This year has been full of major events. It began in January with the inauguration of a new president and the most destructive wildfires in Los Angeles’s history.

A trade war soon followed, sparked by increased tariffs, and in July, Congress passed the One Big Beautiful Bill Act (OBBBA).

In September and October, the Federal Reserve lowered interest rates, which preceded the longest federal government shutdown in U.S. history. Despite these shifts, the U.S. stock market reached record highs in 2025.

While we can’t control changes in tax law or the economy, we can take steps to manage our personal finances. With that in mind, here are a few year-end topics worth reviewing.

Itemized deductions

This year, many taxpayers will reassess whether to itemize or take the standard deduction when

See Full Page