By Megan Sayles
AFRO Staff Writer
msayles@afro.com
As the year winds down, many taxpayers may assume it’s too late to make decisions that will change their tax refund next spring. But, the final weeks of the year offer a time for individuals to seize opportunities to lower their taxable income, claim overlooked credits and prepare for a smooth tax filing season.
LaTasha Hibbert, CEO and founder of LTH Accounting Services in Towson, Md., spoke with the AFRO about the most effective last-minute moves, the biggest mistakes she sees each December and how households can still take steps to yield a larger refund before the year ends.
AFRO: As we head toward the end of the year, what are the most effective last-minute steps individuals can still take to potentially increase their tax refund for 2026?
LaTasha Hibbert: Even toward the end of the year, there’s still a lot people can do. A few simple moves include: putting a little extra into a 401(k) or individual retirement account (IRA), making charitable donations before Dec. 31, using or adding to your Health Savings Account (HSA) or flexible savings account (FSA) and checking your withholding to make sure it reflects any changes from this year.
These aren’t complicated steps, but they really can make a difference when tax season rolls around.
AFRO: What are some common tax mistakes you see people make around November and December that end up hurting their refund the following year?
LH: A big one is waiting until the last possible minute to think about taxes — that’s when people miss opportunities. Others include not adjusting your W-4 after changes like a new job or new baby, forgetting to use their FSA funds before they expire, not keeping track of deductible expenses—especially charitable donations or mileage—and freelancers missing their estimated tax payments.
AFRO: For middle- and low-income households especially, what credit or deduction opportunities often get overlooked?
LH: There are some really valuable credits that people don’t always realize they qualify for. These include the Earned Income Tax Credit (EITC), Child Tax Credit, Saver’s Credit, which rewards people for contributing to retirement even in small amounts; education credits, like the American Opportunity Tax Credit (AOTC); and more energy-efficient home improvement credits than people realize.
Tax credits can add up quickly and make a big difference in a family’s refund.
AFRO: For freelancers or gig workers, what year-end financial moves should they be making now to avoid surprises and possibly improve their refund?
LH: For freelancers, the end of the year is a great time to get organized. I recommend making sure their final estimated tax payment is on track; gathering all business receipts, mileage records and expenses before they get lost; buying equipment or supplies this year if they know they’ll need them early next year; and considering a Simplified Employee Pension (SEP) IRA or solo 401(k) if they want to save on taxes and build retirement savings.
Freelancers have a lot more control — and responsibility — over their taxes, so good record-keeping really pays off.
AFRO: What’s one piece of advice you’d give someone who thinks it’s “too late” to make a difference in their taxes before the year ends?
LH: It’s not too late. Even in December, there are still plenty of options. You can increase retirement contributions, make charitable donations, organize receipts and plan for next year. A few small steps now can absolutely reduce stress and possibly increase your refund when tax time comes.
The key is just not waiting until you’re actually filing your taxes. A little attention now goes a long way.
