Stay Ahead This Tax Season: Key Deadlines, Limits, and Strategies for 2025
- Hoss Harasi
- Jan 25
- 3 min read
Updated: Feb 9
As tax season approaches, staying informed about key deadlines, contribution limits, and tax-saving strategies is essential. Our team is here to guide you through the process and help you make informed financial decisions.
For your convenience, we’ve included a helpful resource: 2025 Important Tax Numbers and
2025 Important Tax Numbers and Contribution Limits
IRA Contributions
The maximum IRA contribution limit for 2024 and 2025 has increased to $7,000.
Individuals aged 50 and older can contribute an additional $1,000 (total limit: $8,000).
Contribution deadline for the 2024 tax year: April 15, 2025.
Tax Benefits & Eligibility
Traditional IRAs: Contributions may be tax-deductible, depending on your income and employer-sponsored retirement plan. Earnings grow tax-deferred until withdrawal.
Roth IRAs: Contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free.
Eligibility: Roth IRA contributions are based on your Modified Adjusted Gross Income (MAGI). Be sure to check updated income phase-out ranges for 2025 or consult with our team or your CPA.
Required Minimum Distributions (RMDs)
Traditional IRA holders must begin RMDs by April 1 of the year after turning 72.
Roth IRAs have no lifetime RMDs, offering greater retirement flexibility.
401(k) Plan Contributions
The employee contribution limit for 401(k) plans will increase to $23,500 in 2025 (up from $23,000 in 2024).
This increase applies to 403(b), most 457 plans, and the federal Thrift Savings Plan.
Catch-Up Contributions
For individuals 50 and older, the catch-up contribution limit remains at $7,500.
A new higher limit ($11,250) applies to those aged 60-63, per the SECURE 2.0 Act.
Tax Filing & Payment Deadlines
Tax Filing Deadlines
Estimated Tax Payments
For those with freelance, rental, investment, or capital gains income, estimated tax payments are crucial to avoid penalties.
2024 Estimated Tax Payment Schedule:
Q1 (Jan 1 – Mar 31) → Due April 15, 2024
Q2 (Apr 1 – May 31) → Due June 15, 2024
Q3 (Jun 1 – Aug 31) → Due September 15, 2024
Q4 (Sep 1 – Dec 31) → Due January 15, 2025
(Refer to IRS Publication 505 for January payment exceptions.)
How We Can Help
✔ Retirement & Investment Planning: Align contributions with your long-term financial strategy.
✔ Timely Contributions: Ensure your IRA and 401(k) contributions meet the April 15, 2025 deadline.
✔ Seamless Tax Payments: We assist with IRS payments via Schwab, Fidelity, ACH/Wire transfers, and more.
Have Questions About Your Portfolio? Let’s Talk.
At Financial Plan Providers LLC, we’ve helped clients navigate complex markets for 35+ years. If you're concerned about how your investments align with current economic conditions, our seasoned advisors are here to help.
📅 Schedule a consultation today to create a custom financial plan tailored to your goals.
-------------------------------------------------------------------------------------------------------------------------
Disclosure: The content provided by Financial Plan Providers LLC is for informational purposes only and should not be considered financial, investment, tax, or legal advice. No guarantees are made regarding the accuracy, applicability, or completeness of the information. Opinions expressed reflect individual viewpoints and may change without notice. Investments carry risks, including potential loss of principal, and past performance does not guarantee future results. Charts, data, and references to securities are for illustrative purposes only and should not be relied upon for investment decisions. Financial Plan Providers LLC is a registered investment adviser and provides advisory services only where properly licensed or exempt. Always consult a qualified professional before making financial decisions.
Comments