As the end of the year approaches, it is a good time to take a step back and review your financial picture.
A year-end financial check-up can help you understand where you stand, identify opportunities to reduce taxes, and make sure you are still on track to meet your financial goals before 2027 begins.
Even a few small adjustments before December 31 may have a meaningful impact on your finances.
Review Your 2026 Financial Goals
Start by revisiting the goals you set at the beginning of the year.
Ask yourself:
Did I make progress toward my savings goals?
Am I on track with retirement contributions?
Have I paid down debt?
Did my financial priorities change this year?
If you are not exactly where you hoped to be, there is still time to make adjustments before year-end.
Year-End Financial Checklist for 2026
A year-end financial checklist can help you stay organized and make sure nothing is overlooked.
Consider reviewing:
Retirement account contributions
Health Savings Account (HSA) or Flexible Spending Account (FSA) balances
Charitable donations
Tax withholding and estimated taxes
Investment accounts
Year-end spending and savings goals
Insurance and employee benefits
Estate planning documents
Checking these items now may help you enter 2027 with more confidence and fewer surprises.
Tax-Saving Moves Before 2027
One of the biggest reasons people schedule a year-end financial review is to identify opportunities to lower taxes before the new year.
Common tax-saving moves before 2027 may include:
Increasing contributions to a 401(k) or IRA
Contributing to an HSA
Reviewing tax withholding
Making charitable donations before December 31
Evaluating potential business expenses or deductions
Reviewing capital gains and losses
Every financial situation is different, so it can be helpful to review these options with a financial professional.
How to Lower Taxes at the End of the Year
If you are wondering how to lower taxes at the end of the year, there are several strategies that may help depending on your circumstances.
Potential year-end tax strategies include:
Maximize retirement plan contributions
Contribute to an HSA if eligible
Consider bunching charitable contributions into one year
Harvest investment losses to offset gains
Review required minimum distributions if applicable
Check whether you are eligible for additional deductions or credits
Taking action before December 31 is important because many tax-saving opportunities only apply if they are completed before the end of the calendar year.
Charitable Giving Tax Deductions in 2026
Many people choose to support causes they care about during the holiday season. In addition to helping others, charitable giving may also provide tax benefits.
To potentially qualify for charitable giving tax deductions in 2026:
Donate to qualified charitable organizations
Keep records of donations
Save receipts or written acknowledgements
Review whether donating appreciated assets may make sense
Charitable giving should always align with your personal goals and values, but year-end may be a helpful time to review how giving fits into your financial plan.
Review Retirement Contributions Before Year-End
Year-end is also a good opportunity to review your retirement savings.
Ask yourself:
Am I contributing enough to my 401(k)?
Have I taken full advantage of any employer match?
Should I increase my IRA contributions?
Even a small increase to your retirement contributions before the end of the year may help support your long-term goals.
For additional guidance, explore the retirement planning resources available through entity["company","Benefit & Financial Strategies","Flagstaff, Arizona financial planning firm"].
Revisit Your Benefits and Insurance
A year-end review is also a good time to look at your insurance coverage and employee benefits.
Consider reviewing:
Health insurance selections
Life insurance and disability coverage
HSA or FSA balances
Open Enrollment decisions
Beneficiary designations
Making sure these items are up to date may help you feel more prepared heading into the new year.
As you prepare for the end of 2026, you do not have to do it alone. Contact our office to schedule a year-end financial review. Our team can help you review your retirement contributions, explore tax-saving opportunities, discuss charitable giving strategies, and make sure you feel prepared heading into 2027.
Helpful Resources
You may also find these resources helpful:
Retirement Planning Resources: https://www.benefitandfinancial.com/retirement-plans/
Individual & Family Financial Planning: https://www.benefitandfinancial.com/individual-plans/
Employee Benefits Resources: https://www.benefitandfinancial.com/employee-benefits/
Financial Blog & Resources: https://www.benefitandfinancial.com/blog/
Frequently Asked Questions
What should be included in a year-end financial checklist for 2026?
A year-end financial checklist for 2026 may include reviewing retirement contributions, charitable donations, HSA or FSA balances, tax withholding, investment accounts, insurance coverage, and estate planning documents.
What are some tax-saving moves before 2027?
Common tax-saving moves before 2027 include increasing retirement contributions, making charitable donations, contributing to an HSA, reviewing investment gains and losses, and checking for available deductions.
How can I lower my taxes before the end of the year?
You may be able to lower your taxes by increasing retirement contributions, making charitable donations, contributing to an HSA, or reviewing deductions and credits with a financial professional.
Are charitable donations tax deductible in 2026?
Charitable donations may be tax deductible in 2026 if they are made to a qualified organization and proper documentation is kept.
When should I complete year-end tax planning?
Most year-end tax planning should be completed before December 31, since many strategies only apply during the current tax year.
Should I increase my retirement contributions before year-end?
If possible, increasing retirement contributions before year-end may help reduce taxable income and improve long-term savings.
What should I do with unused HSA or FSA funds?
Review your HSA or FSA balance before year-end. Some FSAs may have use-it-or-lose-it rules, while HSAs often roll over from year to year.
Why is a year-end financial review important?
A year-end review helps you identify opportunities, avoid surprises, and make sure you are prepared for the year ahead.