Thoughts from Nick is a monthly letter from Nick Roberts, Owner & Chief Advisor at Harvest Advisory Group. Each month, Nick looks back at what just wrapped up and ahead to what's coming, with one practical thing you can do about it.
October closed out the last of the 2025 extended returns, so tax season is officially behind us. November is when the 2026 planning starts. Here's Nick on what to get in front of before the year ends.
Thoughts from Nick
Extended 2025 returns were due October 15th. The decisions that shape your 2026 return are being made right now.
October 15th was the last deadline for extended 2025 returns, so tax season is officially behind us. Most people are happy to forget about taxes until spring, and I get it. But by spring the year is over, and most of what ends up on your 2026 return has already been decided.
Once December 31st passes, the year is what it is. We can report it, but we can't go back and change it. Between now and the end of December, there's still room to plan. That's why I want to use this first column to talk about the next two months.
Why now
We keep your books up to date every month, so we already have a good read on how your year is going. What we can't see in the books is what you're planning. A big purchase, a new hire, or a contract that's about to end can change the picture quite a bit, and it's a lot easier to plan around those things in November than in March.
It works the other way too. Every year, some business owners buy something they don't really need because someone told them it would “save on taxes.” If you spend a dollar to save 25 cents, you're still out 75 cents. We'd rather help you make purchases that actually make sense for your business.
Three things to tell us before December 31st
Big purchases you're planning. If you're thinking about a vehicle, computer, or equipment in the next few months, talk to us first. Buying it and putting it in service before December 31st can move the deduction into 2026. Whether that's a good idea depends on your year, and that's what we'll help you figure out.
Changes in your business. Are you hiring, bringing on contractors, signing a big new contract, or planning to slow down? Any of those can affect your year-end numbers and how we plan for 2027.
New contractors. 1099s are due at the end of January. If you've paid someone this year and we don't have a W-9 for them, send it over now. It's much easier to get one in November than to chase it down over the holidays.
One thing to do in November
Schedule a year-end check-in with us before Thanksgiving. Come with any big purchases or changes you're thinking about, and we'll walk through your numbers for the year together. It doesn't need to take long, and it's probably the most useful hour you'll spend on taxes this year.
Notes
This is our first newsletter, and I'm glad you're reading it. Each month I'll pick one topic that's coming up on the calendar and give you something practical to do about it. Josh and I also talk through a lot of these topics on our podcast, Planting Seeds, if you'd rather listen.
Nick