Year-End Tax Planning in Anchorage, AK | Finance With Nyeem
THE FWN TAX BRIEF
September 1, 2026
APRIL IS TOO LATE.
I said what I said.
Okay — technically, April isn’t too late for every tax move.
But for a lot of the decisions that can actually change your tax situation, waiting until you’re sitting down to file your return means the year is already over.
Your tax return tells us what happened.
Tax planning is where we get a chance to do something about it.
Whether you earn a W-2, work for yourself, own rental property or run a business, there are things worth looking at before December 31.
IF YOU HAVE A W-2
Having taxes withheld from every paycheck doesn’t automatically mean everything is on track.
This is a good time to look at your year-to-date income and withholding, especially if something changed during the year.
Maybe you earned more money. Maybe you changed jobs. Maybe your household changed. Maybe you have bonuses, commissions, investment income or income from something outside your regular job.
You should also look at the benefits available through your employer.
Are you contributing what you want to your retirement plan? Are there benefits available that you haven’t been using? Does your current withholding still make sense based on what your year actually looks like?
Finding out in February is very different from reviewing it while there is still time left in the year.
IF YOU'RE SELF-EMPLOYED
One of the first questions I would ask is simple:
Do you actually know how much profit you've made this year?
Not how much money came into your bank account.
Profit.
You should have a reasonable idea of your year-to-date income, expenses and estimated tax payments.
This is also the time to make sure legitimate business expenses are actually being captured instead of trying to reconstruct an entire year from bank statements during tax season.
Depending on your situation, there may also be retirement-plan decisions, equipment needs, payroll considerations or other legitimate business decisions worth reviewing before year-end.
The goal is not to buy something you don't need because somebody told you it's a “write-off.”
Spending $10,000 to save a fraction of $10,000 is still spending $10,000.
IF YOU OWN RENTAL PROPERTY
Rental income is only one side of the equation.
Rental owners should be tracking things such as mortgage interest, property taxes, insurance, management expenses, repairs and other costs associated with operating the property.
And then there is depreciation.
A new roof, a repaired sink and a newly purchased appliance aren't necessarily treated the same way for tax purposes.
Some expenditures may be currently deductible while others may need to be capitalized and depreciated.
That is why good records matter.
Your Schedule E shouldn't be something we try to recreate from memory four months after the year ends.
IF YOU OWN A BUSINESS
Business owners usually have even more decisions that can matter before year-end.
Payroll.
Retirement contributions.
Equipment.
Bookkeeping.
Estimated taxes.
Entity structure.
Owner compensation.
Timing of legitimate business expenses.
None of those should first become a conversation when somebody opens your tax return in March.
And this is where I think people misunderstand what tax planning actually is.
Tax planning does not mean finding some secret deduction that makes taxes disappear.
It means understanding the rules, understanding your numbers and making informed decisions while you still have choices available.
THE GOAL ISN'T A BIGGER REFUND
A refund by itself doesn't tell me whether you had a good tax year.
And owing money doesn't automatically mean somebody did something wrong.
I care much more about whether you understand why you are getting the result you're getting.
The goal isn't to spend money just to get a deduction.
The goal isn't to chase a refund.
The goal is to understand where you're headed while there's still time to make informed decisions.
Your tax return is the receipt.
The strategy should happen before you get it.
If you haven't reviewed your 2026 tax situation yet, now is a much better time than April.
WANT TO KNOW WHERE YOU STAND?
Finance With Nyeem works with individuals, self-employed taxpayers, rental-property owners and small-business owners who want to better understand their tax situation before filing season arrives.
Start here to tell me a little about your situation.
Tax information is general in nature and may not apply to every taxpayer. Tax treatment depends on the specific facts and circumstances involved.
