There are some big tax changes coming for 2025 that will allow you to save on taxes and invest more for your future. Here are a few that may benefit you:
- Mileage reimbursement rate: Increased to $.70/mile
- 401k contributions increased from $23,000 to $23,500
- SIMPLE IRA contributions increased from $16,000 to $16,500
- Standard deduction increased to $15,000 for single and $30,000 for married filing jointly
- Tax rates remain the same, but income amounts increased for all income brackets. That means more of your income will be taxed at lower rates.
- Annual exclusion for gifts increased to $19,000
Contact us today to schedule your comprehensive review to see how these changes and many other tax strategies can help you reach your goals.
