Why December 31 Is the Real Deadline
Most tax decisions must be made by December 31 to affect the current tax year. Filing deadline is April 15, but by then your options are largely locked in. The actions below — if taken before year-end — may affect your tax outcome. Informational only; consult a qualified tax professional for advice on your situation.
Action 1: Max Out Retirement Contributions
If you have a SEP-IRA, you can contribute until your filing deadline (including extensions). But 401(k) contributions for the current year must be made by December 31. Review your contribution level and increase if possible.
Action 2: Accelerate Deductible Expenses
If you're planning any deductible business purchases — equipment, software, supplies — buy them before December 31 to claim the deduction this year. If your income will be lower next year, it may be better to wait. SUNY's income summary helps you assess which year the deduction is more valuable.
Action 3: Review Your Mileage Log
Pull your SUNY mileage total. If you've been inconsistent about logging, review your calendar for business trips you may have forgotten to enter. Reconstructed logs are less defensible than real-time entries, but better than nothing.
Action 4: Make Your Q4 Estimated Payment
Q4 estimated taxes (for September–December income) are due January 15. Calculate your Q4 obligation from SUNY's income summary and make the payment via IRS Direct Pay before January 15 to avoid underpayment penalties.
Action 5: Organize Your 1099s
Platforms must send 1099-NEC forms by January 31. Before year-end, log into each platform and confirm your total earnings match what SUNY has recorded. Discrepancies are easier to investigate now than in March.
Action 6: Check Your Quarterly Payment History
SUNY's tax section shows your quarterly payment log. Verify that all four payments were made and in the correct amounts. If you missed a payment or underpaid a quarter, factor the underpayment penalty into your April balance estimate.