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Last-Day Tax Moves You Can Still Make Before the Year Ends

If you’re reading this on December 31, here’s the good news:


You still have time to reduce your tax bill.


If you wait until January? Many of these opportunities disappear.


Most business owners assume tax planning happens during filing season. That’s wrong. Filing season is when you discover the damage, not prevent it.


Today is about locking in strategy while the clock is still running.


Why December 31 Matters So Much for Taxes

For cash-basis businesses (which is most small businesses and S-corps), today is the line in the sand.


What you do—or don’t do—by midnight determines:


  • Which deductions you get

  • Which retirement contributions count

  • Whether certain strategies are available at all


Once the year closes, the tax code becomes far less flexible.


7 Tax Moves You Can Still Make Today

These are real, actionable moves—not theory.


1. Make Retirement Contributions (If You’re Eligible)

Depending on your structure, you may still be able to:

  • Fund a Solo 401(k)

  • Make employer contributions later, but the plan must exist by today


If the plan isn’t opened by December 31, the strategy is gone for this year.


2. Accelerate Business Expenses

If you have legitimate business expenses you were already planning to pay:

  • Software

  • Professional services

  • Supplies

  • Education

  • Marketing


Paying them today can shift deductions into this year instead of next.


3. Write Off Equipment (With Strategy, Not Emotion)

Buying equipment just for a write-off is a mistake.


But if the purchase:

  • Was already needed

  • Will be placed in service this year

  • Fits your cash flow


Then depreciation strategies may make sense.


The key word is strategy, not impulse.


4. Clean Up Payroll & Owner Compensation

For S-Corp owners, year-end is the last chance to fix:

  • Reasonable salary issues

  • Missed payroll runs

  • Owner compensation inconsistencies


This is one of the most common audit triggers we see.


5. Review Estimated Tax Payments

Underpaying estimates can trigger:

  • Penalties

  • Interest

  • IRS notices early next year


A quick review now can prevent a much bigger headache later.


6. Document Business Use of Assets

If you used:

  • A vehicle

  • Home office

  • Phone

  • Internet

  • Equipment


But didn’t properly document usage, today is your chance to clean that up before filing season chaos hits.


7. Decide Whether You’re Planning or Just Filing

This is the uncomfortable one.


Ask yourself honestly:

“Did I proactively plan my taxes this year—or am I hoping my CPA finds something?”

If the answer is “hoping,” you’re likely leaving money on the table.


The Biggest Mistake Business Owners Make on December 31

They assume nothing meaningful can be done this late.


That belief alone costs business owners thousands every year.


While not every strategy is available on the last day, some of the most important ones still are—but only if you act intentionally.


What Happens If You Do Nothing?

Here’s what usually happens in March or April:

  • You’re surprised by the tax bill

  • You ask what could’ve been done

  • You’re told, “We’ll plan better next year”


And the cycle repeats.


The Smart Move Before Midnight

If you want to:

  • Reduce taxes legally

  • Avoid IRS issues

  • Stop guessing and start planning


Then the right move is a proactive tax strategy review—not another reactive filing season.


👉 Ready to Plan Instead of React?

At TAX PREMIER, we help business owners and investors:

  • Identify last-minute opportunities

  • Build forward-looking tax strategies

  • Stop overpaying due to poor timing and structure


If you’re serious about changing how you approach taxes before this year closes, now is the time.


 
 
 

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