Maximize Year-End Deductions

The final quarter is full of opportunities to reduce your taxable income before the year closes.

CHARITABLE DONATIONS


  • Make cash or non-cash contributions to qualified charities by December 31st.
  • Keep detailed receipts and acknowledgment letters for any donations over $250.
  • Don’t forget donor-advised funds—these allow you to give now and distribute funds later while securing an immediate tax deduction.


EXTRA: Holiday Spending and Gifting

  • If you’re giving business gifts, keep them under $25 per recipient for deductibility.


  • For individuals, the annual gift tax exclusion allows up to $19,000 per person in 2025 without triggering gift taxes.



  • Be mindful of overextending credit cards—holiday debt can offset financial progress in the new year.

EXTRA: End-of-Year Business Moves

  • Purchase needed equipment or software before December 31 to take advantage of Section 179 expensing.


  • Pay outstanding vendor invoices or prepay certain expenses if cash flow allows.



  • Review inventory levels—consider discounts or promotions to reduce stock and boost deductions.