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NEWS & UPDATES
January 2025 Update
Sellers CPA January 2025 Tax Newsletter
Your Partner in Financial Success
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Happy New Year! As 2025 begins, it’s an opportune moment to align your financial and tax strategies with your personal and professional goals. Sellers CPA is here to provide clarity and expertise in navigating the complexities of the financial landscape. This month's newsletter covers essential updates, insights, and tips to help you start the year with confidence.
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Key Tax Law Updates for 2025
The start of a new year often brings legislative changes that could impact your tax filings. Here are some key updates to
be aware of:
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Standard Deduction Increases:
For the 2025 tax year, the IRS has adjusted the standard deduction to account for inflation. Be sure to review the new amounts and evaluate whether itemizing your deductions still benefits you. -
Expanded Credits for Families:
The Child Tax Credit and Earned Income Tax Credit thresholds have been adjusted. Ensure you’re maximizing these opportunities if you qualify. -
Retirement Contribution Limits:
Contribution limits for 401(k), IRA, and HSA accounts have increased, offering greater opportunities to save for retirement while reducing taxable income. -
Energy-Efficient Home Upgrades:
Tax incentives for energy-efficient home improvements remain in effect. If you’re planning upgrades, this could be a great way to save both energy and money.
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Estate Planning: Safeguard Your Legacy
Estate planning is not just for the wealthy—it’s for anyone who wants to ensure their assets are distributed according to their wishes. In 2025, the federal estate tax exemption remains historically high, but it’s set to sunset to pre-2017 levels in the coming years. Now is the time to:
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Review your will and trust documents for alignment with current laws.
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Consider gifting strategies to minimize future estate tax liabilities.
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Discuss setting up a financial power of attorney and healthcare directives.
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Tax Return Preparation Tips and Tricks
Preparation is the cornerstone of a smooth tax season. Here are some strategies to make the process seamless:
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Organize Your Documents Early:
Compile W-2s, 1099s, mortgage interest statements, and receipts for deductible expenses. -
Review Life Changes:
Marriage, a new child, or a job change can significantly affect your tax return. Ensure these are reflected accurately. -
Maximize Deductions and Credits:
From education expenses to charitable donations, explore all eligible deductions and credits. Sellers CPA can guide you through this process to ensure you’re not leaving money on the table. -
File Electronically and Opt for Direct Deposit:
Electronic filing and direct deposit are faster, more secure, and reduce the likelihood of errors.
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Looking Ahead: Quarterly Tax Planning for 2025
Effective tax planning isn’t just about filing returns—it’s a year-round effort. Schedule quarterly check-ins with us to:
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Stay updated on tax law changes.
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Adjust estimated tax payments if needed.
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Strategize for major life or business events.
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Partner with Sellers CPA Today
At Sellers CPA, we’re more than accountants; we’re your trusted advisors in financial success. Whether you’re tackling personal taxes, running a business, or planning your estate, our expertise can make a meaningful difference.
Start the new year right—call us today to schedule a consultation. Let’s make 2025 your most financially sound year yet.
Visit us at Sellers CPA or call the number at the top of this page to partner with us!
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Your success is our priority.
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Stay tuned for our February newsletter with more insights and tips!
