For some, the end of Halloween ushers in the holiday season. For personal finance nerds like me, it means that it’s time for year-end tax and financial planning. Because there are so many features of the Trump tax bill that take effect both this year and next, you may need a little extra time to develop a smart game plan.
Related Articles
Young homebuyers lose more ground in housing market as states struggle to help Jill On Money: Seniors get a 2026 raise Bankrate’s 2025 holiday spending report What to know as the annual sign-up window for health insurance arrives Trump takes aim at state laws shielding consumer credit scores from medical debtBefore we start, here are the Standard Deduction Amounts for 2025:
Single: $15,750
Married Filing Jointly: $31,500
Head of Household: $23,625
Changes for 2025-2028 The following deductions begin this tax year (2025) and conclude in 2028. Most are phased out based on your income, so if you are close to the levels where you might qualify, try to reduce income to get below some of the Adjusted Gross Income (AGI) thresholds.
An easy way to do so is to increase your pre-tax employer-sponsored retirement plan contributions to the 2025 limit ($23,500 for those under 50, $31,000 for those over 50, $35,000 for those aged 60 through 63). The same goes for those using Health Savings Accounts. If you are self-employed, you may want to hold off on billing until after January 1 or consider deferring a big purchase this year, rather than next.
Tip Income Deduction
Applies to qualified tip income up to $25,000, regardless of itemizing status. It phases out for individuals with income greater than $150,000 ($300,000 for married taxpayers filing jointly (MFJ)).
Overtime Income Deduction
Capped at $12,500 for individuals ($25,000 MFJ), and phases out for individuals with income greater than $150,000 ($300,000 MFJ), and ends after 2028).
State and Local Tax Deduction (SALT)
Increases to $40,000, for taxpayers earning less than $500,000, before reverting to the previous cap of $10,000 permanently.)
Auto Loan Interest Deduction
For NEW loans for cars, minivans, vans, SUVs, pickup trucks, or motorcycles, weighing less than 14,000 pounds—and whose final assembly is in the U.S., the deduction is limited to $10,000 per year, and phases out individuals earning more than $100,000 or couples making over $200,000.
Senior Bonus Deduction
Those 65 and older may qualify for an extra deduction of $6,000 per individual. It phases out at a rate of 6% of AGI over $150,000 for MFJ, or $75,000 for all other filers.
Get a jump on your taxes NOW
Use the IRS’s withholding estimator to see if you have had enough money set aside to pay your tax bill in April. If not, notify your payroll department to increase your withholding through the end of the year. If you are not working or are self-employed, you may want to make an estimated tax payment to reduce or eliminate potential tax penalties.
Consider a Roth Conversion
If your income dipped in 2025, it may make sense to convert to a Roth IRA. When you do so, the amount that you convert will add to your taxable income. Once you convert to a Roth, the money grows tax-free and when you retire and withdraw it, there is no tax due. Because Roth plans are not subject to RMDs, using them can help control future taxation of Social Security benefits and/or increased costs of Medicare, which are income tested.
Your losers are winners
If you have a taxable investment account, sell losing positions and use those losses against sales of winning positions. If you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income. If you have more than $3,000, you can carry over that amount to future years. Taking losses is a great way to rebalance your account with Uncle Sam’s help.
Related Articles
Two East Bay businesses recognized as top women-owned wineries in the United States Creator of AI ‘actress’ Tilly Norwood has plans for ‘universe’ of characters What’s in the legislation to end the federal government shutdown Flight cancellations and delays worsen as government shutdown drags on $14 million winning lottery ticket bought in San JoseJill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at [email protected]. Check her website at www.jillonmoney.com.
Hence then, the article about jill on money year end planning 2025 was published today ( ) and is available on mercury news ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Jill On Money: Year end planning 2025 )
Also on site :
- '80s Hard Rock Band Announces Massive 2026 Tour With Iconic Special Guest
- 17 Athletes to Watch at the 2026 Winter Olympics—Including Lindsey Vonn’s Historic Return
- LIVE: Villarreal vs Real Madrid – La Liga