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…