2025 Tax Changes You Can’t Afford to Ignore!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 18 November 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

These are some tax changes you can’t afford to miss. November is the time for year-end tax planning. The IRS has recently released new, inflation-adjusted contribution limits and tax brackets for 2025 - including some really exciting additions from SECURE 2.0. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	2025 tax changes you can't afford to ignore.
0:11.0	Brian, I am so excited to talk about this because we know that there are two things that are certain.
0:18.0	Death and taxes. And in that same vein, one of the things we know about
0:21.3	taxes is that they change and the rules change and the things that we need to know about
0:26.8	to positively impact our tax situation also change. And I'm excited that we can share some of
0:31.9	those things. Yeah, Bo, this is one of those annual traditions that I think about it. And this
0:36.6	past year was a special year
0:38.1	because we had the final transcript for Millionaire Mission needed to be updated with 2024 numbers.
0:45.2	And I was like, come on, it's November. When are these numbers showing up? And then I think
0:49.6	about also the special relationship as you get a year older, a year longer in your career.
0:57.0	If you want something that makes you seem old and senile, it's these annual changes.
1:01.7	Because every year, I'm like, so the 401k max this year is what, 22,000?
1:07.4	22,000?
1:08.1	No.
1:08.5	No.
1:09.5	It's like, no.
1:10.0	It's 23,000. Soon to be 23, 5. And I'm like, oh, gosh, I,000? No. It's like, no, it's 23,000, soon to be 235.
1:11.0	And I'm like, oh, gosh, I still, you know.
1:13.3	So this is where we're going to catch you up.
1:15.7	There will not be any mystery to what's coming your way in 2025.
1:20.2	That's exactly right.
1:21.0	The IRS has now released these new inflation-adjusted contribution amounts. We're going to make sure you know them because a lot of us like to do our year-end planning
	...

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