The Deductibles // June 2025

Smart summer moves to save of your taxes

Salutation, Planning Pros!

It’s officially summer, and while the sun is out, so are some smart tax plays. Regardless of where you’re at with your 2025 tax planning, now’s the perfect time to make the strategic moves that will put you in a stronger position come year-end.

Let’s dive in.

The Highlights -

  • 🧭 Mid-year moves that can still boost your bottom line

  • 💬 Burning questions from our Gelt community

  • 🏠 Real estate strategies with big payoff potential

  • 💃 Tax wins that call for a quick happy dance

  • 📺 International Taxes and the BBB explained!

🧭 Mid-year Moves to Boost Your Bottom Line

1. Missed your last estimate? Catch up without missing a beat

  • Missed your Q2 payment? A catch-up payment now can still help you minimize an underpayment penalty later.

  • If you’re projecting income that will be significantly higher or lower than last year, make sure to keep your CPA in the loop so they can adjust your estimates or withholding plan and ensure you're not caught off guard at tax time.

2. Unlock easy-to-miss deductions

  • The Augusta Rule: Rent your home to your business for up to 14 days per year, and unlock an exceptional win-win. The rental income will be tax-free for you, and deductible for your business.

  • Business Travel & Events: Planning summer travel to conferences, team offsites, or other business-related activities? Keep your documentation tight now to support future deductions.

3. Credits & taxes you might not realize you qualify for

  • Dependent Care Credit: If you have children under 13 going to a day camp this summer while you work, a tax credit might be available to help with the cost.

  • Household Employee Tax: Paying a caregiver or nanny over $2,700/year? You may need to withhold and pay in payroll taxes to stay compliant.

4. Retirement & HSA contributions: Mid-year check

💬 What’s Happening in Our Gelt Community

Here are just a few of this month’s top questions, with our take:

“I missed the June 15 estimated tax deadline, what now?”
Consider making a catch-up payment now to minimize interest. We'll help you recalibrate for Q3 and beyond.

“Is it smart to hire my kids this summer?”
Yes, if done right. Kids can earn up to the standard deduction tax-free, and you can even use their take-home pay to fund a Roth IRA.

This is a great option to reduce your tax burden now, and set your kids up for long-term, tax-free growth.

“Is it too late to switch to an S Corp?”
Absolutely not. If you operated as a single-member LLC in 2024, you may even have time to enjoy the benefits of an S Election for last year’s profits!

If your income is spiking this year, we’ll help you run the numbers and understand the benefits and costs of an S Election.

💡 Pro Tip: To guarantee the benefits of a late S Election will outweigh the cost, we recommend waiting until Q4 to run an analysis, when your numbers are closer to being final.

Have something on your mind? Odds are we’ve handled it before. Get in touch with me to learn more.

🏘️ Real Estate Strategy Spotlight

If you’re investing in or selling property this year, consider:

  • Passive Loss Planning: Strategically offset gains using carry-forward losses.

  • REPS (Real Estate Professional Status): The requirements to qualify are strict, but this coveted status could unlock unlimited real estate loss deductions.
    📖 Unleash the Power of the Real Estate Professional Status (REPs)

  • Cost Seg Studies: Accelerate depreciation and improve cash flow if you have a qualifying real estate activity (think: you’ve achieved REPS status or actively manage a short-term rental).

Need help evaluating what applies to your situation? Let’s talk.

🎉 Moments That Made Our Month

These wins made us smile and saved our clients serious cash:

  • Payroll Rethink: A proactive business owner restructured their compensation to save $18K in self-employment tax.

  • Smart Real Estate Moves: A cost seg study unlocked $230K in accelerated depreciation for a savvy real estate mogul.

  • Family Matters: A creative founder started paying their teen to help with their business, generating 5 figures in tax deductions and funding a Roth IRA along the way.

🗞️ Gelt in the News

Explore where we’ve been featured this month:

  • The AI Journal: Tal explains how AI is redefining the Future of Tax Strategy and Security

  • Entrepreneur: Did you know only 48% of founders feel confident about their taxes? Tal dives into building trust with your CPA

  • CityBiz Charlotte: Living in Charlotte or the Carolinas? Learn what tax moves are right for you

🤝 Tax Talk Unfiltered - Here’s what you missed

We’ve added several partners to our ecosystem for you to check out:

Let’s Reconnect.

🧪 If your last tax filing felt like a science experiment gone sideways—or if a recent life or business change has you thinking, “Maybe I don’t got this”—it might be time to tag Gelt back in. Especially if you filed an extension… because October deadlines don’t hit snooze, and those Q2 estimated taxes? Yeah, they just wrapped in June. 👀

Good news: all it takes is picking up our last email thread. We’ll take it from there. 🧠✨ Or email me at - [email protected]

🤝 Check out Gelt’s LinkedIn and YouTube for even more tax insights and tips.