Tax planning isn’t just for April—it’s a year-round strategy. And with 2025 shaping up to be a pivotal year for tax law (hello, TCJA sunset), now is the time to take a proactive approach.
At N&Co, we believe tax season should be empowering, not overwhelming. Whether you're a seasoned filer or just starting to think more strategically about your finances, here are a few ways to make 2025 a year of smart, intentional tax planning.
What’s Changing in 2026?
The Tax Cuts and Jobs Act (TCJA) is set to expire at the end of this year unless Congress acts. That means many of the tax breaks individuals have enjoyed since 2018—like lower income tax rates, a higher standard deduction, and expanded child tax credits—could revert to pre-2018 levels in 2026.
Key Tax Planning Moves to Consider
- Maximize Retirement Contributions
Contributing to a traditional IRA or 401(k) reduces your taxable income now and helps you build long-term savings. If you’re eligible, Roth contributions may also make sense—especially if you expect higher tax rates in the future. - Consider Roth Conversions
If your income is lower this year, converting some of your traditional IRA to a Roth IRA could be a smart move. You’ll pay taxes now, but enjoy tax-free withdrawals later—and avoid required minimum distributions (RMDs). - Use the Standard Deduction Strategically
If you typically take the standard deduction, consider “bunching” charitable donations or medical expenses into one year to exceed the threshold and itemize. - Review Withholding and Estimated Payments
Avoid surprises at tax time by checking your withholding or estimated tax payments mid-year. A quick adjustment now can save you stress later.
Tax Planning Is Personal—And That’s Where We Come In
There’s no one-size-fits-all strategy. At N&Co, we take the time to understand your goals, your income picture, and your long-term plans. Then we help you build a tax strategy that works for you—not just this year, but for the years ahead.
Whether you’re planning for retirement, managing investments, or just want to feel more confident about your taxes, reach out to your accountant or call the office at 614-891-5423. It is our goal to make your life #LessTaxing!