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As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions. Assets Eligible for Bonus Depreciation First-year bonus...
Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider. 1. Use Bunching to Maximize Deductions If your itemized deductions are close to the standard deduction, consider a...
The holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even...
Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on your 2025 income tax return if you donate by Dec. 31, itemize deductions and comply with the tax rules. Here are a few rules to keep in mind: Ensure you’re...