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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K 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.

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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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