As the year begins to wind down, there’s less time available to develop and implement a tax strategy for 2025 before the window of opportunity closes. Initiating these discussions now can impact decisions that can reduce your 2025 tax liability and set you up for a strong start in 2026.
Here are just some of the ways we are helping our clients’ game plan and save on their taxes:
1.) Now that Q3 has come to a close, we can use real-time data from January through September to project taxable income and reduce surprises after year end.
2.) Forecasting different scenarios:
-Is it worth deferring tax through a retirement account such as a 401k or a SEP?
-Should we buy a piece of equipment before the end of the year, or should we hold off until 2026?
-Should we accelerate Q1 expenses in December?
-Do we need to adjust our final estimated payment in January?
3.) Timing of Key Decisions:
The effectiveness of major decisions—such as equipment acquisitions, personnel hiring, bonus allocations, and profit distributions—is significantly influenced by the timing of their implementation, which is as critical as the decisions themselves.
4.) Reviewing entity structure:
As businesses mature, structures that worked five years ago may not still make sense.
These strategies are most effective when addressed proactively. Please feel free to reach out to schedule a meeting so we can start putting them into action before the window closes.