November 2025

10 Year-End Tax-Savings Tips for 2025 for Individual Filers

By Office Staff|2025-11-17T14:49:55-08:00November 17, 2025|Categories: Taxes|Tags: 2025 Tax Filing, Annual Gift Tax Exclusion, Donation, IRA, Retirement Contribution, Roth IRA, Tax Withholding, Wash Sale|0 Comments

The end of the tax year is fast approaching, which means there’s still time to execute some year-end tax-savings strategies, but not that much time. The One Big Beautiful Bill Act (H.R. 1) has extended and enhanced many taxpayer-friendly provisions, and you’d be wise to act now to take full advantage of them.

Here at SWC, we hate to see anyone pay more in taxes than they’re legally obligated to, which is why we offer year-end tax projection meetings for our clients from October through December. If you haven’t scheduled yours yet, use the Contact page on our website (click on the Appointments link to get started).

To demonstrate our commitment to helping as many people as possible minimize their tax burden and use the money they save to build long-term wealth, we present these 10 year-end tax-savings tips.

Tip No. 1: Review Your Tax Withholdings and Estimated Tax Payments

To avoid having to pay an underpayment penalty, take a look at how much income tax you already handed over to the government for the 2025 tax year in the form of withholdings from your paychecks and any estimated tax payments you’ve made.

To avoid an underpayment penalty on your federal income tax, your withholding and/or estimated tax payments must be at least one of the following:

90 percent of this year’s total tax liability
100 percent of last tax total tax liability
110 percent of last year’s tax liability if your current year’s adjusted gross income (AGI) is more than $150,000 ($75,000 if you’re married filing as single).

If you had unexpected income or capital gains during the year, we here at SWC can help you project your 2025 tax liability and take steps to avoid underpayment penalties. To schedule a consultation, reach us by visiting the Contact page of our website.

Tip No. 2: Consider Bunching Itemized Deductions

Each year, you can deduct the greater of your itemized deductions (mortgage interest, charitable contributions, medical expenses, and state and local taxes) or the standard deduction. The 2025 standard deduction is: Continue reading… Continue reading… Continue reading…

Catching Up With Recent Changes at the IRS

By Office Staff|2025-11-14T13:07:03-08:00November 14, 2025|Categories: Taxes|Tags: 2026 Tax Rules, Digital Assets, IRS|0 Comments

That old adage about death and taxes deserves another look. Since 1913, the U.S. tax code has kept changing, and the Internal Revenue Service (IRS) issues updates every year that can affect you. Of course you can always rely on the experts here at SWC to keep you posted on recent changes.

Like what, you ask. Here’s just three recent changes that have popped up on our radar screen that you’ll want to know about:

The rollout of the newly created Form 1099-DA, which expands reporting requirements for digital asset transactions
Increased liability for employers who use third-party payers to process their payroll transactions
The discontinuation paper check refunds to individual taxpayers

In this post, we highlight each change in turn, whom it is likely to impact, and how to navigate the new rules and procedures. The goal, of course, is to leave you well prepared for tax season 2026. Our next post will focus on additional changes you need to be aware before we meet with you during your October – December 2025 Year-End Tax Projection meeting.

First up, there’s going to be a new IRS form for reporting digital asset transactions.

New Form for Reporting Digital Asset Transactions

To formalize the reporting of digital-asset transactions and improve compliance, the IRS has developed a new Form 1099-DA. According to the IRS, a digital asset is any computerized representation of value recorded on a cryptographically secured distributed ledger like the blockchain or any similar technology. Digital assets include the following:

Cryptocurrencies, such as Bitcoin, Ethereum, Solana, Dogecoin, and others that can be used as payment or held as investments
Stablecoins, such as Tether, USDC, Dai, Ethena USDe, and others that are digital tokens attached to the value of fiat currencies
Non-fungible tokens (NFTs), such as Render, Immutable, FLOKI, and GALA, all of which are unique digital certificates of ownership tied to digital art, collectibles, or games
Tokenized assets that represent ownership in real-world assets, such as real estate shares or commodities

As a taxpayer, here’s what you need to know about digital assets: Continue reading… Continue reading… Continue reading…