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New adjustments have been made and keeping up-to-date on the new brackets could prevent a major tax bill.
Getting familiar now with the new changes can helpimplement smart strategies and hopefully save you money.
Heres what to know and six money-saving hacks to counter the 2025 tax adjustments and retirement structures.
2025 is shaping up to be a year of significant changes in tax planning.
This incremental approach helps you gradually boost your savings without significantly impacting your take-home pay.
Over time, the increased contributions can lead to higher account balances and greater peace of mind in retirement.
Laske suggested comparing your itemized deductions to standard deductions to see which option provides the greatest relief.
However, you might benefit by alternating between claiming the standard deduction and itemizing deductions in different years.
For example, consider makingsubstantial charitable contributionsor scheduling medical expenses in years when you plan to itemize.
HSAs offermeaningful tax advantages.
Earnings grow tax-free and withdrawals for qualified medical expenses are tax-free, she explained.
This makes an HSA a powerful tool for saving on healthcare costs now and in retirement.
Medicare and IRMAA
Another money-saving tip to boost your retirement is related to Medicare.
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