November 2026 Swan Dive: Year-End Planning Opportunities

With the end of the year approaching, here is a short list of planning opportunities worth a look before December 31. Most of the big wins in personal finance don't come from one dramatic move. They come from small, consistent actions repeated every year.

Maximize Your Workplace Retirement Plan

Holding excess cash? Contributing the maximum to your workplace retirement plan can reduce taxable income and put more money to work in a tax-advantaged account. Check your year-to-date contributions and adjust your final paychecks if you want to reach the limit.

Backdoor Roth and Mega Backdoor Roth Contributions

If your income is too high to contribute to a Roth IRA directly, a Backdoor Roth contribution may still be available. The IRA contribution limit is $7,500 for 2026, or $8,600 if you're 50 or older. Some employer plans also allow after-tax contributions that can be converted to Roth, known as the Mega Backdoor Roth. There are a few nuances to executing both strategies correctly, so talk with us first. Our Mega Backdoor Roth Guide walks through how it works.

Optimize Charitable Giving

Starting in 2026, you can deduct up to $1,000 (single) or $2,000 (married filing jointly) of cash donations to qualifying charities, even if you take the standard deduction. Previously, these gifts were not deductible unless you itemized, so keep your receipts. Gifts to donor-advised funds do not count toward this deduction.

You can also consider donating appreciated stock, which can avoid capital gains tax while still giving you a deduction if you itemize. A donor-advised fund can let you bundle several years of giving into one year. If you're 70½ or older, a qualified charitable distribution (QCD) from your IRA, up to $111,000 in 2026, goes directly to charity without increasing your taxable income, and once you reach RMD age it can count toward your required minimum distribution.

Tax Loss and Gain Harvesting

Tax loss harvesting gets most of the attention this time of year because it can offset realized gains in your portfolio. With careful tax planning, gain harvesting can also make sense when your income is low enough that some or all of the gain is taxed at a 0% or lower rate.

Roth Conversions

If this was a lower income year for you (a job change, a recent retirement, or starting a business), it may be a good time to convert some IRA dollars to a Roth account while you're in a lower tax bracket.

Tax Estimates and Safe Harbor Payments

This one is mostly for business owners, equity compensation clients, and retirees. A year-end income and tax projection is one of the most practical ways to avoid surprises in April. We'll estimate your 2026 tax bill and check that you've paid enough through withholding or estimated payments to avoid underpayment penalties. Generally that means paying at least 90% of this year's tax or 100% of last year's, or 110% of last year's if your prior-year adjusted gross income was over $150,000.

Family Gifting

In 2026, you can give up to $19,000 per person ($38,000 for married couples) without using any of your lifetime estate and gift tax exemption. This won't reduce your income taxes now, but it can be a steady way to transfer wealth to your heirs free of gift tax.

Maximize HSA Contributions

The deadline for 2026 HSA contributions isn't until April 15, 2027, but it's good practice to get ahead of it. HSAs offer a triple tax advantage: a deduction for contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. For 2026 you can contribute up to $4,400 for self-only coverage or $8,750 for family coverage if you're enrolled in a high deductible health plan, plus an extra $1,000 if you're 55 or older.

Beneficiary and Estate Review

Proper account titling and beneficiary designations matter a great deal for your loved ones after you pass. A good housekeeping item is to check the titling and beneficiaries on all of your assets: investment accounts, retirement accounts, insurance policies, your home, and bank accounts. It's also good practice to review your estate plan roughly every five years to confirm it still reflects your goals.

Workplace Benefits Review

Employer benefits change often, and many open enrollment windows close this time of year. Make sure you're making the most of what your employer offers as part of your compensation package. Reach out to us if you'd like help reviewing your options.

If You're Still Reading...

A chart worth a look this month: Bank of America Institute's consumer data, based on its own card spending data, shows that discretionary services spending, things like travel and leisure, has driven most of the growth in services spending over the past year, while spending on necessities has contributed a much smaller and fairly steady share. The report also pushes back on the idea that recent discretionary strength is limited to wealthy households.

The takeaway: by this measure, the U.S. consumer has held up well heading into the end of 2026, which has helped support continued economic growth.

Thanks for reading!