Dear Clients and Friends:
The end of the year is often an optimal time for tax planning for individuals and business owners, and any year-end tax strategies should take the latest tax developments into account.
This is certainly the case for 2025 with the passage of the One Big Beautiful Bill Act (OBBBA) which was signed on the Fourth of July. The OBBBA is a follow-up to the Tax Cuts and Jobs Act (TCJA) enacted during President Trump’s first term.
Many of the provisions included in the TCJA, particularly those affecting individuals and families, went into effect in 2018 and were scheduled to expire after 2025. The OBBBA extends most of those tax provisions, with certain modifications, and often makes them a permanent part of the tax code.
In addition, the new law creates new tax-saving opportunities, while also posing potential tax pitfalls for the unwary. In some cases, the OBBBA provisions are effective in 2025, but others do not kick in until 2026 or a later date.
With these factors in mind, here are some tax-related strategies to consider – whether you’re an individual taxpayer, a business owner, or an investor – along with some estate and gift planning ideas.
- Tax Planning for Individuals
- Tax Planning for Business Owners
- Tax Planning for Investors and Estate/Gift Planning
Please note that the concepts discussed here are intended to provide only a general overview of year-end tax planning based on current federal tax law and are subject to change. We recommend reviewing your personal situation with a tax professional.
