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Entering 2026, almost every analyst forecasted that equity markets would experience a rise throughout the year. By late January, the S&P 500 reached new highs, and in early February the Dow Jones Industrial Average (DJIA) hit a record high, closing above the 50,000 mark for the first time. These moves were supported by expectations of interest rate cuts, continued earnings growth and improving economic and market trends. By mid-quarter, rising geopolitical tensions, particularly in the Middle East, introduced a new wave of uncertainty. At the same time, evolving expectations around the Federal Reserve’s policy path added to investor concern. Together, these factors reignited volatility, marking a departure from the relatively smooth market environment investors had grown accustomed to.

Tax planning should always be a key focus when reviewing your personal financial situation. One of our goals as financial professionals is to identify as many tax saving opportunities and strategies as possible for our clients. We believe that a proactive approach to looking at your tax situation can lead to better results than a reactive approach. We hope you find this report helpful.

We hope you and your loved ones enjoyed a wonderful holiday season. Thank you for allowing us the opportunity to help you pursue your financial goals. We look forward to our continued relationship with you and seeing what the year ahead will bring. The year 2025 was filled with many significant events, from ushering in a new president, to a brief but alarming market correction. Overall, it proved to be a great year for investors. Investors enjoyed strong returns, and major indexes reached multiple new highs. The Fed’s decision to lower interest rates in the latter half of the year, a continued healthy and resilient economy, and strong corporate earnings fueled positive investor sentiment

Equity markets closed out the fourth quarter of 2025 on a strong note, buoyed by an interest rate cut from the Federal Reserve in December. Delighting investors, 2025 marked the third consecutive year in which equities delivered double- digit returns. This extended bull market was powered largely by three federal rate cuts during the second half of the year, robust AI-driven technology earnings, and broadly positive investor sentiment.

One of our main goals as holistic financial professionals is to help our clients recognize tax reduction opportunities within their investment portfolios and overall financial planning strategies. Staying current with the ever-changing tax environment is a key component to helping our clients benefit from potential tax reduction strategies. As you probably know, 2025 brought significant changes to tax code. The One Big Beautiful Bill Act (OBBBA) brought many new tax law changes that commence this year as well as made permanent many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions that were scheduled to sunset at the end of this year. This report focuses on information that could be helpful for individuals when tax planning for the calendar year 2025.

Resilience illustrates the ability to withstand challenges or recover quickly from difficult conditions. Resilience can also be used to describe U.S. equity performance over the past year—including the third quarter, as markets surged past record highs despite numerous potential sources of volatility.

On July 4, 2025, President Trump signed a new bill that will change financial planning for millions of Americans. Referred to as the “One Big Beautiful Bill Act (OBBBA)”, this complex bill includes a myriad of tax issues over hundreds and hundreds of pages. Most taxpayers have seen news, commentary, opinions, and reports about the OBBBA, but many just want to know the answer to one question - How does this affect me?

Almost every investor has heard the saying, “equities are for long-term investors.” This philosophy was reinforced in the first half of 2025, which witnessed significant and historical changes in equity movements. If you left Earth on January 1 and returned on June 30, you would see that the S&P 500 started the year on a high note and achieved a new high on June 30. This is great news for investors. However, the first half of this year has also been one of the most volatile first halves ever, with the market experiencing a correction of nearly 20% before rebounding to reach a new high.

This special report reviews some of the broader tax laws along with a wide range of tax reduction strategies. As you read this report, please take note of each tax strategy that you think could be beneficial to you. Not all ideas are appropriate for all taxpayers. We always recommend that you address any tax strategy with your tax professional to consider how one strategy may affect another and calculate the income tax consequences (both state and federal).

2024 was another strong year for equity investors. While not as good as the year’s first three quarters, the fourth quarter still finished with positive returns, more record highs, and an optimistic outlook toward 2025. Historically, equity markets have advanced in the fourth quarter and after a series of ups and downs, they finished ahead of where they started.

Happy New Year and welcome to 2025! We hope you and your family had an enjoyable holiday season. We thank you for giving us the opportunity to help you pursue your financial goals. We are excited to see what the new year will bring.

If you heard the war in Ukraine would continue, unrest would heighten in the Middle East, a former President would be shot during a contentious Presidential election season, and the Federal deficit would reach an all-time high, you might think the equity market would struggle. Fortunately, for long-term investors, the first three quarters of 2024 have been recorded as the best first three quarters of any year in the 21st century. While the third quarter had its ups and downs, the S&P 500 rose 5.5% and closed the quarter at an all-time high of 5,762. This brought the S&P 500’s year-to-date gain to nearly 21%. The Dow Jones Industrial Average (DJIA) also had a record performance, rising 8.2% for the quarter, ending at 42,330. This brought the DJIA’s year-to-date gain to over 12%. (barrons.com/market-data) The third quarter was not a smooth ride by any means.

One of our main goals as holistic financial professionals is to help our clients recognize tax reduction opportunities within their investment portfolios and overall financial planning strategies. Staying current on the ever-changing tax environment is a key component to helping our clients benefit from potential tax reduction strategies