7 End-of-Year Tax Tips for Businesses in 2025
2025 has been a volatile year for the American economy, and businesses from the smallest mom-and-pop shop to the biggest corporations have felt impacts. One major development was the passage of the One Big Beautiful Bill Act (OBBA), which will likely have significant impacts, particularly on businesses operating in more than one state.
As a business owner, now is the time to take steps to improve your tax footing before the year ends. Focusing on tax planning can save your business money and help you reduce your tax burden.
Keep reading to learn about some useful end-of-year tax tips you can implement in your business to help you prepare for the tax season ahead.
1. Adopt a Multi-State Mindset
The OBBA is expected to have significant effects for businesses with operations in more than one state, as state and local tax rules become more unpredictable. If your business has locations in more than one state, it’s essential that your tax planning and strategies are specialized for each location, with a particular focus on all states in which the business produces revenue. Now might even be the time to start seriously considering a change in location. To get more information on how your business should adapt in response to the OBBA, you should reach out to a Weslaco tax accountant for personalized insights.
2. Manage Your Bookkeeping
Accurate bookkeeping is one of the most important tax activities you can do before the year ends. This record-keeping process allows you to organize invoices, financial statements, and expenses in time so that your tax filing season runs smoothly. Armed with this information, you can reduce your taxable income and also meet tax deadlines.
To make your bookkeeping process even more efficient, you can use bookkeeping software to keep track of income and expenses in real time. It also helps to reduce manual errors and save time.
If you need assistance with your bookkeeping, don’t hesitate to turn to a capable Weslaco CPA.
3. Conduct a Reverse Audit
Another important end-of-year tax tip for businesses is conducting a reverse audit. With this method, you proactively examine your financial records, including franchise and overpaid taxes, and taxes paid on utilities. This audit helps you ensure that all your income, expenses, and deductions have been properly documented.
By conducting a reverse audit, your business can also spot errors or missing entries that can affect your tax liability. Catching these issues early makes it easier for you to make corrections and potentially reduce your tax burden.
The team here at Gonzalez & Arrambide, Inc., would be proud to help you conduct a reverse audit to protect your affairs.
4. Check Your Property Taxes
Sometimes, property taxes can be higher than we expected. Overlooking your property tax burden can lead to penalties or fines. As your business prepares for the end of the year, you can review your records to be sure there are no outstanding property taxes.
If your business has acquired a new property or equipment during the year, you will need to verify the implications such purchases have on your taxes. This can help ensure your purchases are accurately accounted for in your financial records.
5. Plan Your Finances for End-of-Year
Strategic financial planning is one of the most effective end-of-year tax tips you can practice. Consider adjusting your income or expenses to manage your overall tax liability. For example, you can consider deferring some income or purchases to the next year. Or you can make early payments to reduce this year’s taxable income. You can also take advantage of retirement contributions to lower your tax bill.
To learn more about tactics you can use to minimize your tax burden and maximize your return, you should consider turning to a capable Weslaco accountant.
6. Start Early on Tax Preparation
Starting your tax preparation at the last minute increases your chances of making mistakes and missing important documents. It also increases the chances of overlooking deductions or making errors that can lead to penalties.
To avoid these issues, you have to start early. Doing this can give you time to gather all the necessary records and receipts you need. You’ll also have the time to review your financial statements for accuracy. You can consult with a CPA to identify any last-minute opportunities for deductions.
7. Work with a Weslaco CPA
One of the smartest tax tips for the end of the year is to work with a Weslaco CPA. A CPA can help you understand tax laws and stay compliant with all regulations that apply to your business. They can also help you maximize deductions and credits and provide strategies you can use to lower your tax liability. Without a tax advisor by your side, you’re leaving yourself vulnerable to fines, penalties, and difficult audits.
Get Your Business Ready for Tax Season with Help from Gonzalez & Arrambide
To get your business ready for the upcoming tax season, it’s important to take steps to respond to tax law changes and prepare for your upcoming tax burden. At Gonzalez & Arrambide, Inc., we specialize in offering customized tax preparation services to help you maximize your returns. We can help you determine the right steps to take to best adapt to the OBBA.
Our team can help streamline your bookkeeping, carry out tax planning, conduct a reverse audit, and guide you through your property tax filing processes. If you want to make sure your business is ready for the upcoming tax season, consult a Weslaco CPA at Gonzalez & Arrambide.
