I’ve been obsessed with taxes lately. I know, fun times. We have a little over two weeks before the 2025 tax year slams shut on Dec. 31.
If you run a small business, side hustle or work for yourself, you still have time to make smart moves that could save you thousands on your taxes.
1. Go shopping
Yes, you read that right. Under the One Big Beautiful Bill Act (OBBBA), 100% bonus depreciation is back for qualified goods placed into service after Jan. 19, 2025.
That means if you buy new equipment, say a laptop, printer, office tech, even certain business vehicles, and put it to use before Dec. 31, you can write off the entire purchase this year. It’s like getting a tax refund for upgrading your business tech.
2. Pay bills early
If you’ve got a payment scheduled for early January, pay it now. Move that expense into 2025, so you can deduct it this year.
Think software subscriptions, AI apps, cyber insurance premiums, office supplies, that sort of thing. Every dollar you shift into your expense column before year’s end is a dollar that doesn’t get taxed.
3. Write off useless inventory
Got junk sitting on a shelf? Damaged, obsolete or unsellable tech is a hidden tax break.
Write it down, document the loss and either donate, liquidate or destroy the item (and keep records). Not only do you clear space, you cut your taxable income at the same time.
Reminder, visit endoflife.date and search your device to see if it’s been discontinued or lost manufacturer support.
4. Max out retirement
This one’s a power move. Contributing to a solo 401(k) or SEP IRA not only helps future you, it lowers your taxable income today. In 2025, you can contribute up to $70,000, and if you’re over 50, you get an extra $7,500 with the solo 401(k). You can fund a SEP IRA later, but the decision to contribute needs to happen before Dec. 31.
Call your tax pro this week and ask which of these moves will give you the biggest return. You’ve still got time to make it count. They say that two things in life are unavoidable, death and taxes. At least death only happens once.