tax planning - Linkenheimer LLP CPAs & Advisors

2025 in Review: Lessons Learned and Setting the Stage for 2026

As 2025 draws to a close, it’s clear this has been a year of both opportunity and complexity. At Linkenheimer LLP, we’ve seen clients across all industries navigate evolving tax rules, shifting market conditions, and tighter reporting demands. These changes underscore one truth we’ve always believed: proactive financial management — not reactive compliance — is what drives lasting success.

This year, the conversation wasn’t just about filing returns or meeting reporting deadlines. It was about maintaining high-quality financial data, understanding where your business stands in real time, and planning strategically amid uncertainty.

Key Trends We Saw in 2025

Growing Focus on Data Integrity and Financial Readiness

Clean, accurate, and timely financial information proved to be a differentiator this year. With credit conditions tightening and lenders requesting more granular reporting, companies with well-organized accounting systems and reconciled statements had a clear advantage.

Financial institutions increasingly required interim financials and management-prepared statements to support credit renewals.
Auditors and stakeholders placed greater emphasis on documentation quality, accounting estimates, and revenue recognition policies under GAAP.
Businesses that invested in cloud-based accounting systems, automation, and standardized chart of accounts found it easier to analyze performance and make informed […]

By Linkenheimer LLP|2025-10-27T21:40:54+00:00October 27th, 2025|Advisor, year-end|0 Comments

Make Year-End Tax Planning Moves Before It’s Too Late!

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.

One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard deduction amounts ($29,200 for joint filers, $14,600 for singles and married couples filing separately, and $21,900 for heads of household). Also, many itemized deductions have been reduced or suspended under current law.

If you do itemize, you can deduct medical expenses that exceed 7.5% of adjusted gross income (AGI), state and local taxes up to $10,000, charitable contributions, and mortgage interest on a restricted amount of debt, but these deductions won’t save taxes unless they’re more than your standard deduction.

The benefits of bunching

You may be able to work around these deduction restrictions by applying a “bunching” strategy to pull or push discretionary medical expenses and charitable contributions into the year where they’ll do some tax good. For example, if you can itemize deductions for this year but not next, you may want to make two years’ worth of charitable […]

By Linkenheimer LLP|2024-10-02T14:57:27+00:00October 2nd, 2024|tax planning, year-end|0 Comments

It’s Time for Your Small Business to Think About Year-End Tax Planning

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next to maximize their tax value.

Do you expect to be in a higher tax bracket next year? If so, then opposite strategies may produce better results. For example, you could pull income into 2024 to be taxed at lower rates, and defer deductible expenses until 2025, when they can be claimed to offset higher-taxed income.

Here are some other ideas that may help you save tax dollars if you act soon.

Estimated taxes

Make sure you make the last two estimated tax payments to avoid penalties. The third quarter payment for 2024 is due on September 16, 2024, and the fourth quarter payment is due on January 15, 2025.

QBI deduction

Taxpayers other than corporations may be entitled to a deduction of up to 20% of their qualified business income (QBI). For 2024, if taxable income exceeds $383,900 for married couples filing jointly (half […]

By Linkenheimer LLP|2024-09-11T14:22:17+00:00September 11th, 2024|tax planning, year-end|0 Comments

Proactive Year-End Tax Planning: Navigating 2023’s Tax Landscape with Linkenheimer LLP

As the year winds down, businesses are presented with the critical task of year-end tax planning — a complex endeavor, especially with the ever-evolving tax regulations and economic climate of 2023. For savvy business owners, this period is not just about compliance, but an opportunity for tax optimization. Linkenheimer, with its deep understanding of current tax laws and dedication to client success, stands ready to guide businesses through the maze of tax planning strategies.

Strategies for Year-End Tax Planning

Maximize Deductions and Credits

Businesses should review their expenditures throughout the year to ensure they capitalize on all available deductions and credits. This could include investments in energy-efficient equipment, research and development expenses, and charitable contributions.

Defer Income and Accelerate Expenses

If your business anticipates a lower tax rate in the next year, it may be beneficial to defer income to the following year and accelerate expenses into the current year, thereby reducing taxable income.

Consider Equipment Purchases

Section 179 and Bonus Depreciation are potent tools for businesses. Evaluate your need for new equipment or technology upgrades — purchasing before year-end can result in substantial tax savings.

Assess Inventory Strategy

Review your inventory management strategies. If you use the accrual method, consider […]

By Linkenheimer LLP|2023-11-15T19:05:19+00:00November 15th, 2023|tax planning, year-end|0 Comments

Year-End Tax Planning Ideas For Individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.

One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard deduction amounts ($25,900 for joint filers, $12,950 for singles and married couples filing separately and $19,400 for heads of household). Also, many itemized deductions have been reduced or abolished under current law.

If you do itemize, you can deduct medical expenses that exceed 7.5% of adjusted gross income (AGI), state and local taxes up to $10,000, charitable contributions, and mortgage interest on a restricted amount of debt, but these deductions won’t save taxes unless they’re more than your standard deduction.

Bunching, pushing, pulling

Some taxpayers may be able to work around these deduction restrictions by applying a “bunching” strategy to pull or push discretionary medical expenses and charitable contributions into the year where they’ll do some tax good. For example, if you’ll be able to itemize deductions this year but not next, you may want to make two years’ worth of […]

By Linkenheimer LLP|2022-09-27T19:24:16+00:00September 27th, 2022|individuals, tax planning|0 Comments