{"id":1089,"date":"2025-02-27T01:01:37","date_gmt":"2025-02-27T05:01:37","guid":{"rendered":"https:\/\/dinergywealth.com\/blog\/?p=1089"},"modified":"2025-02-27T07:56:57","modified_gmt":"2025-02-27T11:56:57","slug":"it-is-tax-time-again","status":"publish","type":"post","link":"https:\/\/dinergywealth.com\/blog\/it-is-tax-time-again\/","title":{"rendered":"It Is Tax Time…AGAIN!"},"content":{"rendered":"

It is that time of year\u2026AGAIN!\u00a0 Tax filings are due and most people wait far too long to get ready.\u00a0 Here is a quick check list of things to start thinking about now.\u00a0 You and your accountant will be happy you started early!<\/span><\/p>\n

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  1. Gather inventory of all your tax-related documents<\/span><\/li>\n<\/ol>\n

    When it comes to tax preparation, much of the work is locating the records you\u2019ll need to reference when you file. To help the filing process go more smoothly, consider organizing these papers in advance, even as you receive them, preferably in a central location.<\/span><\/p>\n

    The IRS generally requires many tax documents, such as W-2 forms and 1099 forms, to be delivered to taxpayers by Jan. 31 (or Feb. 15 for securities accounts) via mail or electronic means. If you\u2019re itemizing deductions, you\u2019ll also want to track down your personal receipts for deductible expenses ahead of time, such as charitable contributions.<\/span><\/p>\n

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    1. Reduce your taxable income with an HSA contribution<\/span><\/li>\n<\/ol>\n

      If you\u2019re in a high-deductible health plan, you might qualify for a health savings account (HSA). Your contributions are pre-tax, which reduces your taxable income, and may never be taxed if used for qualified medical expenses. The HSA contribution deadline for the 2024 tax year is April 15, 2025. The maximum total annual contribution for HSAs for 2024 is $4,150 for an individual account and $8,300 for a family. Those ages 55+ can make additional annual catch-up contributions of $1,000.<\/span><\/p>\n

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      1. Meet the IRA contribution limit for the year<\/span><\/li>\n<\/ol>\n

        IRA contributions made between Jan. 1 and April 15, 2025, can be designated for either 2024 or 2025. If you haven\u2019t met your contribution limit for 2024, consider contributing to your traditional or Roth IRA by the April deadline. (You can do so in a lump sum if you\u2019d like.) The maximum total annual contribution for traditional and Roth IRAs for 2024 is $7,000, or $8,000 if you are 50 or older.<\/span><\/p>\n