November is here, and that means roughly eight weeks remain to make smart moves that could meaningfully reduce what you owe when you file your 2026 income tax return next spring. Whether you run a business in Billings, freelance across Montana, or simply want to keep more of what you earn, the window to act is open right now — and it closes on December 31. A CPA can help you find the moves that fit your situation, but this guide gives you a solid starting point.

Why Year-End Tax Planning Still Matters in November

Many people assume tax planning is something you do in April. In reality, most of the decisions that shape your tax bill have to be made while the year is still running. Once December 31 passes, your 2026 taxable income is essentially locked in. Retirement contributions, business purchases, income timing, and deduction strategies all have to happen before midnight on New Year's Eve to count for this tax year.

The good news: November is actually an ideal time to review your position. You have enough of the year behind you to estimate your full-year income with reasonable accuracy, and enough time ahead to take action. Here are seven moves worth considering before the calendar flips.

7 Tax Moves to Make Before December 31

1. Max Out Your Retirement Contributions

Contributions to a traditional IRA, 401(k), SEP-IRA, or SIMPLE IRA can reduce your taxable income for 2026 — but only if the money goes in before the deadline. For employer-sponsored plans like a 401(k) or SIMPLE IRA, contributions must be made by December 31. Check your current contribution level now and see whether you have room to increase your remaining payroll deferrals before year-end.

Business owners in Billings and across Montana who have a SEP-IRA have a little more flexibility — contributions can be made up to the tax filing deadline, including extensions — but it is still worth reviewing your options now rather than scrambling in the spring.

2. Review Your Business Income and Accelerate Deductions

If your business income tax picture looks heavier than expected this year, consider whether there are legitimate expenses you can pull forward into 2026 rather than letting them fall into 2027. Renewing a software subscription, purchasing equipment you were already planning to buy, or prepaying certain business expenses before December 31 can all reduce your taxable business income for this year.

On the flip side, if you expect to be in a higher tax bracket next year, it may make sense to defer deductible expenses into 2027 instead. This kind of timing strategy is exactly where working with a CPA pays off — the right answer depends on your specific numbers.

3. Consider a Bonus Depreciation or Section 179 Election

If your business purchased equipment, vehicles, or other qualifying property in 2026, you may be able to deduct a significant portion of the cost in the current year rather than depreciating it over several years. Section 179 and bonus depreciation rules allow many small businesses to accelerate those deductions. The asset generally needs to be placed in service — meaning actually in use — before December 31, so if you have been putting off a purchase, now is the time to move on it.

4. Check Your Payroll Records and Year-End Filings

For business owners who run payroll, November is a good time to audit your records before year-end closes in. Confirm that employee classifications are correct, that payroll tax deposits are current, and that you are on track for accurate W-2 and 1099 preparation in January. Catching a discrepancy now is far easier than correcting it after the books close. If payroll has felt like a distraction from running your business, this is also a natural time to explore whether outsourcing it makes sense going into 2027.

Streamlined Services handles payroll processing, bookkeeping, and business tax preparation for businesses throughout Billings and the surrounding Montana communities — so you can hand off the compliance work and stay focused on what you do best.

5. Harvest Investment Losses (or Recognize Gains Strategically)

If you hold investments in a taxable brokerage account, review your portfolio before year-end. Selling positions that are currently at a loss can offset capital gains you have realized elsewhere in 2026, reducing your overall tax liability. This strategy — often called tax-loss harvesting — must be executed before December 31 to count for this tax year. Be aware of the wash-sale rule, which prevents you from immediately repurchasing a substantially identical investment and still claiming the loss.

If your gains and losses are already balanced in your favor, you may also want to consider whether recognizing additional long-term gains at your current rate makes sense before a potential rate change. A CPA can walk you through the math.

6. Make Charitable Contributions Before December 31

Donations to qualified charitable organizations are deductible in the year they are made — not the year you write the check on your calendar, but the year the contribution is actually completed. Cash donations, checks that clear, and credit card charges all need to happen by December 31. If you are charitably inclined and itemize deductions, this is the time to make those gifts count for your 2026 income tax return.

If you are over 70½ and have an IRA, a Qualified Charitable Distribution (QCD) allows you to transfer funds directly to a charity and have it count toward your Required Minimum Distribution — without the distribution appearing in your taxable income. It is one of the more powerful tools available to retirees and worth discussing with your CPA before year-end.

7. Schedule a Year-End Review with Your CPA

The single most valuable thing you can do before December 31 is sit down — even for a focused 30 minutes — with a CPA who knows your situation. A year-end review lets you estimate your tax liability before it is final, identify moves you still have time to make, and head into the new year with a clear picture of where you stand.

Jake Linville, CPA, works with individuals and small business owners throughout Billings, Bozeman, Great Falls, Missoula, and communities across Montana. His approach is straightforward: help clients understand what their tax return actually says, and then help them improve it. When you call or send a message, you hear back within one business day — because good tax planning requires actual communication, not unanswered voicemails.

Income Tax Planning Is a Year-Round Job — But November Is Prime Time

The strategies above are not complicated in concept, but the details matter — and the details depend on your income, your entity type, your deductions, and your goals. A single-member LLC files differently than an S corporation. A W-2 employee has different levers to pull than a self-employed contractor. That is why a personalized review beats a generic checklist every time.

If you have been meaning to get more proactive about your taxes, this is the moment. December 31 is a hard deadline. The moves you make in the next eight weeks are the ones that show up on your 2026 return — and the ones that do not get made this year cannot be made after the fact.

Ready to Make Your Year-End Tax Moves? Talk to a Billings CPA

Streamlined Services, PC is a CPA firm based in Billings, MT, serving individuals and businesses throughout Montana and across the United States. Jake Linville offers a free 15-minute consultation for new clients — no commitment, just a straightforward conversation about what you need and whether the firm is a good fit.

Do not let December 31 sneak up on you. There is still time to make this tax year work in your favor — but only if you act before it ends. Explore our tax and accounting services or call today to schedule your free consultation with Jake.