Every December, we get the same phone call: "Is there anything I can still do about my taxes this year?"
The good news is yes. The catch is the deadline. Most of the moves that change your 2026 tax bill have to happen by December 31. After January 1, you're mostly reporting what already happened.
Here are seven things we walk through with small business owners every year-end, both here around Moore and Oklahoma City and with clients across the country. Not every one will fit your business, and that's the point: the right moves depend on your actual numbers.
1. Get your books current through November first
You can't plan around numbers you don't trust. Before you make any year-end decision, make sure your books are reconciled through November and your categories are clean. Otherwise you're guessing what your profit is, and guessing is how people buy a truck they didn't need or miss a deduction they did have.
If your books are behind, that's the first thing to fix. It's also why our bookkeeping service delivers reconciled financials every month instead of once a year.
2. Time big equipment purchases carefully
If you were already planning to buy equipment, a vehicle or machinery, the timing matters. For tax years beginning in 2026, the Section 179 deduction limit is $2,560,000. It starts phasing out once you place more than $4,090,000 of qualifying property in service during the year. Bonus depreciation was also permanently restored to 100% for qualifying property acquired and placed in service after January 19, 2025.
Two cautions:
The equipment generally has to be placed in service by December 31, not just ordered or paid for.
Don't buy something only for the deduction. Spending a dollar to save a fraction of it in tax still leaves you a dollar short. Buy what the business needs, then time it well.
Depreciation choices also affect future years, so this is one to run past us before you sign.
3. Think about when income and expenses land
If your business uses cash-basis accounting, when you receive income and when you pay expenses can shift which year they count in. Some owners hold off sending late-December invoices or pay certain bills before year-end.
That isn't automatically smart. If you expect higher income next year, pulling income into 2026 might make more sense. It depends on your rate this year versus next, which is exactly the kind of question proactive tax strategy is built for.
4. Check what you're paying yourself
If your business is an S corporation, the IRS expects owners who work in the business to take a reasonable salary through payroll. Before your last payroll of the year, look at what you've paid yourself in wages versus distributions. Fixing it in December is much easier than explaining it later.
If you run payroll with us, we'll flag this before year-end. If you don't, our payroll add-on keeps it tied to your books.
5. Look at retirement contributions
Retirement plans can be one of the cleanest ways for an owner to lower taxable income while saving for the future. Timing rules differ by plan: some have to be set up before December 31, and others can be opened and funded up to your filing deadline. If you've been meaning to start a plan, ask now so you don't miss a window.
6. Don't forget the January 15 estimated payment
If you're self-employed, a partner, or an S corporation owner taking distributions, your fourth-quarter estimated tax payment for 2026 is due January 15, 2027. Running a quick projection in December tells you whether that payment should be bigger, smaller, or about the same, so you're not surprised in April.
7. Get ready for 1099s now
There's a welcome change this season. For payments made in 2026, the Form 1099-NEC reporting threshold rose from $600 to $2,000 per contractor. Contractors you paid less than that generally won't need a 1099-NEC this time.
For everyone you paid $2,000 or more, the 1099-NEC is due February 1, 2027 (January 31 falls on a Sunday). The easiest way to make that deadline is to collect a W-9 from every contractor in December, while they're still answering your calls.
One Oklahoma-specific question to ask
If you own an S corporation or a partnership, ask whether Oklahoma's elective pass-through entity tax makes sense for you. In the right situation, having the business pay state income tax at the entity level can help owners whose state and local tax deduction would otherwise be limited. It has its own rules and timing, so it's a conversation, not a do-it-yourself project.
The real year-end move: stop doing this once a year
Most of the stress around year-end planning comes from looking at your numbers for the first time in December. When your books are current every month, these decisions get smaller and calmer, because you've been watching them all year.
That's why we built Bookkeeping+. It combines monthly bookkeeping, your business tax return, proactive tax strategy throughout the year and quarterly strategy calls, all for one predictable monthly fee. Clients typically save around 15% compared to paying for each service separately. Because we manage your books, we can spot opportunities before the year is over, not after.
If you'd like help with year-end planning before December 31, call our Moore office at (405) 919-3965 (Monday through Friday, 7:30am to 5pm) or use the Schedule Free Consultation button on this page.
This article is general information, not tax advice for your specific situation. Tax rules change, and every business is different, so talk with a tax professional before acting.