As 2026 comes to a close, it’s a good time to take stock of your finances and make sure you’re not overlooking opportunities that could benefit you and your family. 

While some financial decisions can wait until tax season, others need to be completed by December 31. A little planning now could help reduce your tax burden, strengthen your retirement savings, and keep you moving toward your long-term goals. 

Here are seven opportunities worth considering before the year ends.

1. Make the Most of Your 401(k)

If you’re still working, consider whether you can contribute more to your retirement plan before year-end. For 2026, the employee contribution limit is $24,500, with additional catch-up contributions available: 

• Ages 50–59 and 64+: An additional $8,000. 

• Ages 60–63: An additional $11,250. 

Traditional 401(k) contributions can reduce your taxable income today while helping build your retirement savings. Keep in mind that certain higher earners are now required to make catch-up contributions on a Roth (after-tax) basis. 

Employee contributions generally need to be made through payroll by December 31.

2. Take Another Look at Roth Conversions

Would it make sense to pay some taxes today in exchange for potentially paying less in the future? 

That’s the idea behind a Roth conversion. By moving money from a traditional IRA to a Roth IRA, you pay income taxes on the converted amount now, but qualified withdrawals down the road can be tax-free. 

This strategy can be especially valuable during lower-income years or before Required Minimum Distributions (RMDs) begin. The goal isn’t simply to save taxes this year. It’s to consider how today’s decision could help reduce your lifetime tax burden. 

Roth conversions must be completed by December 31 to count toward 2026.

3. Put Investment Gains and Losses to Work

Even a well-diversified portfolio will have investments that perform differently throughout the year. Those differences can create tax-planning opportunities. 

Tax-loss harvesting involves selling investments at a loss to offset realized capital gains and potentially up to $3,000 of ordinary income. 

On the other hand, tax-gain harvesting may make sense if you’re in a lower tax bracket or have losses available to offset gains. 

The important thing is to make these decisions within the context of your overall investment strategy—not simply for a short-term tax benefit. 

Investment sales must be completed by December 31 to affect your 2026 capital gains and losses.

4. Don’t Overlook Required Minimum Distributions

If you’re age 73 or older, you may need to take a Required Minimum Distribution (RMD) from your retirement accounts before year-end. 

RMDs are generally taxable, and missing one can result in an IRS penalty. Some inherited retirement accounts also have annual distribution requirements, regardless of the beneficiary’s age. 

If you’re already taking regular withdrawals, it’s worth confirming you’ve satisfied the full amount required for the year. 

Most 2026 RMDs must be completed by December 31, although special rules apply to certain first-year distributions.

5. Make Charitable Giving More Tax-Efficient

If supporting charitable causes is important to you, how you give can be just as meaningful as how much you give. 

For those age 70½ or older, a Qualified Charitable Distribution (QCD) allows you to send money directly from an IRA to an eligible charity. In 2026, the annual limit is $111,000 per eligible individual. 

A QCD can also satisfy all or part of your RMD while generally keeping the qualifying distribution out of taxable income. This can be particularly valuable for retirees who don’t itemize deductions. 

QCDs must be completed by December 31 to count for 2026.

6. Be Thoughtful About Year-End Charitable Gifts

Planning to make a charitable donation this holiday season? Consider whether giving cash or appreciated investments makes the most sense. 

New for 2026, taxpayers who don’t itemize may also qualify for a deduction of up to $1,000 ($2,000 for married couples filing jointly) for eligible cash donations. 

Charitable deduction rules and limitations vary, so it’s worth reviewing your options before making a significant gift. 

Gifts generally must be completed by December 31 to qualify for the 2026 tax year.

7. Share Your Wealth with the Next Generation

Sometimes the most meaningful financial decisions aren’t about your own retirement or taxes. They’re about what you can do for the people you care about. If helping children, grandchildren, or other loved ones is part of your plan, year-end gifting may be worth considering. 

For 2026, you can give up to $19,000 per person, or $38,000 as a married couple using gift splitting, without using your lifetime gift and estate tax exemption. 

Whether you’re helping with education, providing financial support, or gradually passing wealth to the next generation, thoughtful gifting can make a lasting difference. 

Gifts intended to use your 2026 annual exclusion need to be completed by December 31. 

A Little Planning Can Go a Long Way 

You don’t need to take advantage of every opportunity on this list. What matters is identifying the strategies that make sense for your circumstances and understanding how they fit into your bigger financial picture. 

If you haven’t reviewed your year-end planning opportunities, reach out to your CWA wealth advisor. We’re here to help you make informed decisions, coordinate with your tax professional, and finish the year with confidence. 

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party information and may become outdated or otherwise superseded without notice. Third-party information is deemed reliable, but its accuracy and completeness cannot be guaranteed. Individuals should speak with a qualified tax and financial professional based on their own circumstances to determine if the above scenarios are applicable.