Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning —estimating your tax liability, looking for ways to reduce it and taking timely action.
In 2025, however, tax planning is more complicated than usual. The legislation commonly known as the One Big Beautiful Bill Act (OBBBA) was signed into law July 4, and many of its provisions go into effect this year. As a result, you likely will need to change at least some of your tax planning strategies.
To help you identify strategies that might work for you in 2025, we’re pleased to present this tax planning guide. It features many “What’s new!” sidebars summarizing some of the most significant OBBBA changes and their potential impact on tax planning. It also highlights other important tax law changes throughout. Finally, it shows how various strategies apply to different situations, and presents charts and case studies to illustrate some specifics of tax planning.