Tax Planning
The Key to Saving Before Your Annual Tax Return
The second half of the year is a crucial time to review your financial situation and make strategic decisions to reduce your tax burden. From August to December, every financial move can make the difference between overpaying or saving legally.
At Jambrina CPA, we guide you step-by-step to implement effective tax planning that helps you pay only what’s fair, avoid errors, and stay compliant with the IRS, with peace of mind.
Key Dates in the Second Half of 2025
The second half of the year includes many important tax deadlines for individuals, corporations, trusts, and nonprofits. Here's the updated calendar:
September 15, 2025
Extended deadline to file:
Form 1065 (Partnerships)
Form 1120-S (S Corporations)
Form 8804 (Foreign partnerships with withholding)
3rd estimated tax payment (Individuals and Corporations)
September 30, 2025
Extended deadline to file:
Form 1041 (Estates and Trusts)
October 15, 2025
Extended deadline to file:
Form 1040 / 1040-NR (Individuals, Residents & Nonresidents)
Form 1120 / 1120-DE / 1120-F (Corporations, Foreign Corporations, Deferred Election Entities)
November 16, 2025
Extended deadline to file:
Form 990 (Nonprofit Organizations)
Extended Texas Franchise Tax Report (For businesses that filed for a May extension)
December 15, 2025
4th estimated tax payment (Corporations only)
Be Ready for your Tax Return
1. Keep your accounting up to date
Do you know exactly how much income you've earned so far? Are your expenses under control?
Staying current with your bookkeeping helps you:
Know if your income (and tax obligation) has increased.
Calculate estimated payments accurately.
Spot deductible expenses before the year ends.
2. Choose the right accounting method (cash or accrual)
If your income has increased this year, you might fall into a higher tax bracket.
Before that happens, consider these strategies:
Prepay deductible expenses before December 31.
Defer income when possible (like contracts or invoices).
Boost retirement contributions to reduce taxable income.
3. Identify your deductible and personal expenses
Not all expenses count, but many do. Some common deductions include:
Qualified medical expenses
Professional education or certifications
Donations to nonprofit organizations
Business or home office-related costs
With professional help, you can uncover deductions that are often overlooked.
4. Consider retirement contributions
Planning for the future and saving on taxes go hand in hand. Contributions to accounts like 401(k), IRA, SEP IRA, or SIMPLE IRA can reduce your current tax bill.
If you're self-employed or a business owner, you may qualify for higher-limit plans ideal for tax optimization.
5. Look into health savings accounts (HSA or FSA)
These accounts let you pay for qualified medical expenses tax-free. If you have eligible coverage, check if you can contribute before year-end.
6. Evaluate your investments and losses
If you've realized gains from asset sales this year, you may be able to reduce your tax bill by offsetting with realized losses.
Be mindful of the “wash sale” rule, which prohibits certain loss deductions if you repurchase the same asset within a short period.
7. Organize all your tax documents
Digitally store receipts, invoices, donation letters, bank statements, and any other documentation that supports your deductions. The IRS may request this during an audit. It's recommended to keep records for at least 3 years.
Benefits of Early Tax Planning
Lower your taxes
Avoid penalties and interest
Make better business or personal decisions
Close the fiscal year with less stress and more control
Jambrina CPA: Your Partner for Smarter Tax Planning
Our team of certified bilingual CPAs is ready to help you:
Analyze your current situation
Create tax-saving strategies
Guide you on deductions, credits, and contributions
Organize your records
Stay compliant with the IRS efficiently and stress-free
Need Help? Contact Us!
Don’t wait until January to get organized! Use these months to prepare with strategy.
📩Schedule a personalized consultation with Jambrina CPA and take full control of your 2025 tax return.