026 from your Traditional IRA directly to a qualified charity and will not owe income tax on the transaction.

Age 73

Traditional 401(k) and IRA Required Minimum Distributions (RMDs)

RMDs begin for retirees who were born from January 1, 1951 to December 31, 1959.

Age 75

Traditional 401(k) and IRA Required Minimum Distributions (RMDs)

RMDs begin for retirees who were born on or after January 1, 1960.

If you’d like to learn more about these tax- and retirement-related opportunities, please reach out to start a conversation. We’d love to help you make the most of your money in retirement.

Any comments, insights, or strategies discussed in this article are intended to be general in nature and, therefore, may not be suitable for you and your situation. Where specific advice is necessary, please consult with your team of advisors to determine how these provisions may affect your situation.