Yes. In fact, fall can be one of the most valuable times of the year to begin tax planning.
By September or October, individuals and business owners typically have enough financial information to understand how the year is shaping up while still having time to make certain decisions before December 31.
Waiting until tax season can limit your options.
Tax Preparation vs. Tax Planning
Tax preparation and tax planning are related, but they are not the same thing.
Tax preparation looks backward. Your CPA reviews what happened during the year and prepares the required tax returns.
Tax planning looks forward. It considers what is happening now and evaluates potential actions before important tax deadlines pass.
Once December 31 has passed, some planning opportunities may no longer be available for that tax year.
Why Is Fall a Good Time to Meet With Your CPA?
By fall, you may have eight or nine months of actual financial performance to review.
For business owners, this can provide a much clearer picture of expected annual income and expenses.
You can review questions such as:
- Are profits higher or lower than expected?
- Have you made your estimated tax payments?
- Are you planning significant purchases?
- Has your payroll changed?
- Are you considering retirement contributions?
- Have you experienced a major personal or business change?
The answers can help your CPA identify areas that deserve attention before year-end.
What Should Business Owners Review?
Year-end tax planning should generally start with accurate financial records.
Review your profit and loss statement, balance sheet, payroll, major asset purchases, debt, accounts receivable, and other relevant financial information.
Business owners should also consider whether their current entity structure still aligns with the way the company operates.
Major growth, ownership changes, new employees, expansion into new markets, or changes in profitability may create new planning considerations.
What About Individuals?
Tax planning is not only for business owners.
Individuals may also benefit from a fall review, particularly after significant life or financial changes.
Changes in income, investment activity, retirement contributions, charitable giving, homeownership, or business ownership can all affect your tax picture.
If you receive income that is not fully covered by withholding, fall is also an opportunity to evaluate estimated payments.
Tax Planning for Fresno and Central Valley Businesses
Central Valley businesses often experience growth, seasonality, capital purchases, and other financial changes that can make proactive planning particularly valuable.
DDC works with businesses and individuals throughout Fresno and the Central Valley to look beyond filing deadlines and understand the broader financial picture.
The goal is not simply to prepare a tax return. It is to help you make informed decisions before opportunities expire.
Frequently Asked Questions
When should I start year-end tax planning?
Fall is often an ideal time because there is enough year-to-date financial information to make meaningful projections while time remains to act.
Is October too late for tax planning?
Not necessarily. However, earlier planning generally provides more time to evaluate and implement potential strategies.
Is tax planning only for high-income individuals?
No. Business owners, investors, self-employed individuals, and many other taxpayers can potentially benefit from proactive planning.
What should I bring to a tax planning meeting?
Current financial statements, payroll information, estimated tax payments, information about major transactions, and details about expected changes through year-end can be helpful.
A better tax season can start before the year ends. Contact DDC to begin your 2026 year-end tax planning.