The countdown to year-end will begin soon. With nearly four (4) months remaining in 2025, consider the following Year-End Tax Planning Checklist.* Several of these items, if addressed now, could make a meaningful difference come tax filing season AND add to savings.
- How are you doing on maxing out your 401k? Many people do not know they can temporarily increase their 401k contributions through December 31st to reach the $23,500 maximum contribution (higher max for those age 50, and even higher for those age 60-63).
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- Lots of 401k or 403b plans allow participants to contribute 25-30% of pay – or even 100% of pay (100% can be a temporary measure in order to max out for 2025).
- These 401k contributions can be tax-deductible, unless you are contributing to a Roth 401k. It is not too late!
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