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.
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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.
Streamline your Finances with Outsourced Accounting
It Depends
9 minutes 27 seconds
8 months ago
Streamline your Finances with Outsourced Accounting
What is Outsourced Accounting? Outsourced Accounting covers foundational accounting work such as accounting, bookkeeping, bill pay, and payroll, as well as more advanced services like month-end close, audits, cash flow projections, and more. Our goal is to function as our client’s entire financing/accounting department. What are the Cost Benefits of Outsourced Accounting? Outsourced Accounting is quite cost-effective as it eliminates the need for a full-time member for finance work on our clients’ end. Hantzmon Wiebel can provide services as needed, the client adding them on only when they see fit. This cuts costs and allows our clients to focus more on what is important. How does Outsourced Accounting Streamline Day-to-Day Business? Our Outsourced Accounting service allows us the opportunity to introduce cutting-edge technology into our clients’ finance departments, decreasing the amount of manual labor needed to complete these tasks previously and freeing up our clients’ employees’ time to work on more pressing matters. Our team is also vigorously trained in all the software we implement, meaning we are always available to troubleshoot if a problem should arise. How does Outsourced Accounting Utilize Collaboration? Collaboration between Hantzmon Wiebel and our clients is imperative for Outsourced Accounting’s success. Maintaining communication allows us to troubleshoot any pain points, stay up to date with any new information, and offer support as needed. At Hantzmon Wiebel, we have software in place that allows us to securely exchange electronic documents with our clients, secure messaging platforms, and regular meetings to ensure constant contact. What Organizations would be a Good Fit for Outsourced Accounting? Any business owners/nonprofits that depend on bank statements to inform their financial decisions may benefit from Outsourced Accounting. This allows for a clean backlog of accounting data that may be utilized for more informed decision making. If a business is struggling to make deadlines in a timely manner, they may also be a good candidate for outsourced accounting. What does a Transition into Outsourced Accounting Look Like? At Hantzmon Wiebel, we have a dedicated onboarding team to help our clients through transitioning to Outsourced Accounting. All of our clients are walked through the process and taught the relevant software by our team, with special attention to any possible mishaps that may happen along the way, ensuring a smooth transition.
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.
