You can still save on taxes for 2025

Are you planning to make a contribution to your Retirement Account in 2025? 

Yes! you read that right, 2025. 

There’s still time to get those tax advantages and you don’t even have to rush that much. You’ve got 14 more business days. That’s plenty of time to wander down to your bank or reach out to your broker and make arrangements to get your retirement contributions counted for LAST YEAR.

For Individuals you have until April 15th (Tax Day) to make your final IRA contribution for the 2025 tax year. That means you can still take advantage of valuable tax benefits before the window closes.

You can contribute to a Traditional IRA, Roth IRA, or both (as long as you stay within the limits):  Those limits are $7000 under 50 and $8000 over 50. And don’t forget about my favorite retirement account - the HSA. When you use this for qualified medical expenses, the money goes in tax free and the contributions and earnings both come out tax free. It’s the best! Contribution limits are $4300 for a self only plan, $8550 for a family plan with an additional $1000 allowed for people over 55.

The news gets even better if you have a SEP retirement account. 

Sole Proprietors can contribute up to 25% of net profits as long as that doesn’t exceed $70,000. AND you then can make that contribution right up until October 15th if you filed an extension. 

And you S Corp owners  can contribute up to 25% of your officer compensation (salary)  until September 15th if you filed an extension.

Remember retirement contributions aren’t just about the future, they can lower your tax bill right now.

So take advantage of these opportunities and pay yourself, not the IRS.