Most people give to charity the same way every year: a check, a credit card, an online donation in December. If you also own stock, real estate, crypto, or a business that has grown substantially in value, that habit is likely costing you money. The most tax-efficient gift you can make is usually not cash. It is the asset you would otherwise have to sell and pay capital gains tax on.

A dollar received on December 31 and a dollar received on January 1 are taxed in different years. That one-day difference can change your tax bracket, your capital gains rate, and even which credits you qualify for.

Before you start celebrating, it’s essential to know how your bonus is taxed and what steps you can take to maximize what you actually keep.

As 2024 approaches its end, small business owners should take strategic steps to optimize their tax position, enhance cash flow, and plan...