A proactive approach to 2026 tax planning can help you keep more of what you earn—and feel confident about what’s ahead.
A Personal Note as We Begin 2026
I wanted to take a moment to share how I’m thinking about tax planning this year, and why it feels uniquely important.
Every year brings tax changes, but not every year brings meaningful opportunities. But 2026 absolutely does. Higher contribution limits, expanded deductions, new retirement rules, and renewed charitable planning opportunities all create room for decisions that can improve outcomes; and not just this year, but looking ahead to the future.
We all know that taxes can feel frustrating at times. We can all feel this way. But my goal is to help you feel steady and informed, and not rushed or reactive. When tax planning is aligned with your broader financial life, it becomes less about what you owe, and more about how your money supports the life you’re building.
Below, I’ve outlined key planning ideas for 2026, broken into two “big picture” sections:
• Part I: Planning Opportunities for You and Your Family
• Part II: Planning Opportunities for You as a Small Business Owner
Joshua C. Harper,
CFP®, ChFC®, CLU®, RICP®
Partner, Wealth Advisor
Part I: Tax-Planning Opportunities for Individuals and Families
When it comes to personal tax planning, the best results often come from stepping back and looking at the full picture: your income, investments, retirement timeline, charitable goals, and future flexibility.
Rather than treating taxes as a once-a-year exercise, I encourage you to see 2026 as an opportunity to make intentional decisions that compound over time and reduce stress later.
“The most effective tax strategies don’t live on a tax return they exist inside a thoughtful financial plan.”
Keeping Taxes in the Right Perspective
One thing I consistently remind clients is this: paying taxes usually means something good is happening. Income is growing. Investments are working. Opportunities are being realized.
Instead of chasing the lowest possible tax bill in any single year, I focus on helping you achieve stronger after-tax outcomes over time. That approach allows tax decisions to support your investment strategy, your comfort with risk, and your long-term goals, rather than working against them.
“Taxes matter, but they should support your plan, not dictate it.”
Re-Evaluating Itemized Deductions in 2026
For years, many people have understandably just defaulted to the standard deduction. That typically made sense before, but 2026 may be a year where it’s worth taking another look.
The SALT (state and local tax) deduction remains elevated at $40,000 for households earning under $500,000 and is currently scheduled to stay in place through 2029. For clients in higher-tax states, this change alone can bring itemizing back into relevance.
When itemizing becomes advantageous, additional deductions – such as charitable contributions, mortgage interest, and certain medical expenses – often begin working more effectively in your favor.
New and Expanded Deductions Worth Knowing About
Several newer provisions may quietly benefit you or someone in your household:
- If you’re age 65 or older, you may qualify for a $6,000 senior deduction, subject to income limits, and possibly available whether you itemize or not.1
- And if you don’t itemize, charitable giving may still provide value through a $1,000 deduction for individuals or $2,000 for married couples. This applies to cash donations only, not for gifts of securities.2
I see these rules as a reminder that generosity and good planning can – and often should – work together.
Retirement Contributions: 2026’s Higher Limits and Important Choices
One piece of good news I’m genuinely encouraged by is the continued increase in retirement contribution limits. These higher limits give you more room to:
- Reduce current taxes
- Strengthen long-term security
- Increase flexibility later in retirement
However, there’s an important shift for higher earners that deserves careful attention.
Roth Catch-Up Contributions for Higher Earners
If you earned more than $150,000 (indexed) in wages and are age 50 or older, catch-up contributions must now go into a Roth 401(k).
I understand why this can feel frustrating at first – the upfront tax deduction disappears. But when we look at the bigger picture, Roth assets can be incredibly powerful. That’s because they offer:
- Tax-free growth
- Tax-free withdrawals in retirement
- No required minimum distributions
- And greater flexibility for estate planning
“Sometimes paying a little more tax today can create a lot more flexibility tomorrow.”
“Super Catch-Up” Contributions: A Meaningful Opportunity
If you’re between ages 60 and 63, you have access to enhanced “super catch-up” contributions.
When I work with clients at this stage of life, we often view this period as a unique window to:
- Reinforce retirement readiness
- Shift assets toward tax-free growth
- Increase confidence and flexibility heading into retirement
Used thoughtfully, this short window can have an outsized impact.
Asset Location: A Quiet Lever That Can Matter a Lot
Investment asset location doesn’t always get the spotlight, but it can quietly improve results over time.
Two portfolios can look identical yet produce vastly different after-tax outcomes depending on which accounts hold which assets. At Streamline Wealth, we pay close attention to this, because small decisions now can add up over the years.
Rebalancing Without Creating Unnecessary Taxes
Rebalancing is essential to managing risk, but it doesn’t have to cause avoidable tax consequences.
Whenever possible, I look for ways to rebalance by:
- Making changes inside tax-advantaged accounts
- Using new contributions or withdrawals strategically
- Harvesting losses to offset gains when appropriate
The goal is to keep your portfolio aligned with your plan, without letting taxes derail good discipline.
Charitable Giving as a Thoughtful Planning Tool
If giving back is important to you, charitable planning deserves a place in the conversation.
Depending on your situation, this may include:
- Donating appreciated securities instead of cash
- Using donor-advised funds to smooth giving across years
- Qualified charitable distributions (QCDs) to satisfy RMDs while reducing taxable income
“When giving is coordinated with tax planning, it can enhance impact and peace of mind.”
Part I Synopsis: What This Means for You
Personal tax planning in 2026 is about alignment and intention. Higher deductions, increased contribution limits, and new Roth rules create meaningful opportunities, but only when they’re coordinated with your broader financial plan. Thoughtful planning can reduce taxes, increase flexibility, and support long-term confidence.
Part II: Tax-Planning Opportunities for Small Business Owners
Turning Complexity into Opportunity
If you’re a business owner, you already know taxes are more complex. But I’ve repeatedly seen that complexity – when managed thoughtfully – can create real opportunity.
In 2026, there are several areas where proactive planning can meaningfully improve cash flow, reduce friction, and strengthen long-term outcomes.
“For business owners, tax planning isn’t just about compliance, it’s about strategy.”
Retirement Plans Designed for Business Owners
Business owners often have access to retirement strategies that allow for significantly higher contributions than those available to non-business owners, including:
- Solo 401(k)s
- SEP IRAs
- Cash balance or defined benefit plans
Simply, when structured with intention, these plans can reduce taxes today while accelerating long-term wealth building.
Reviewing Entity Structure and Compensation
For owners of pass-through entities – especially S corporations – how you pay yourself matters.
From time to time, it’s worth revisiting:
- Salary versus distributions
- Payroll tax exposure
- How profitability has evolved
Small adjustments here can sometimes create substantial savings without disrupting operations.
Intentionally Planning the Precise Timing of Income and Expenses
For cash-basis businesses, timing is one of the most powerful tools available.
When I work with business owners, we often look at:
- Whether expenses should be accelerated
- Whether income can be deferred
- How major purchases align with broader goals
These decisions are most effective when planned well before year-end.
Capital Investments and Depreciation Planning
One of the potentially most valuable 2026 opportunities for business owners under the OBBBA involves capital expenditure: including equipment, technology, vehicles, and certain facility improvements.
Current depreciation and expensing rules allow many qualifying purchases to be written off more quickly – sometimes immediately – rather than spread out over several years. When planned intentionally, this can reduce taxable income in the same year you reinvest in your business. This supports cash flow when it matters most. 3
Timing is key. A purchase made without tax planning may still help operations but aligning it with your broader
strategy can materially improve the outcome. In 2026, the difference between buying in one year versus another can be substantial.
When capital investments are coordinated with tax planning, they can:
- Improve cash flow through accelerated deductions
- Reduce surprises by aligning purchases with income
- Support growth by reinvesting with confidence
“Some of the most effective tax savings come from reinvesting in your business at the right time.”
Coordinating Business and Personal Planning
One of the biggest opportunities I see for business owners is integration.
For example, a business owner may increase profitability in a strong year and focus on tax savings inside the company. But without coordinating that decision with their personal tax strategy, retirement contributions, and investment plan, they may miss opportunities to reduce overall taxes or improve cash flow at home.
Part II Synopsis: What This Means for Business Owners
For business owners, 2026 tax planning is about integration and timing. Retirement plans, compensation strategy, income timing, and capital investments all interact. When coordinated intentionally, they can improve cash flow today while strengthening long-term financial security.
A Final Word
At Streamline Wealth, we don’t view tax planning as a once-a-year task. I see it as an ongoing conversation; one that evolves as your life, your business, and your priorities change.
A Warm Invitation
If you’re a long-standing client and you haven’t revisited your tax strategy recently, this may be a good year to do so. Even a brief check-in can uncover opportunities, or even simply provide reassurance that you’re on the right track.
We’re always glad to sit down with you, review what’s changed, and make sure your plan still reflects where you’re headed.
Please note that you should not consider the contents of this newsletter to be investment advice, and that this update is for informational and educational purposes only. Please contact us before you make any investment decisions, or if you wish to discuss alternative investments, your asset allocation, your overall financial plan, or anything related to our client-advisor partnership.
As always, we appreciate your loyalty. And we very much look forward to speaking with you soon.
Advisory services offered through NewEdge Advisors, LLC doing business as Streamline Wealth, as a registered investment adviser. Securities offered through NewEdge Securities, LLC, Member FINRA/SIPC. NewEdge Advisors, LLC and NewEdge Securities,LLC are wholly owned subsidiaries of NewEdge Capital Group, LLC.
1 2026 filing season updates and resources for seniors | Internal Revenue Service
2 2026 filing season updates and resources for seniors | Internal Revenue Service
3 OBBBA offers new ways to accelerate depreciation | Grant Thornton
Streamline Wealth and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation.
