Get Ready for the 2026 Tax Season: Smart Steps to Take Now

As 2025 winds down, it’s the perfect time to start preparing for the upcoming 2026 tax season. As we all know, a little organization now can save you time, stress, and even money when it’s time to file your return next spring. Here are our five smart steps to take now to get ready for the 2026 tax season.

1. Know When to Expect Your Tax Documents

Most income statements—like Forms W-2 and 1099—are typically available by late January, but the exact timing depends on the type of form and whether the issuer files an extension.

  • W-2s and 1099-R forms (for retirement distributions) are generally required to be issued by January 31.

  • Investment-related 1099s from non-retirement accounts—such as 1099-DIV, 1099-INT, and 1099-B from firms like Schwab—often come later, since brokerage firms may file a 30-day IRS extension, pushing delivery into late February. Schwab did this in prior years, and it’s common practice across the industry to help ensure accuracy before tax forms are finalized.

If you haven’t received all your forms by the end of January, don’t panic—it’s completely normal, especially for investment accounts. Check your Schwab or other financial institution’s online portal, as electronic copies often appear before mailed versions. Keeping a checklist of expected forms will help you track what’s still pending without needing to reach out right away.

2. Check Your IRS Online Account

The IRS online account can be a real lifesaver. Through it, you can see your current tax balance, track estimated payments, and even look up your adjusted gross income from prior years. You can also access important tax transcripts. Two especially useful ones are the Wage & Income Transcript, which shows all W-2s and 1099s reported to the IRS, and the Information Returns Transcript, which confirms 1099s, 1098s, and other forms that have been filed.

If you don’t already have an account, you can set one up at irs.gov/account. And don’t worry if it feels confusing—our office is happy to help you create your account or locate the transcripts and forms you need. Just give us a call, and we’ll walk you through it step by step.

3. Review Your Final 2025 Pay Stub

Before the year ends, take a look at your last paycheck. For W-2 employees, the taxable wages on your pay stub are what will appear on your W-2, so it’s important to make sure everything looks right. Take note of federal and state taxes withheld and any contributions to retirement accounts or health savings accounts, because these affect your taxable income. Keeping that final pay stub handy can make checking your W-2 much easier when it arrives.

4. Watch Key Income Thresholds

Some income thresholds can affect whether you qualify for certain credits or owe additional taxes. Modified Adjusted Gross Income (MAGI) determines eligibility for deductions and credits, while the Net Investment Income Tax (NIIT) adds a 3.8% surtax on investment income for higher earners. Certain credits, like the Child Tax Credit or education-related credits, also start to phase out when your income goes above specific limits. If you think you might be close to one of these thresholds, there may still be steps you can take before the end of the year—like adjusting retirement contributions, making HSA contributions—to reduce your tax exposure.

5. Get Organized Early

Now is a great time to gather your tax-related documents. Keep everything—donation receipts, mortgage and property tax statements, health insurance forms, and business expense records if you’re self-employed—in one folder. When your W-2s and 1099s start arriving in January, having a single organized place for everything will make filing much easier.

A Final Thought

Tax season doesn’t have to be stressful. By checking your pay stub, watching key income thresholds, and organizing your tax forms now, you’ll step into 2026 confident and prepared. If you’d like a personalized year-end checkup or help projecting your 2025 tax situation, our team is happy to assist.

We wish you a smooth finish to 2025 and a wonderful holiday season!