Key Year-End Tax Moves to Finish Q4 Strong
- True-Up Your Q4 Estimated Tax Payments: Avoid surprises by ensuring you’ve paid enough to dodge IRS penalties.
- Review and Maximize Deductions: Gather those receipts and claim every deduction you’re entitled to before December 31.
- Optimize Retirement Contributions: Max out contributions to retirement plans to shrink your taxable income (and boost your future nest egg).
- Make Strategic Year-End Purchases: Consider buying needed equipment or other assets now to take advantage of tax write-offs.
- Partner with a Specialized CPA: Lean on expert guidance for tailored strategies that bring year-end clarity and confidence.
Evaluate Your Q4 Estimated Tax Payments
Nobody likes an unexpected tax bill (the only thing spookier than Halloween is an IRS notice in January). To avoid that fright, evaluate your Q4 estimated tax payments now. Compare your practice’s income to last year and run updated projections. If profits are higher, increase your final payment before the January 15th deadline. A small pinch now beats an IRS penalty later – think of it as a flu shot for your finances.
Review and Maximize Your Deductions
Closing out the year is the perfect opportunity to give your expenses a once-over. Document all business expenses and make sure nothing is missed or misclassified. Common deductions for medical practices include supplies, equipment, CME costs, malpractice insurance, and travel for conferences. Don’t forget smaller items like scrubs, mileage, and subscriptions. A thorough review now lowers your tax bill and reduces stress during tax season.
Optimize Retirement Plan Contributions
Maximize your retirement plan contributions before year-end. Every dollar you put into a 401(k), SEP-IRA, SIMPLE IRA, or other qualified plan lowers your taxable income. For high-income years, consider a SEP-IRA or Cash Balance Plan for larger deductions. Employers can also add profit-sharing contributions – a move that rewards your team and reduces taxes. Deadlines vary, so confirm with your CPA which contributions must be made by December 31.
Make Strategic Year-End Purchases
If you’ve been eyeing new medical equipment or office upgrades, Q4 might be the time. Section 179 and bonus depreciation allow you to write off the full cost of qualifying assets placed in service by year-end. This could include exam tables, diagnostic tools, or even waiting room furniture. Don’t overspend just for a deduction – focus on purchases that improve efficiency or growth.
Partner with a CPA for Year-End Success
You don’t have to navigate the year-end maze alone. A healthcare-focused CPA can run projections, uncover deductions, and help you time purchases and contributions strategically. Think of them as the financial specialist who keeps your practice healthy while you focus on patient care.
Finish Q4 Strong with J&S Moore Financial Group
You’ve worked hard all year caring for patients. Don’t let last-minute financial tasks weigh you down. At J&S Moore Financial Group, we specialize in accounting and tax advisory services for medical practices. Whether you need a comprehensive year-end review, tax planning support, or an expert sounding board, our team has your back.
Contact us today to schedule your year-end consultation. Let’s close out Q4 strong together and step into 2026 with confidence.
