To Our Clients and Friends:
As we approach year-end, it is again time to focus on year-end planning ideas that you can implement to save taxes both in the current and future years. The approach of deferring income and accelerating deductions to minimize taxes still works for many taxpayers, along with the tactic of “bunching” expenses into this year or the next to optimize deductions.
This letter addresses some tax planning strategies to consider implementing before the end of the year. Some of these ideas may apply to you, some to family members, and others to your business.
The goal of tax planning is to identify strategies that will allow you to pay the lowest overall tax. You should look at your tax situation for at least a two-year period, with the objective of reducing your tax liability for the two years combined rather than just for 2025. Without a multiyear outlook, it can be difficult to be sure strategies
intended to save taxes in the current year will not result in additional taxes in future years.
Additionally, the One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. This act contained multiple, impactful tax provisions, including extending numerous provisions of the Tax Cuts and Jobs Act, which should be factored into your tax planning.
Please keep in mind that not all actions provided here may apply in your specific situation, but you may likely benefit from some of them. As always, you can contact us to help you sort through the options and implement strategies that make sense for you.
Sincerely,
