Most of us don’t look forward to talking about taxes. They’re confusing, they change constantly, and they always seem to require attention at the least convenient time. But this year is different. When major provisions of the Tax Cuts and Jobs Act (TCJA) expire at the end of 2025, many Americans will wake up to new rules and higher bills.
What matters most right now is using the time we have left to prepare—calmly and deliberately—so 2026 doesn’t bring surprises. That’s why I reached out to two Wealthramp advisors who live and breathe tax planning: Jeff Chan, CFP®, EA, and Meghan Muñoz, CFP®, CPA, and CDFA®. They shared the moves they’re encouraging their clients to consider right now, while there’s still room to make thoughtful choices instead of rushed decisions.
Here’s what they want you to know
1. Income Tax Brackets Are Rising — Understanding Your Future Reality Matters
When TCJA sunsets, brackets go up, and for many households, that means higher taxes without any change in lifestyle or earnings. Looking ahead now helps you avoid the sting later. If you expect to be in a higher bracket in 2026, it may make sense to pull certain types of income forward into 2025 or delay deductions until they’ll matter more.
2. Roth Conversions May Be the Best Deal You’ll Get for a Long Time
Roth conversions are one of the few tools that let you choose when you pay taxes. Jeff points out that 2024–2025 rates might be the lowest you’ll see for a while. Early retirees in particular have a unique window: “Before RMDs and before Social Security, Roth conversions can dramatically reduce lifetime taxes.” A little planning now can save frustration later.
3. Charitable Giving Works Better When You Plan Ahead
If giving to causes you care about is already important to you, a little coordination can make your gifts go further. By “bundling” donations or using a Donor-Advised Fund, you may be able to maximize deductions before the standard deduction shrinks and still support the organizations you love in the same way.
4. The Standard Deduction May Shrink — Get Ready for Itemizing Again
Many people haven’t itemized in years, simply because the standard deduction has been so generous. That may change. Tracking things like medical expenses, SALT, mortgage interest, and charitable gifts may once again matter. Preparing early can save you from a scramble later.
5. Capital Gains Strategy Matters More When Rates Change
Selling appreciated investments isn’t just an investment decision—it’s a tax decision. Meghan shared that pairing gains with harvested losses has saved some of her clients real money. Taking gains in a lower-rate environment can set you up for a smoother path in retirement.
6. Estate Tax Exemptions Are Expected to Fall — Families Need Time to Prepare
This is one of the biggest upcoming changes. The federal estate tax exemption—now over $13 million per person—is set to drop roughly in half. Even families who never thought they’d be affected could suddenly be in range. These are emotional conversations that take time. Starting now keeps you in control.
7. Don’t Chase Deductions That Don’t Actually Help You
Jeff reminds clients that spending money just to “save on taxes” rarely works. A deduction only benefits you if the spending itself has value. It’s about being intentional, not reactive.
8. Know Your Marginal Tax Rate — It’s the Key to Smart Planning
Most people know their total tax bill but not the tax rate that applies to their next dollar of income. That’s the number that drives smart decisions. A quick session with a CPA or fiduciary advisor can show you exactly where you stand.
9. Inherited IRA Rules Have Changed — Make Sure Your Family Knows
The SECURE Act quietly reshaped the way inherited IRAs work. Many heirs now need to empty inherited accounts within ten years, which can create massive, unexpected tax bills during peak earning years. A little family coordination now prevents costly mistakes later.
10. A Retirement Withdrawal Plan Is Just as Important as an Investment Plan
Jeff and Meghan see it all the time: retirees who spent years saving carefully but don’t have a plan for how to draw down assets. Without a strategy, taxes can erode your income faster than expected. This is where RMD timing, Social Security, and account sequencing matter. Meghan shared an example of using Qualified Charitable Distributions (QCDs) to satisfy a client’s RMDs while reducing taxable income—a simple move that made a big difference.
Start Planning Now—While You Still Have Options
No one enjoys rushing into last-minute tax decisions, and the IRS doesn’t reward procrastination. The good news is that you still have time to make 2026 easier, calmer, and more predictable.
Get these conversations going with your fiduciary financial advisor first, and then loop in your tax professional. The combination of smart planning and early action is what helps people feel more confident, no matter what Congress does next.
