Tax Planning Guide

Download Our 2026 Tax Planning Guide

While taxes are inevitable, smart planning can help you keep more of what you earn. The One Big Beautiful Bill Act (OBBBA) continues to bring major changes for tax year 2026, making now the ideal time to revisit your strategy to make sure it still works for you.

Our 2026 Tax Planning Guide breaks down the key updates to consider, offers practical tips, and uses real-life examples to make complex rules easier to understand. Download the guide today to get ahead of the curve.

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Quick Links

New Client Onboarding Resources

IRS Online Payments

Tax Planning Insights and Articles

Tax Planning Calendar

Core Tax Strategies

Tax Incentives, Credits, and Tax Savings Opportunities

Documentation, Compliance, and Business Audit Readiness

Contact Our Team

Mike Deering
Michael Deering >
Partner, Tax Services Leader
Brian Figenholtz >
Tax Partner
Nicole Lindley >
Tax Partner
Brandon Potocki >
Tax Partner

Mowery & Schoenfeld New Client Onboarding Resources

Get the information and resources you need as you begin your business tax client relationship with us.

Business Tax Onboarding

Find checklists, timelines, and more information you’ll need as a new private client with us.

Private Client Tax Onboarding

IRS Online Payment Reminders

The IRS has shifted to electronic tax refunds and is encouraging digital payments, although paper checks are still available in limited circumstances.

  • Individuals: You can securely submit payments online using IRS DirectPay, an ID.me account, or other options. LEARN MORE
  • Corporations: You must create an Electronic Federal Tax Payment System (EFTPS) account or use DirectPay. DOWNLOAD INSTRUCTIONS
  • Foundations: You must create an EFTPS account or use DirectPay. DOWNLOAD INSTRUCTIONS
  • Trusts: You must create an EFTPS account; you cannot pay through DirectPay. DOWNLOAD INSTRUCTIONS

More Tax Planning Resources

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Tax Planning Calendar: Quarterly and Year-End Tasks and Deadlines

A tax calendar for key deadlines helps you manage compliance effectively. Throughout the year, make sure to track and document your expenses to qualify for tax deductions.

For Businesses: 

  • Q1: Finalize prior-year tax filings, review your entity structure if needed, set your projections for the year, and organize your tax documentation.
  • Q2: Update estimated tax payments and adjust projections based on current business performance.
  • Q3: Evaluate capital expenditures and other timing strategies before year-end.
  • Q4: Confirm year-end accruals and identify deductions or credits that should be addressed before Dec. 31.
  • Other key deadlines: Note filing, extension, payroll tax, and estimated payment dates throughout the year to avoid penalties and missed planning opportunities.

For Individuals: 

  • Q1: Finalize your prior-year filings, organize tax and financial documents, and check whether any estimated payment or extension is needed.
  • Q2: Update estimated tax payments, review withholding, and adjust projections for changes in income, investments, or deductions.
  • Q3: Check your year-to-date income, withholding, estimated tax payments, and investment activity so you can make any needed adjustments before year-end.
  • Q4: Maximize charitable giving and retirement contributions.
  • Key deadlines: Track individual filing, extension, estimated payment, retirement contribution, and charitable giving deadlines to stay ahead of year-end planning.

Core Tax Strategy Framework for Business Owners

For business owners, tax planning should be a monthly occurrence that is integrated into budgeting, not just something to do at year-end. Business owners should assemble their financial statements monthly and calculate current taxable income to get a clear picture of where you are. Schedule quarterly planning meetings with your tax advisor where you can assess your situation, identify any tax risks you are facing, and make adjustments as needed.

Core Tax Strategy Framework for Individuals

Like businesses, individuals should also assemble and review their financial statements monthly. For maximized results, schedule quarterly meetings with your CPA to review your strategy and plan for quarterly estimated payments. These quarterly sessions can help you identify tax risks and adjust your strategy. If necessary, defer income or ramp up deductible expenses strategically based on your accountant’s tax projections. These tax conversations should be coordinated with your retirement, estate, and trust planning.

Tax Incentives, Credits, and Tax Savings Opportunities

Effective, year-round tax planning helps you maximize cash flow and take advantage of available savings opportunities before deadlines pass. Businesses should regularly explore credits and incentives that may apply to their operations, including the research and development (R&D) tax credit, hiring credits such as the Work Opportunity Tax Credit, cost segregation studies for eligible buildings, and state or federal tax incentive programs. Our team can help you evaluate which opportunities fit your business, determine which expenses may qualify, and document the support needed to claim available credits and deductions.

Industry-Specific Tax Incentives

Depending on your industry, there may be tax incentives available that are easy to overlook without a closer review. For example, U.S. exporters may benefit from exploring whether an Interest Charge Domestic International Sales Corporation (IC-DISC) could help reduce tax liability and improve cash flow. Real estate companies and builders may qualify for energy-related credits, while manufacturers and technology-driven businesses may be able to use R&D credits or payroll tax offsets. Our team works with companies across a wide range of industries to identify the credits, deductions, and incentive programs that may apply to your specific operations, then helps you evaluate eligibility, document qualifying activity, and turn those opportunities into meaningful tax savings.

Charitable Giving

Charitable giving can be a meaningful part of your tax strategy, especially in years when your income is higher than usual or you are looking for ways to support the causes that matter most to you. Depending on your situation, it may make sense to contribute to a donor-advised fund, donate appreciated assets, or bunch multiple years of charitable gifts into one tax year to maximize the potential tax benefit. Your CPA can help you evaluate which approach best fits your goals, coordinate the timing of your gifts, and make sure you have the documentation needed to support your deduction.

Documentation, Compliance, and Business Audit Readiness

Whether you are a business owner or an individual taxpayer, strong documentation can make tax planning easier and help you feel more prepared if questions come up later. Throughout the year, keep receipts, invoices, mileage logs, charitable gift acknowledgments, investment records, and other supporting documents organized in one place.

For businesses, this also means maintaining clear expense substantiation processes, reconciling accounts regularly, and creating an annual audit file with the records your CPA may need. Staying organized throughout the year can help reduce last-minute stress, support deductions and credits, and make it easier to respond quickly if additional documentation is ever requested.

Mowery & Schoenfeld's Tax Experts Are Here to Help

Understanding the ins and outs of federal tax law, including the latest changes under the OBBBA, can be challenging. It can be difficult to know which updates apply to you, what steps to take now, and how those decisions may affect your broader financial picture. Our tax advisors help you make sense of the rules, identify planning opportunities, and build a strategy that supports your goals throughout the year.

At Mowery & Schoenfeld, you also have access to more than tax support. Our team can coordinate with specialists across our wealth management, family office, client advisory, technology advisory, business turnaround, audit and assurance, and consulting service lines to help you look at the full picture. Whether you are planning for your business, your family, or both, we can help connect tax strategy with the other financial decisions that matter most.

Talk to a Mowery & Schoenfeld Tax Advisor

Complete the form or call us at 847-247-8959.