Start organizing your 2026 books now.

Reconcile business bank and credit-card accounts, review payroll and sales-tax filings, and gather records for equipment purchases, loans, and owner contributions or distributions. Ask contractors for any missing Form W-9 information before year-end.

Planning tip: Addressing missing records now can make year-end reporting and tax preparation smoother.

Review withholding and estimated taxes before year-end.

The IRS recommends checking tax withholding, estimated payments, and records throughout the year to reduce filing-season surprises. A change in income, employment, marriage, or family size may affect the tax due or refund. Employees can review their withholding and submit an updated Form W-4 if needed; self-employed people and business owners should check whether estimated payments are keeping pace with income.

Planning tip: Gather Forms W-2 and 1099, records of digital-asset transactions, receipts supporting deductions or credits, and IRS notices in one secure place. Use the IRS Tax Withholding Estimator or contact a tax professional to review your situation.

The Saver’s Match can add up to $1,000 to your retirement account

Starting with eligible retirement contributions made in 2027, the federal government may match up to 50% of the amount you contribute, with a maximum match of $1,000 per person. Married couples filing jointly may qualify separately for each spouse.

The match is claimed with the 2027 federal tax return filed in 2028 using Form 8880-A. It is deposited directly into a designated eligible retirement plan or IRA—it is not paid as a cash refund. Eligibility and the match percentage depend on modified adjusted gross income, filing status, age, student status, and whether the taxpayer can be claimed as a dependent.

Planning tip: Eligible accounts include traditional and Roth IRAs, 401(k), 403(b), and governmental 457(b) plans. There is no minimum contribution, but taxpayers should keep records of all 2027 contributions.

Trump Accounts and the $1,000 child pilot contribution

A Trump Account is a new type of individual retirement account that may be established for a child who is under age 18 at the end of the election year and has a valid Social Security number.

A separate pilot program provides a one-time $1,000 Treasury contribution for an eligible child who is a U.S. citizen born from January 1, 2025, through December 31, 2028. The contribution is not automatic: an authorized individual must make the election using Form 4547 and complete the account-activation process.

Family tip: Parents and guardians can submit Form 4547 through an IRS Individual Online Account. Trump Accounts are separate from the Saver’s Match program and have their own eligibility, contribution, investment, and withdrawal rules.

New installment-payment option proposed for qualifying farmland sales

The Treasury Department and IRS issued proposed regulations under Internal Revenue Code Section 1062. Eligible taxpayers who sell qualifying U.S. farmland to an actively engaged farmer may be able to pay the federal tax attributable to the gain in four equal annual installments.

Generally, the property must have been used for farming during substantially all of the 10 years before the sale and remain restricted to agricultural use for 10 years afterward. The provision applies to qualifying sales or exchanges in tax years beginning after July 4, 2025. Special rules apply to partnerships, S corporations, trusts, and estates.

Tax tip: Do not assume the regular installment-sale rules automatically provide this treatment. The Section 1062 election has specific ownership, farming-use, buyer, and land-use restriction requirements. Review eligibility and transaction structure before closing.

Protect your tax account and request an IP PIN.

The IRS advises taxpayers to safeguard their online-account sign-in credentials and get an Identity Protection PIN (IP PIN), a six-digit number that helps prevent someone else from filing a federal return using your SSN or ITIN.

Practical tip: If you plan to file early in 2027, request your IP PIN before the IRS system becomes unavailable for annual maintenance in mid-November. Keep the PIN private and share it only with a trusted tax professional when preparing your return.