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More On October Tax Checkup by Howard Dagley, CPA

by | Oct 15, 2026 | Tax Time

📊 October Tax Checkup: Don’t Let Year-End Tax Planning Become a Last-Minute Scramble!

Howard Dagley, CPA | Santa Clarita Valley • San Fernando Valley • Los Angeles

Last week, we talked about why October is an excellent time for a tax checkup. But once you’ve reviewed your income, estimated tax payments and financial records, what should you do next?

With December 31 approaching, there’s still time to evaluate your financial situation, identify potential tax-saving opportunities and make informed decisions before the year ends.

At Howard Dagley, CPA, we believe effective tax planning shouldn’t begin when it’s time to file your return. It should happen while you still have opportunities to make a difference.

💰 Step 1: Review Your Income and Estimated Tax Payments

Has your income changed significantly during 2026? Did you receive a bonus, start a business, change jobs or experience additional investment income?

These changes can affect your tax liability.

For self-employed individuals and business owners, reviewing quarterly estimated tax payments is particularly important. Underpaying estimated taxes can lead to an unexpected balance and potential penalties.

A mid-October review gives you an opportunity to evaluate your payments and determine whether adjustments may be appropriate before the year closes.

💼 Step 2: Business Owners, Take a Closer Look at Your Expenses

October is a great time for business owners to review financial performance and determine whether their bookkeeping is up to date.

Are all legitimate business expenses recorded? Have you reconciled your accounts? Are you considering purchasing equipment or making other business investments before year-end?

Depending on your circumstances, certain qualifying business purchases may provide tax benefits, including deductions or depreciation opportunities.

However, buying equipment simply to reduce taxes isn’t always the smartest financial decision. A CPA can help evaluate the tax consequences alongside your business needs and cash flow.

📋 Step 3: Evaluate Your Business Structure

Your business structure can affect taxation, reporting requirements and long-term financial planning.

Whether you operate as a sole proprietor, LLC, S-Corporation or C-Corporation, it’s worth periodically reviewing whether your current structure continues to support your business goals.

Howard Dagley, CPA assists with business entity selection and tax considerations involving:

  • Limited Liability Companies (LLCs)
  • S-Corporations
  • C-Corporations
  • Sole Proprietorships
  • 501(c)(3) Organizations

Making the right decisions early can help avoid unnecessary complications later.

🏦 Step 4: Review Retirement Contributions and Other Tax Considerations

Year-end planning isn’t just for business owners.

Individuals may benefit from reviewing retirement contributions, charitable giving, investment gains and losses, and other financial activities that could affect their taxes.

Contribution limits, eligibility requirements and deadlines vary depending on the type of account or deduction.

With federal tax provisions changing in recent years, it’s especially important to understand which rules apply to your particular situation for the 2026 tax year.

A personalized tax review can help identify opportunities you might otherwise overlook.

🗂️ Step 5: Get Your Financial Records Organized Before the Holidays

The final weeks of the year tend to move quickly. Between holiday gatherings, business responsibilities and family commitments, financial paperwork can easily fall to the bottom of the priority list.

Now is a good time to:

  • Reconcile bank and credit card accounts.
  • Review business income and expenses.
  • Organize receipts and supporting documentation.
  • Check estimated tax payments and withholding.
  • Review outstanding invoices and financial statements.
  • Identify questions that need professional guidance.

Well-organized records can make tax preparation more efficient and help you better understand your financial position.

📅 October Planning Can Make January Much Easier

There’s an important difference between tax preparation and tax planning.

Tax preparation documents financial activity that has already occurred.

Tax planning looks ahead, helping you evaluate available options before important decisions and deadlines pass.

By working with Howard Dagley, CPA during October, you can enter the final months of 2026 with a clearer understanding of your tax situation and the steps that may be worth considering.

⭐ Experience Matters When It Comes to Your Taxes

Whether you’re managing personal finances, launching a new business or overseeing an established company, professional tax guidance can help you make informed decisions.

Howard Dagley, CPA provides services including:

Personal & Business Tax Preparation • Year-End Tax Planning • Quarterly Estimated Taxes • Business Entity Selection • LLC, S-Corp & C-Corp Guidance • Bookkeeping • Financial Statements • Year-Round Tax Planning

Serving individuals and businesses throughout the Santa Clarita Valley, San Fernando Valley and Los Angeles.

📞 Don’t Wait Until December to Start Planning!

October is already underway, and the end of the year will arrive sooner than you think.

If you haven’t scheduled your year-end tax review, now is an excellent time to make the call.

Howard Dagley, CPA
📍 Serving SCV • SFV • Los Angeles
📞 1-661-255-8627

📊 DON’T JUST PREPARE YOUR TAXES. PLAN FOR THEM!

Smart Tax Planning Today. Greater Financial Confidence Tomorrow.