Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions.
If your income has increased in 2025, confirm your estimated payments and withholdings match your expected liability. Adjusting year-end withholdings can help avoid penalties since these are treated as paid evenly throughout the year. It’s also a good time to maximize retirement contributions—401(k) and 403(b) limits are $23,500, plus catch-up options for those 50 and older. Taxpayers not covered by employer plans should review IRA or Roth IRA opportunities.
With the higher SALT limit, charitable gifts are more likely to provide a tax benefit. Consider a Qualified Charitable Distribution (QCD) from an IRA to give directly to charity while lowering taxable income. Those turning 73 in 2025 must take required minimum distributions to avoid penalties, and families can make tax-free gifts up to $19,000 per person ($38,000 per couple) before year-end.
Year-end planning isn’t just about closing out this year—it’s about setting up for success in the next. Reviewing your goals and acting strategically now can help maximize savings and position you for a strong start in 2026.
All content for It Depends is the property of Hantzmon Wiebel and is served directly from their servers
with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions.
If your income has increased in 2025, confirm your estimated payments and withholdings match your expected liability. Adjusting year-end withholdings can help avoid penalties since these are treated as paid evenly throughout the year. It’s also a good time to maximize retirement contributions—401(k) and 403(b) limits are $23,500, plus catch-up options for those 50 and older. Taxpayers not covered by employer plans should review IRA or Roth IRA opportunities.
With the higher SALT limit, charitable gifts are more likely to provide a tax benefit. Consider a Qualified Charitable Distribution (QCD) from an IRA to give directly to charity while lowering taxable income. Those turning 73 in 2025 must take required minimum distributions to avoid penalties, and families can make tax-free gifts up to $19,000 per person ($38,000 per couple) before year-end.
Year-end planning isn’t just about closing out this year—it’s about setting up for success in the next. Reviewing your goals and acting strategically now can help maximize savings and position you for a strong start in 2026.
In any business, large or small, fraud can be a threat to the organization's most valuable assets. Fraud prevention is a critical practice that protects your business’s integrity, reputation, and financial stability. Understanding the risks, implementing preventative measures, and fostering a culture of accountability can help you avoid the devastation that fraud can cause. What is Fraud Prevention? Fraud prevention utilizes strategies, processes, and controls designed to identify, mitigate, and stop fraudulent activity before it occurs. One of these key strategies is the segregation of duties. This involves dividing responsibilities across three critical areas: custody of assets, which includes handling checks; authorization, which could be approving and signing transactions; and record keeping, which focuses on finances such as accounts payable. Businesses can create a system of checks and balances by ensuring these functions are handled by unique individuals, which in turn reduces the risk for undetected fraud. Why is Fraud Prevention Important? Regardless of size or industry, an organization can always be vulnerable to fraud. Many business owners assume fraud won’t occur because they have complete trust in their team or believe their financial assets aren’t valuable enough. Unfortunately, these assumptions create blind spots. An employee managing payroll, check distribution, and record keeping has the potential to commit and conceal fraud undetected. In a real world case, an office manager once gave herself multiple unauthorized raises and used company funds to pay off personal loans—all because checks and balances were not in place at the firm. What are the Benefits? A comprehensive fraud prevention strategy delivers significant advantages: 1. Strong Financial Protection: Damages caused by fraudulent activities are costly; businesses can mitigate losses and potential legal liabilities by utilizing fraud prevention. 2. Increased Trust: Businesses can strengthen relationships not only with stakeholders but also with employees and customers by demonstrating a commitment to integrity. 3. Operational Efficiency: By establishing clear processes and oversight, businesses streamline operations and minimize errors. 4. Organizational Growth: Knowing that proper safeguards are in place allows leadership to focus on the future of the organization rather than worrying about potential threats during the present. By investing in fraud prevention, businesses are protecting not only their bottom line but also their reputation and future. At Hantzmon Wiebel, preventing fraud starts with being proactive. We work with clients to: - Identify potential vulnerabilities in financial and operational processes - Recommend and implement effective controls, such as segregation of duties, to mitigate risks - Educate teams about the importance of oversight and accountability. Our team also dispels common myths about fraud, such as the belief that long term employees or external audits can serve as foolproof safeguards. While trust and routine audits are valuable, they should be part of a broader strategy, not a replacement for comprehensive fraud prevention measures. Fraud prevention is not a clear cut solution. It is heavily dependent on the unique needs and operations of each business. Our team is committed to creating strategies that align with your goals so that you can keep your business safe.
It Depends
Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions.
If your income has increased in 2025, confirm your estimated payments and withholdings match your expected liability. Adjusting year-end withholdings can help avoid penalties since these are treated as paid evenly throughout the year. It’s also a good time to maximize retirement contributions—401(k) and 403(b) limits are $23,500, plus catch-up options for those 50 and older. Taxpayers not covered by employer plans should review IRA or Roth IRA opportunities.
With the higher SALT limit, charitable gifts are more likely to provide a tax benefit. Consider a Qualified Charitable Distribution (QCD) from an IRA to give directly to charity while lowering taxable income. Those turning 73 in 2025 must take required minimum distributions to avoid penalties, and families can make tax-free gifts up to $19,000 per person ($38,000 per couple) before year-end.
Year-end planning isn’t just about closing out this year—it’s about setting up for success in the next. Reviewing your goals and acting strategically now can help maximize savings and position you for a strong start in 2026.
