5 Ways to Reduce Your Taxes in 2025

[@BubbaCope11]

I'm in TN. I did my first Roth Conversion in December 2024. I paid my tax on that conversion from cash I had using the EFTPS website the same day I did my conversion. My question is for the annual income tax return are there forms other than the 1040 that I will have to fill out for the IRS since I did this Roth Conversion. I'm having a hard time finding that answer on KZbin. Do you do your own annual income tax return or hire someone to do it? Thank you

[@Grungefan2018]

I’m 61 1/2 and been trying time heck to play catchup and needed them to increase the 401k limit . So now of course I only get 1 1/2 to do it. wtf is wrong with them why only 3 damn years !?!?

[@johngeary6804]

Not quite correct on the SIMPLE IRA. The 10% extra contribution applies only to the 2024 number, so it remains 17,600 for 2025. The super catch up contribution for this 60 year old is not eligible for the 10% increase either. So my max 2025 contribution as a 60 year old is $22850 ($17600 +$5250). I own a business with 5 employees.

[@WiseMoneyShow]

Good catch John!