Late December can be exhausting. The holidays are flying by, and with only a few days to spare in the year, it can feel like your window for tax planning has already closed, too. Your income is (largely) set, and most investment decisions are behind you. At that point, it’s easy to assume there’s nothing left to do but wait for filing season.

But the year isn’t over yet. A handful of choices are still available. With a little attention, you can make an impact on what you owe and when you have to pay it. Here’s what you need to know

For some taxpayers, the most effective late-year moves come from managing when income is received and when deductions are claimed. These strategies work best when income is predictable, and there is some control over timing—that’s tricky to do when the calendar is winding down. But you may still have time for a few tweaks.

If you expect to be in the same or a lower tax bracket next year, delaying income can be useful. If you’re an employee, ask to push off compensation until after the calendar year ends. It’s important to note that this is not the same as hiding your end-of-year check in your desk drawer—income is taxable when it’s made available to you. This is a full-on deferral. And, importantly, deferring income does not eliminate the tax, but it can shift the liability into the next year.

And if you’re self-employed? If you have quick payers (lucky you), hold onto those invoices until after the new year. For most taxpayers, invoices that are paid in 2026 are taxable in 2026, even if the work was performed in 2025 (accrual taxpayers have a different result).

Accelerating deductions can also be helpful—that’s true for business owners, but also works for some other taxpayers. For example, paying expenses before year-end, like a state tax payment or property taxes due next year, may allow those deductions to be claimed sooner. (This assumes you itemize and benefit from deducting state and local taxes).

Remember that the standard deduction is relatively high in 2025—it’s $31,500 for married couples filing jointly, $15,750 for single taxpayers and married individuals filing separately, and $23,625 for heads of households—so you may benefit from bunching deductions. By paying deductible expenses now, such as large charitable contributions or eligible medical costs, you may be able to benefit from itemizing your deductions in 2025 (you can claim the standard deduction in 2026 when your expenses are lower).

One move that doesn’t get enough attention at year-end? Emptying those flexible spending accounts (FSAs). While you won’t get an immediate tax boost (FSA funds are already tax-favored, so you can’t treat costs as deductible medical expenses), most health and dependent care FSAs operate under a use-it-or-lose-it rule. Any unused balance may be lost after........

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