9 Tax Moves to Make This Summer Before the Year-End Rush

Yes, we're past tax season (yay!) -- but I'm sorry to point out that if you want to minimize your next tax bill, there are some smart moves to make now and throughout the year.

Here's a look at a bunch of tax tips that can shrink your tax obligations. You may not want or need to act on all of them, but acting on even a few might save you a lot of money.

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1. Get and stay organized, tax-wise

For starters, aim to always be organized tax-wise. At a minimum, that means hanging on to any receipts or supporting documentation for things that matter to your tax return. These can include receipts for donations to charities, medical expenses, home improvements tied to tax credits, and so on. If you sell stocks, you might keep a copy of the trade confirmation in a folder for tax-related documents, too.

2. Review your capital gains and losses

As you might know, while losses on stocks you've sold are a bummer, there's a silver lining: You can offset your capital gains with capital losses. So it's smart now and then throughout the year to see where you stand, in terms of losses and gains, both realized and unrealized.

For example, if you've racked up a lot of gains, you might consider selling some losers to offset some of them -- and you'll need to do so by Dec. 31. Know that for this to count, you can't buy back what you sold for at least 31 days.

3. Consider holding on to some stocks longer

When you sell a stock for a profit, you have a capital gain. Short-term gains (from assets held a year or less) tend to face higher capital gains tax rates, so if you're planning to sell a stock that you've held for, say, 10 or 11 months, it might be worth hanging on to it for more than a year.

4. Plan contributions to tax-advantaged accounts

It's generally very smart to make good use of tax-advantaged retirement accounts such as IRAs and 401(k)s. Traditional versions of each offer upfront tax deductions, while Roth accounts can leave you with tax-free withdrawals in retirement. For the 2026 tax year, IRA contribution limits are $7,500, plus $1,100 for those 50 and older. Limits are more generous for 401(k) accounts, at $24,500, plus $8,000 for those 50 and up.

Knowing this, plan how much you want to contribute to each and maybe do so throughout the year, if that's more doable. IRA accounts offer much more flexibility, but 401(k)s often offer employer matching contributions. Aim to contribute at least enough to grab all available matching funds (i.e., free money).

Also, look into a health savings account (HSA) or a flexible spending account (FSA), as they can help you pay for qualifying healthcare costs on a pretax basis.

5. Consider a Roth conversion

Remember that relatively low IRA contribution limit? If you want to contribute more than that to a Roth IRA, you may be able to do so via a Roth conversion, where you move money from a traditional IRA or 401(k) account into a Roth. You do get taxed on the sum you convert, but thereafter it can grow with tax-free gains and withdrawals.

6. Adjust your withholdings

Think about the tax refund you got this past year, if you got one. Was it massive? Well, that means you effectively gave Uncle Sam a big loan during the year. You might want to adjust your withholding (by submitting a new W-4 form to your employer) so that less is taken out of your paycheck for taxes. Similarly, if you owed a large amount, you might increase your withholding so that you owe less come April.

7. Look into tax deductions you might claim

Spend a little time reading up on tax deductions you might be able to claim, so that you can plan and prepare for them. They might include medical expenses, tips received, overtime pay, student loan interest, alimony payments, and more.

8. Look into tax credits you might claim

Similarly, read up on tax credits, too, and understand that they're more powerful than deductions. Whereas a deduction shrinks your taxable income and, therefore, your tax bill, a tax credit is simply subtracted from your taxable income. There are lots of credits available, such as for those with child care expenses, adoption expenses, educational expenses, and more.

9. Consider a qualified charitable distribution

Finally, if you're a generous sort and 70 1/2 or older, look into qualified charitable distributions (QCDs). With them, you donate money to a qualifying charity -- directly from your IRA. That sum you donate reduces your taxable income and doesn't require itemization. Better still, it counts toward your required minimum distribution (RMD) if you have one. Those who are eligible can contribute up to $111,000 in QCDs for 2026.

Give these tax moves some consideration and act on any that seem valuable to you. You'll thank yourself come next tax season.

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