Year-End Taxโ Planning: Maximize โขSavings Under New Legislation
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washington D.C. – As 2025 draws โคto a close, financial advisors are urging Americansโ to prioritize โฃtax planning,โ especially in light of recent meaningfulโ changes to tax and spending legislation signed into law โbyโ President Donald Trump. The โฃnew package, retroactiveโ to January 1st, introduces a range of tax breaks and opportunities that individuals should leverage to minimize thier 2025 tax burdenโค and position themselves for financial success โin 2026.
while the thought of taxes may be unwelcome during the holiday season, experts emphasize that proactive planning now โcan yield substantial benefits. “Tax planning is always important,”โ explains Richard Pon, a Certified Public Accountant based โin โSanโ Francisco. “But due to the newโ taxโ law, 2025 is a particularly critically important year forโ tax planning.”
The legislation introduces several โkey changes, prompting a โneed for updated strategies to defer income and maximize deductions. here’s a breakdown of what you need toโข know:
Key Taxโ Breaks to Consider Now
For Seniors: A Significant โข$6,000 Deduction
Aโค particularly impactful provision โขoffersโข a $6,000 bonus โคdeduction to seniors. Individuals aged 65 or โolder with an income below $75,000 are eligible โขto claim this additional deduction, potentially leading to significant tax savings.
Car Loan Interest Deduction
New legislationโข also allows for aโข deduction on โคcar loan interest, incentivizing potential car purchases. details on eligibility and deduction amounts can be found here.
(Further details on additional deductions โwill be added as the source provides them.)
Beyond Newโ Deductions: Standard Year-End Strategies
Along with the new deductions,advisors recommend revisiting standard year-endโข tax โฃplanning strategies:
* โฃ Defer โฃIncome: If possible,delayโฃ receiving income โuntil the new โขyear to postpone paying taxesโ on it.
*โ โข Maximize Deductions: Ensure you’reโค taking advantage of all eligible deductions, including those forโ charitable donations, medical expenses,โข and retirement contributions.
* โค tax-Loss Harvesting: โค Consider selling investments that have โขlost value โคto offset capital gains.
The Senate โขrecently voted 51-49 to move forward with the tax and spending bill,signaling its importance and โpotential impact on the โAmerican โคeconomy. โ(See video report here).
Don’tโค waitโข until the last minute. Consulting with a โคqualified taxโข professionalโข is crucial to understanding how these changes affect your individual financial situation and developingโฃ a personalized tax plan. Proactive planning now can โtranslate into significant savingsโข and a more secure financial future.
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