Episode 40: A Conversation about Tax

21/01/2025 16 min
Episode 40: A Conversation about Tax

Listen "Episode 40: A Conversation about Tax"

Episode Synopsis

Takeaways: 1.      No major changes for 2025 so far 2.      IRA contributions remain the same, 401(k) and SEP IRA have had increases. 3.      Most likely taxes on Social Security benefits will remain. Hopefully they will inflate the brackets to more current levels. They haven't been inflated since the 1980's. 4.      If you own rental properties, be sure to deduct depreciation and recapture it when you sell. 5.      Tax planning strategies. Tax loss harvesting on non-IRA accounts and Roth conversions to help lower taxes for the future.