Safeguard Your Finances During the Season of Spending

The holiday season brings joy, generosity—and unfortunately, a surge in fraud. With online shopping at an all-time high and year-end spending in full swing, cybercriminals are more active than ever. For individuals and businesses alike, vigilance is essential to avoid falling victim to scams that can lead to financial loss, reputational damage, and regulatory headaches.

Why Fraud Spikes During the Holidays

• Increased Transaction Volume The sheer number of purchases creates more opportunities for fraudsters to slip through unnoticed.
• Urgency & Distraction Shoppers are rushed, distracted, and less likely to scrutinize suspicious emails or websites.
• Targeted Scams Fraudsters exploit seasonal trends with fake promotions, counterfeit gift cards, and phishing emails disguised as shipping updates or holiday deals.
• AI-Driven Threats Synthetic identity fraud and deepfake scams are on the rise, with criminals using advanced technology to mimic legitimate businesses.

Fraud Prevention Tips for Individuals

• Shop Only on Trusted Sites Stick to well-known retailers and verify URLs before entering payment information.
• Avoid Public Wi-Fi for Transactions Use secure, private networks when shopping or accessing financial accounts.
• Watch for Phishing Emails Be cautious of messages claiming to be from delivery services or retailers. Look for misspellings, urgent language, and suspicious links.
• Monitor Your Accounts Check bank and credit card statements regularly for unauthorized charges. Even a small charge you don’t recognize may indicate a compromised account.  Fraudsters will ‘test the waters’ by charging a small amount.  If the cardholder doesn’t notice or flag it, the fraudster will try a much larger charge.  If you don’t recognize a charge, contact your bank or credit card provider for assistance.
• Use Credit Over Debit Credit cards offer stronger fraud protection and easier dispute resolution.

Fraud Prevention Tips for Businesses

• Train Employees Educate staff on recognizing phishing attempts, fake invoices, and social engineering tactics.
• Secure Your E-commerce Platform Implement multi-factor authentication, real-time fraud detection tools, and SSL encryption.
• Vet Third-Party Vendors Ensure partners follow cybersecurity best practices—63% of breaches are linked to third-party vulnerabilities.
• Patch Software Promptly 82% of breaches involve known vulnerabilities that were left unpatched.
• Prepare an Incident Response Plan Having a plan in place can reduce recovery time and minimize damage if a breach occurs.

Holiday fraud is more than a seasonal nuisance—it’s a serious financial threat. Whether you’re shopping for gifts or closing out your business year, taking proactive steps to secure your data and finances is essential.

Maximize Retirement Contributions, Fulfill RMDs & Optimize Your Tax Position

As the year draws to a close, now is the time to take proactive steps to reduce your tax liability and strengthen your financial position. Whether you’re an individual investor, a business owner, or nearing retirement, year-end planning can make a meaningful difference. Below is a checklist of essential tasks to complete before December 31.

Required Minimum Distributions (RMDs)

If you’re age 73 or older (or inherited a retirement account), you’re required to take RMDs from:

• Traditional IRAs
• SEP IRAs and SIMPLE IRAs
• Employer-sponsored plans like 401(k)s

Key Points:

• RMDs must be taken by December 31, unless it’s your first year (then you may defer until April 1 of the following year).
• Failing to take your RMD can result in a 50% penalty on the amount not withdrawn.
• Consider Qualified Charitable Distributions (QCDs) if you’re 70½ or older—up to $100,000 can be donated directly to charity tax-free and count toward your RMD.

Maximize IRA & 401(k) Contributions

Traditional & Roth IRAs:

• 2025 contribution limit: $6,500 (or $7,500 if age 50+)
• Deadline: April 15, 2026, but contributing before year-end may help with planning and compounding

401(k), 403(b), and 457 Plans:

• 2025 contribution limit: $23,000 (or $30,500 if age 50+)
• Contributions must be made by December 31 to count for the current tax year

Planning Tip: Maxing out retirement contributions not only builds long-term wealth but also reduces taxable income if contributing to traditional accounts.

Other Year-End Tax Planning Tasks

1. Review Capital Gains & Losses

• Harvest losses to offset gains and reduce taxable income
• Be mindful of the wash-sale rule when repurchasing securities

2. Consider Roth Conversions

• Converting traditional IRA funds to a Roth IRA can lock in current tax rates
• Ideal for clients in lower-income years or expecting future tax increases

3. Evaluate Flexible Spending Accounts (FSAs)

• Use remaining balances before year-end or risk forfeiture
• Some plans offer a grace period or carryover—check with your employer

4. Make Charitable Contributions

• Donations must be made by December 31 to qualify for 2025 deductions
• Consider donating appreciated assets for additional tax benefits

5. Review Estimated Tax Payments

• Ensure sufficient payments to avoid penalties
• Consider making a fourth-quarter payment by January 15, 2026

Final Thoughts

Year-end tax planning is about more than compliance—it’s about strategy. Whether you’re optimizing retirement savings, managing distributions, or leveraging charitable giving, these actions can have a lasting impact on your financial health.

Need assistance? Our team is here to assist with personalized guidance to help ensure you’re making the most of every opportunity before the calendar turns.

“Debunking IRS Myths: What You Really Need to Know”

We’re excited to present the second of two free webinars led by our Tax Dispute Resolution Manager, Lori Rodrigues. With over a decade at the IRS as a Revenue Agent and Appeals Officer, plus years as a CPA helping clients resolve tax issues, Lori brings insider knowledge and practical expertise to taxpayers and business owners alike.

For Individuals: “Debunking IRS Myths: What You Really Need to Know” 

Think the IRS is out to get you? That you can’t negotiate your tax debt? Or that once you get a notice, it’s game over? Let’s set the record straight.

Join us at 11:30am on Oct. 29, 2025 for a myth-busting, eye-opening hourlong webinar designed to help individuals understand their rights, options, and the truth behind common IRS misconceptions.

What We’ll Cover:

• Top 10 myths about the IRS—and the facts that debunk them
• What really happens when you owe back taxes
• How to respond to IRS notices without panic
• Resolution strategies that actually work (and who qualifies)

Reserve your spot today by clicking the link below:
Debunking IRS Myths – What You Really Need to Know,
Wednesday, 10/29/2025, 11:30AM – 12:30PM

As the holidays approach, many of us start thinking about giving back. Whether it’s supporting your favorite local nonprofit, donating to your place of worship, or helping a cause you care deeply about, charitable giving is a tradition that feels good. But it can also make a meaningful difference on your tax return—if you plan it the right way.  Use the following guidelines to manage your charitable gifts during this season of giving. 

To be deductible on a federal return, charitable contributions must meet IRS criteria:

Qualified Recipients

• IRS-recognized 501(c)(3) organizations.  You can check eligibility by visiting IRS Tax Exempt Organization Search Tool:
  https://www.irs.gov/charities-non-profits/tax-exempt-organization-search
• Government entities, such as schools (if used for public purposes)
• Certain international organizations (under specific treaties)

Political groups and social clubs are generally not qualified charitable organizations.  If you’re giving through a crowd-funding platform such as GoFundMe, your donation would only be deductible if the recipient is a registered 501(c)(3) organization.

Eligible Donation Types

• Cash contributions (check, credit card)
• Non-cash assets (securities, digital currencies, real estate, vehicles)
• Volunteer-related expenses (mileage, supplies)
  Note: Time or services are not deductible.

Documentation Requirements

• Under $250: Bank record or receipt
• $250 or more: Written acknowledgment from the charity
• Over $500 (non-cash): IRS Form 8283
• Over $5,000 (property): Qualified appraisal required

Timing matters, as well: only contributions made before December 31st count for this year’s tax return. That means gifts made in January 2026 will apply to next year, not this one. If you’re thinking of donating, doing it now ensures your generosity works to your tax advantage this year.  

“Bunching” donations can help maximize current-year deductions. Since the standard deduction is fairly high, some taxpayers find it difficult to itemize and benefit from their giving each year. By combining multiple years’ worth of contributions into a single tax year, you may cross the threshold that allows you to itemize—and maximize your deduction. For example, if you’re already planning to donate to a particular charity in 2026, you can make the gift before the end of this year to boost your total 2025 giving.

Another strategy is to think beyond cash. Donating appreciated stock or other assets can give you a double benefit: you avoid paying capital gains tax on the appreciation, and you get a charitable deduction for the fair market value of the gift. That’s a win-win from both a tax and charitable giving perspective

Donor Advised Funds (DAFs) are another strategic and tax-efficient tool for charitable giving that can complement a client’s overall financial and estate planning. By contributing to a DAF, donors receive an immediate tax deduction while retaining the flexibility to recommend grants to their favorite charities over time. This allows clients to separate the timing of their tax deduction from their philanthropic decisions, making DAFs especially useful in high-income years or during liquidity events. DAFs offer a streamlined way to manage charitable contributions, reduce taxable income, and build a lasting legacy of giving—all while simplifying recordkeeping and compliance.

Charitable giving should always start with the heart—but when you add a little strategy, it can also be a powerful tax-saving tool.

If you’d like to review your options and make sure your generosity is working as hard for your taxes as it does for your favorite causes, let’s schedule a quick call. With the right plan, you can maximize both the impact of your gift and the benefit on your tax return. Here’s to giving in ways that matter—both now and for the future!