Tax Articles

As we approach year end, it's time for individuals, business owners and family offices to review their 2024 and 2025 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. 

Corporations are responsible for a wide range of distinct tax regulations and challenges. It's important to consider key developments as corporations wrap up the 2024 tax year and move into 2025.

A well-crafted, up-to-date will is essential for an effective estate plan, helping to ease the burden on your family during difficult times. Key elements to include are an introductory clause, provisions for debt repayment, specific bequests, and the appointment of an executor. Ensuring compliance with federal and state laws is crucial for the validity of your will.

State and local taxation is complex. Tax rules can vary by jurisdiction, and across counties and states, each tax type comes with different rules that require different levels of attention. 

Health Savings Accounts (HSAs) offer small business owners a tax-advantaged way to manage health care costs for themselves and their employees. With updated contribution limits for 2025, HSAs provide significant tax benefits, including deductible contributions, tax-free earnings, and tax-free distributions for qualified medical expenses. Employers can also benefit from payroll tax savings on HSA contributions.

The annual gift tax exclusion allows you to reduce your taxable estate with minimal effort. While filing a gift tax return is generally not required, it becomes necessary or advisable in certain situations, such as when making split gifts or exceeding the annual exclusion amount. Filing can also provide audit protection and establish asset values for tax purposes.

Business-related meal deductions can still offer valuable tax savings, but recent law changes have tightened what qualifies. Generally, meals are 50% deductible if they meet specific criteria, while certain exceptions allow for 100% deductions. Contact us to clarify the rules and optimize your deductions.

Married couples deciding between a joint trust and separate trusts should weigh factors like simplicity, asset protection, and tax implications. Joint trusts offer ease of management and shared control, while separate trusts provide greater creditor protection and estate tax planning opportunities. The best choice depends on each couple's financial situation, family needs, and state laws.

Explore tax credits for boosting research activities, bonus credits, tax credit monetization, and more in this comprehensive guide to business incentives and tax credits.

This guide identifies tax strategies and considers how they may be influenced by recent administrative guidance and potential legislative changes that remain under consideration. A taxpayer’s tax accounting methods determine when income is recognized, and costs are deducted for income tax purposes.