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Last-Minute Tax Strategy: Accelerating Deductions

Dec 1, 2025 | Individuals, Newsletter, Tax

Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for 2025. The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction and itemizing to make sense.

In that case, you might benefit from accelerating more SALT expenses and other itemized deductions into 2025. Examples include qualified medical and dental expenses (to the extent that they exceed 7.5% of your adjusted gross income), home mortgage interest (generally on up to $750,000 of home mortgage debt on a principal residence and a second residence) and charitable contributions. Contact the office to discuss whether this strategy may be right for you.

 

One Big Beautiful Bill Act / Evolution of AI

One Big Beautiful Bill Act / Evolution of AI

BDO Digital Presentation BDO Digital’s discussion on how emerging technologies are rapidly changing financial processes, decision making, and operations at businesses across the country.Download the Presentation OBBBA Presentation The One Big Beautiful Bill Act of...

How Does the New Tax Deduction for Car Loan Interest Work?

How Does the New Tax Deduction for Car Loan Interest Work?

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might...

NOL Deductions Can Ease the Pain of Business Losses

NOL Deductions Can Ease the Pain of Business Losses

For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year...

The Tax Implications of Remote Work

The Tax Implications of Remote Work

Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can...

2025 Year-End Tax Planning Guide for Private Companies

2025 Year-End Tax Planning Guide for Private Companies

Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic, and technological developments over the past year has created novel challenges. It’s not enough to merely survive. This...