2025 Tax Preview Newsletter

Dear Clients & Friends,

We hope you are surviving the beginning of 2025 with all the snow and cold weather we have experienced so far. Mr. Groundhog said 6 more weeks of winter, but we have our fingers crossed in hopes that he is wrong.

Although we are concentrating on the preparation of 2024 tax returns, it is also important to think about tax planning for 2025 and the various tax rules, breaks, and deductions that could affect you. Please gather at your earliest convenience all the necessary information related to this tax year so that we can assist you with the preparation of your 2024 tax return and allow you to pay the lowest taxes possible.

Tax preparation organizers were sent out in January. We ask that you have all of your information when you drop off your tax documents or request an appointment. We generally use the first-in first-out method when preparing returns. Call us if you currently have not received an organizer and would like one to assist you in gathering your information.

We can now upload tax returns and related information to a secure portal called Intuit Link. This method is far more secure than an email. We encourage you to call or email us if you are interested so that we can invite you to a portal. You may email your typical contact or our general email at info@rgscpa.com.

Enclosed is our winter newsletter. In it, you’ll find a review of some key changes to the tax code for 2024 and 2025.

Due to inflation, the income tax brackets are being adjusted by approximately 2.5 percent. Retirement plan contributions are also increasing as a result of inflation adjustments. For example, the annual savings limit for Simple IRAs is now $16,500 for 2025, which is a $500 increase from 2024.

Please contact our office if you have questions concerning any information in this newsletter. We’re always here to help our clients. New Year means New Tax Season. We are open 6 days a week until April 15: Monday – Friday 8:30 A.M. to 5:00 P.M. and Saturday 9:00 A.M. to 2:00 P.M.

As always, we appreciate your continued patronage and look forward to a great 2025! Please remember that if you have been exposed and/or tested positive for Covid, Flu or any other contagious illness, then please contact our office prior to any appointments here or at your place of business to reschedule.

2025 Tax Preview Newsletter – Starkey & Company

                                                                                                                                          Sincerely,

                                                                                                                                          Starkey & Company, PA