Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for your 2025 tax filing. Here are last-minute tax issues you might consider:
Not Needing to File a 2025 Return? – If your income and tax situation is such that you do not need to file for 2025, don’t overlook the opportunity to bring in some additional income, to the extent it will be tax-free. For instance, if you have appreciated stock that you can sell without incurring any tax, consider selling it, or perhaps take a tax-free IRA distribution if you are 59½ or older or if younger and qualify for an exception to the “early withdrawal” penalty.
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247. This transition to electronic refunds marks a significant shift aimed at modernizing the system to enhance efficiency and security. However, it brings with it a complex set of challenges, especially for individuals who are unbanked or underbanked. Here, we delve into what this means for taxpayers and explore the options available for those without access to traditional banking services.
In the complex world of tax deductions, understanding the distinctions between above-the-line deductions, below-the-line deductions, and standard and itemized deductions is crucial for effective tax planning. Each category serves a distinct purpose within the tax code, impacting how taxable income is calculated and influencing the overall tax liability of individuals.
Your order book is fuller than ever. Buyers who once sourced overseas are knocking on your door. Tariffs and trade wars are pushing work back to U.S. soil. You’re in demand.
But here’s the problem no one warns you about: growth this fast can break you.
The policies fueling today’s boom could flip overnight. The people you need to hire? They don’t exist in enough numbers. And those shiny new contracts you signed? Without the right clauses, they could trap you if tariffs swing the other way.
The One Big Beautiful Bill Act (OBBBA) recently introduced substantial changes in the realm of estate and gift tax planning. These changes present new opportunities for taxpayers. The legislation modifies critical aspects of the estate tax exclusion, making long-term planning both more urgent and more strategic for affluent taxpayers.
Basics of the Estate and Gift Tax Exclusion: The estate and gift tax exclusion is the amount that can be excluded from federal estate tax. If the value of a decedent’s estate is less than the exclusion amount for the year of death ($13.99 million in 2025), no federal estate tax is owed and no estate tax return is required, but in some cases filing an estate tax return may still be prudent (see Benefits of the Portability Election below).
The Economy Feels Mixed — and That’s Okay
If you’ve read the headlines lately, you know the signals are…confusing.
- GDP is strong.
- Interest rates may be heading lower.
- Inflation is easing, but not “gone.”
- Tariffs are making imports more expensive.
So is the economy strong? Slowing? Recovering? The truth is—it depends on who you ask. And for small business owners, that fog of uncertainty is the hardest part.
Uncertainty isn’t just an economic headline. It’s what keeps you up at night, wondering: Do I hire? Do I wait? Do I raise prices or hold steady?
The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the “One Big Beautiful Bill Act” at 100% further emphasizes its importance, especially after considering the economic ramifications of the pandemic. This article explores the tax benefits, historical context, applicability, and specific rules surrounding bonus depreciation, ultimately outlining the recent changes in its reinstatement.
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for overtime pay is of particular interest. This article will explore what constitutes deductible overtime under the OBBBA, the specifics of the deduction, its limitations, and why it’s crucial for taxpayers to understand these newfound regulations.
When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth.
In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a real edge. Here are deductions every small business should be reviewing this year.
