Most clients would prefer to think about cooking a turkey or buying gifts for their in-laws in the upcoming holiday season — and decidedly not about paying taxes to the federal government.
But thinking about taxes doesn’t have to be daunting, especially for business owners making smart year-end tax planning moves that can help them fund the retirement lifestyle they desire.
As detailed in a new analysis by the Colcom Group, the consulting and accounting firm, the end of the year is a great time to be proactive about tax planning. Some recent federal law changes make year-end 2025 particularly relevant, with several new tax incentives for retirement savers and small-business owners now on the table.
Ignoring these opportunities can rob clients of a surprising amount of retirement wealth, according to the report, while embracing them can help clients gain a greater sense of clarity and control over the taxes that they can expect to pay now and in the future.
See the accompanying slideshow for seven year-end tax planning highlights from the analysis.
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