Thursday, April 24, 2025
For adults 50+, there are several tax breaks in 2025 that can help reduce taxable income and boost retirement savings. Below are key opportunities, including calculations for someone earning $80,000 per year and strategies for those aged 60-63 to take advantage of the catch-up contributions. 1. Traditional 401(k) Contributions (Tax-Deferred) […]
F For the 2025 tax year, the standard deduction amounts have been adjusted for inflation. Here’s a breakdown: Standard Deduction Amounts for 2025: Single Filers: $15,000 Married Filing Jointly: $30,000 Head of Household: $22,500 Taxpayers aged 65 and older are eligible for an additional standard deduction. In 2025, this additional […]