It’s the New Year, but it’s not too late

Tax moves you can still make for the 2025 year.

Many taxpayers assume that once the calendar year ends, all opportunities for tax planning are lost. In practice, several important tax decisions for the 2025 tax year can still be made after year end, provided they are completed before the applicable filing deadlines.

Retirement contributions remain one of the most impactful planning tools available during this period. Certain accounts allow contributions to be made up until the tax filing deadline, which can reduce taxable income for 2025 even though the contribution is made in 2026. For business owners, this may also include decisions related to employer retirement contributions that are finalized during the return preparation process.

The period between year end and the filing deadline is often when tax planning is most effective. At this point, income and expenses are largely known, allowing decisions to be made using actual figures rather than estimates. Taking advantage of this window can reduce 2025 tax liability and create a stronger foundation for future planning.