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Tax planning for individuals and families

Review withholding, retirement contributions, investments and major life changes together rather than choosing a deduction in isolation.

Withholding and estimated payments

Compare expected annual tax with withholding and payments already made. Income from investments, a side business or stock compensation can change the calculation.

Retirement accounts

For 2026, the combined traditional and Roth IRA contribution limit is generally $7,500, or $8,600 at age 50 or older, subject to compensation and other rules. Deductibility and Roth eligibility have separate income tests.

Deductions and charitable giving

Compare eligible itemized deductions with your standard deduction. Gifts of appreciated assets, bunching strategies and donor-advised funds require attention to valuation, substantiation and deduction limits.

Investments and Roth conversions

Consider gains, losses, wash-sale rules and the income created by a conversion. Coordinate across accounts and with your investment adviser. A lower bracket today does not by itself prove that a conversion is the best choice.

Moving to Florida

Florida has no individual income tax, but a former state may still tax source income or treat you as a resident under its rules. Keep records of the move and review both states’ requirements.

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Related guidance

Tax checklist for major life changes

A change in family, work, housing or retirement can affect filing status, payments and records. Use this checklist to prepare for a planning discussion.

Tax considerations for investments

KDM provides tax support, not investment management. Coordinate tax decisions with your financial adviser and consider risk, liquidity and investment goals.

Tax planning for business owners

Review your tax position while there is still time to act. Planning starts with current records and compares the cost, timing and requirements of each option.

§ FAQ

Questions we hear about personal tax strategy.

Do W-2 employees have any tax planning options if everything is already withheld?

Yes. Even though your taxes are withheld, you can still cut your bill by maxing out tax-advantaged accounts, harvesting investment losses, timing your deductions, and adjusting your withholding. These are the same levers available to retirees managing their own portfolio, not just business owners.

What are the 2026 retirement contribution limits?

For 2026 you can contribute up to $24,500 to a 401(k) or 403(b), or $32,500 if you are 50 or older and $35,750 for ages 60 to 63. Traditional and Roth IRAs allow $7,500, or $8,600 at age 50 and up. An HSA paired with a high-deductible health plan allows $4,400 for single coverage or $8,750 for family, plus another $1,000 at age 55 or older.

How much in capital losses can I deduct against my income each year?

Selling losing positions in a taxable account offsets gains elsewhere, and up to $3,000 of losses per year can offset ordinary income. Anything beyond that carries forward with no limit. On the other side, long-term capital gains that fall within the 0% bracket ($49,450 single or $98,900 married filing jointly in 2026) are completely tax-free, so realizing some gains on purpose can make sense.

Should I itemize or take the standard deduction in 2026?

The 2026 standard deduction is $16,100 for single filers and $32,200 for married couples filing jointly. Itemize only if your deductible items add up to more than that, which usually means significant mortgage interest, large charitable contributions, or major medical bills. Bunching two years of charitable giving into a single year can push you over the standard-deduction hurdle.

How do I avoid an IRS underpayment penalty?

The IRS charges a quarterly interest penalty when you don't pay enough tax during the year. You stay in the safe harbor by paying at least 90% of this year's tax or 100% of last year's tax, rising to 110% if your AGI is over $150,000. If your income spiked from a bonus, stock vesting, or a home sale, check your withholding or make an estimated payment.
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