Returning Value Blog

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation breaks.

Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately, but that can still be valuable for some small businesses, is the credit for providing health insurance to employees.

Perks are an important part of an employee's work experience. While employees expect to receive a paycheck at the end of the pay period, it's the extras that give working at your company a competitive edge. It might interest you to know that 7 out of 10 employees would be willing to leave their current job for better benefits somewhere else. 

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but SEPs are easy to set up, and the contribution limits are generous. If you have employees, you’ll generally have to include them in the SEP and make contributions on their behalf, which are also deductible.

Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while maintaining audit quality.