What You Can Still Do Before Year-End
As we approach the end of 2025, many business owners are looking for ways to reduce their tax bill before the year closes. The good news? There are still several smart, legal, and strategic tax moves you can make — but only if you act quickly.
At GLM Accounting & Business Advisory, we help business owners finish the year strong with clarity, accuracy, and no surprises. Here are the last-minute strategies worth considering:
1. Accelerate Necessary Purchases
If you know you’ll need equipment, software, or supplies early next year, purchasing them now may allow you to take advantage of Section 179 or bonus depreciation (if eligible).
This is especially useful for:
2. Maximize Retirement Contributions
Contributing to your retirement plans lowers taxable income and strengthens long-term security. Consider:
3. Clean Up Your Books (Don’t Skip This Step)
Accurate books can reveal deductions you almost missed — especially in categories like:
4. Prepay Certain Expenses
Depending on your accounting method, you may be able to prepay items such as:
5. Review Estimated Tax Payments
If you’ve had a strong year, you may need to adjust your Q4 estimate. If revenue dipped, you may be able to avoid overpaying.
This is one of the quickest ways to avoid penalties — and prevent unnecessary cash from leaving the business.
6. Meet With Your Accountant Before December 31
A 20–30 minute tax planning session can:
As we approach the end of 2025, many business owners are looking for ways to reduce their tax bill before the year closes. The good news? There are still several smart, legal, and strategic tax moves you can make — but only if you act quickly.
At GLM Accounting & Business Advisory, we help business owners finish the year strong with clarity, accuracy, and no surprises. Here are the last-minute strategies worth considering:
1. Accelerate Necessary Purchases
If you know you’ll need equipment, software, or supplies early next year, purchasing them now may allow you to take advantage of Section 179 or bonus depreciation (if eligible).
This is especially useful for:
- Equipment upgrades
- Computers & technology
- Office furniture
- Tools or machinery
2. Maximize Retirement Contributions
Contributing to your retirement plans lowers taxable income and strengthens long-term security. Consider:
- Solo 401(k)
- SEP IRA
- SIMPLE IRA
3. Clean Up Your Books (Don’t Skip This Step)
Accurate books can reveal deductions you almost missed — especially in categories like:
- Mileage
- Business meals
- Subscriptions
- Home office
- Depreciation
4. Prepay Certain Expenses
Depending on your accounting method, you may be able to prepay items such as:
- Rent
- Insurance
- Professional services
- Advertising
5. Review Estimated Tax Payments
If you’ve had a strong year, you may need to adjust your Q4 estimate. If revenue dipped, you may be able to avoid overpaying.
This is one of the quickest ways to avoid penalties — and prevent unnecessary cash from leaving the business.
6. Meet With Your Accountant Before December 31
A 20–30 minute tax planning session can:
- Reveal opportunities specific to your business
- Prevent costly mistakes
- Confirm you’re following IRS rules
- Help you start 2026 with a clean slate
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