The start of a new year is the perfect time to rethink financial goals, and tax planning should be at the top of the list. Many people focus on growing their wealth but often overlook how much taxes can eat into their earnings. Whether you’re an individual looking to maximize savings or a business owner aiming for better tax efficiency, planning ahead can make a big difference.
Taxes aren’t going away, but smart strategies can help reduce what you owe. Running a tax analysis on your portfolio now can highlight ways to improve tax efficiency, manage risk, and increase after-tax returns. If you’re searching for CPA services near me or need expert guidance, now is the right time to get started. A CPA near me can help make sense of tax laws and ensure you’re keeping more of your hard-earned money. Let’s dive into key areas that need attention this year.
1. Create a Realistic Plan
Taxes aren’t going away. Some people hope for lower rates, but it’s better to focus on what’s already in place. A solid tax plan starts with understanding where you stand. The 2025 tax brackets set the baseline for how much income tax you’ll pay.
Here’s a quick look:
Federal Income Tax Brackets (2025)
- 10% – Up to $11,925 (single) / $23,850 (married)
- 12% – Up to $48,475 (single) / $96,950 (married)
- 22% – Up to $103,350 (single) / $206,700 (married)
- 24% – Up to $197,300 (single) / $394,600 (married)
- 32% – Up to $250,525 (single) / $501,050 (married)
- 35% – Up to $626,350 (single) / $751,600 (married)
- 37% – Above $626,350 (single) / $751,600 (married)
If you have investments, long-term capital gains tax applies, ranging from 0% to 20%, depending on your income.
A CPA near me can analyse your tax bracket and suggest strategies to reduce tax burdens—whether through tax-efficient investing, deductions, or shifting income sources.
Without a plan, taxes can eat away at your wealth. Now is the time to work with a CPA Spring Lake professional to ensure you’re making smart, tax-efficient financial moves for 2025.
2. Maximize Tax Deductions and Credits
Nobody likes paying more in taxes than necessary. That’s why it’s important to take full advantage of every deduction and credit available. Many people miss out on tax savings simply because they don’t know what qualifies.
Start with the basics—standard deduction or itemized deductions?
For 2025, the standard deduction is:
- $14,600 for single filers
- $29,200 for married couples filing jointly
If your itemized deductions (mortgage interest, medical expenses, state taxes, charitable donations) add up to more, it makes sense to itemize. A CPA near me can help run the numbers to see what works best.
Then, there are tax credits, which directly reduce the tax bill. Some key ones include:
- Child Tax Credit – Up to $2,000 per child
- Earned Income Tax Credit (EITC) – Helps low-to-moderate-income workers
- Lifetime Learning Credit – Covers education expenses
- Energy-Efficient Home Credit – If you’ve made qualifying home upgrades
Every credit and deduction means more money stays in your pocket. If you’re unsure what you qualify for, a CPA Spring Lake expert can help identify the best options.
3. Retirement Contributions and Tax Benefits
Retirement savings don’t just secure the future—they help with tax savings today. Contributions to tax-advantaged accounts lower taxable income and build long-term wealth.
The 2025 contribution limits are:
- 401(k): $23,000 (plus $7,500 extra if 50+)
- IRA: $7,000 (plus $1,000 extra if 50+)
- HSA (Health Savings Account): $4,150 for individuals, $8,300 for families
Contributing to a traditional 401(k) or IRA reduces taxable income for the current year. A Roth IRA doesn’t offer immediate deductions but provides tax-free withdrawals later. The right choice depends on income and future tax expectations.
HSAs are another great tool. If you have a high-deductible health plan, HSA contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for medical expenses. That’s three tax benefits in one.
If retirement planning feels overwhelming, working with a CPA services near me can simplify the process. They’ll help determine how much to contribute and which accounts make the most sense. Planning now can mean big tax savings down the road.
4. Maximize Deductions and Credits
No one likes overpaying taxes. The good news? There are plenty of legal ways to lower your tax bill. The key is knowing which deductions and credits apply to you.
Let’s start with deductions. If you itemize, things like mortgage interest, state and local taxes (up to $10,000), and charitable donations can help lower taxable income. If you take the standard deduction, that’s going up in 2025: $14,600 for single filers and $29,200 for married couples. That means fewer people will need to itemize, but if your deductions add up to more than the standard, it’s worth looking into.
Then there are tax credits, which directly reduce what you owe. Some big ones for 2025 include:
- Child Tax Credit – Up to $2,000 per child under 17
- Earned Income Tax Credit – Extra savings for low-to-moderate-income earners
- American Opportunity Credit – Up to $2,500 for college expenses
- Lifetime Learning Credit – 20% back on education expenses (up to $2,000)
A CPA near me can help sort out which credits and deductions work for your situation. Many people miss out on tax savings simply because they don’t check. If you’re in Spring Lake, finding a CPA Spring Lake expert can ensure you’re taking advantage of every possible tax break.
5. Plan for Retirement Contributions
Retirement accounts don’t just help you save for the future—they can also reduce taxes right now. The IRS sets annual contribution limits, and if you aren’t maxing them out, you’re leaving money on the table.
For 2025, here are the contribution limits:
- 401(k) and 403(b): $23,000 (plus $7,500 if you’re 50 or older)
- Traditional and Roth IRAs: $7,000 (plus $1,000 for 50+)
- SEP IRA and Solo 401(k): Up to $69,000 (for self-employed individuals)
With a 401(k) or Traditional IRA, contributions are tax-deductible, lowering your taxable income. If your employer offers a 401(k) match, that’s free money—don’t skip it. Roth IRAs, on the other hand, don’t give a tax break now, but withdrawals in retirement are tax-free.
A CPA services near me expert can help you figure out which accounts make the most sense for your situation. If you’re self-employed, a CPA Spring Lake professional can explain options like a SEP IRA or Solo 401(k) to maximise savings.
Don’t wait until the last minute—small changes now can mean thousands in tax savings by the end of the year.
Planning for a Strong 2025: Next Steps for Advisors
Taxes aren’t something to think about only in April. The right strategy needs year-round attention. The choices you make now can impact how much you owe and how much you save when 2025 rolls around.
So, what’s next?
Start with these steps:
- Schedule a Meeting with a CPA
If you’re searching for CPA services near me, now is the time to connect with a professional. A CPA can review your income, deductions, and tax bracket to make sure you’re set up for success. If you’re in Spring Lake, working with a local expert ensures you get advice that fits your state and local tax situation. - Review Your Withholding & Estimated Taxes
Waiting until tax season to check your withholding can lead to a big bill—or a refund that means you’ve been overpaying. Adjusting it now can help balance things out. If you’re self-employed or have other income streams, estimated tax payments should be part of your plan. - Get Ahead on Business Tax Planning
If you run a business, planning now can help you take advantage of deductions, equipment purchases, and employee benefits before the year ends. Small moves can lead to big savings.
Taxes don’t have to be overwhelming. A little planning now means fewer surprises later. The best time to act is before deadlines hit. Work with a CPA Spring Lake professional to set up a solid tax plan for 2025.
Also Read – States That Tax Social Security Benefits in 2025: A Comprehensive Guide to Retirement Taxes
Your 2025 Tax Strategy: CPA Near Me for Taxes in Spring Lake, Monmouth