James Summers

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Schedule CSingleNYEleanor VanceAnnualReturn missing

Est. current income

$125,000

vs $108,000 prior year

Effective rate

16.8%

Marginal bracket

22%

Dec 31 hard stops

James Summers

2026 Year-End Planning Summary

Dec 31 stops

~$28,678+ of federal tax addressed across 10 opportunities.

Est. income

$125,000

vs $108,000

Effective rate

16.8%

Marginal

22%

Key changes

flagged

What the plan contributes

Each move as a range, stepping down from the current-path liability.

$21,000

Current path

Fund a SEP-IRA or solo 401(k) in a peak-income year
$9,282
Section 179 / 100% bonus depreciation on asset purchases
$8,000–$13,200
Standard vs. itemized deduction optimization and multi-year bunching
$2,000–$30,000
S-corporation election to reduce self-employment tax
$10,098
Max-fund the HSA for the triple tax benefit
$968
Home-office deduction for the self-employed
$330
Filing-status planning — MFJ vs. MFS, HOH qualification, newlywed withholding
$1,500–$12,000
Medical expense bunching and the OBBBA gambling-loss limitation (§165(d))
$1,000–$6,000
Crowdfunding and creator-economy proceeds — characterizing rewards, gifts, debt, equity, and barter income
enables the above
First-employee setup — payroll, withholding, and credits
enables the above

Addressed by the plan

8 of 10 quantified · 2 enable the rest without a separate figure

$33,178–$81,878

leaves $0–$0

1. Current-Year Action Items

Time-sensitive moves before December 31.

2. Long-Term Opportunities

Multi-year planning to revisit beyond this season.

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James Summers

James Summers

What the plan contributes

1. Current-Year Action Items

Fund a SEP-IRA or solo 401(k) in a peak-income year

Section 179 / 100% bonus depreciation on asset purchases

Standard vs. itemized deduction optimization and multi-year bunching

Filing-status planning — MFJ vs. MFS, HOH qualification, newlywed withholding

Medical expense bunching and the OBBBA gambling-loss limitation (§165(d))

S-corporation election to reduce self-employment tax

Max-fund the HSA for the triple tax benefit

Home-office deduction for the self-employed

First-employee setup — payroll, withholding, and credits

Crowdfunding and creator-economy proceeds — characterizing rewards, gifts, debt, equity, and barter income

2. Long-Term Opportunities

James Summers

James Summers

What the plan contributes

1. Current-Year Action Items

Fund a SEP-IRA or solo 401(k) in a peak-income year

Section 179 / 100% bonus depreciation on asset purchases

Standard vs. itemized deduction optimization and multi-year bunching

Filing-status planning — MFJ vs. MFS, HOH qualification, newlywed withholding

Medical expense bunching and the OBBBA gambling-loss limitation (§165(d))

S-corporation election to reduce self-employment tax

Max-fund the HSA for the triple tax benefit

Home-office deduction for the self-employed

First-employee setup — payroll, withholding, and credits

Crowdfunding and creator-economy proceeds — characterizing rewards, gifts, debt, equity, and barter income

2. Long-Term Opportunities