2020 is in the rear view mirror. Now it’s time to take control of your 2025 tax year. Let’s map out your tax calendar to make sure you stay in the driver’s seat of your financial future as much as Uncle Sam allows anyways.

Hi, I’m Hunter Brockway, founder of Boca Retirement Strategies, here to guide you to a successful, stress-free retirement while spending more and avoiding being overwhelmed in taxes. Today we’re going to break down what your 2025 tax year should look like, step by step, so you can avoid surprises and take charge of your taxes.

January: Kick Off the Year Right
– Submit your Q4 2024 estimated tax payments to the IRS.
– Start gathering your tax return documents, including 1099s, social security statements, and pension info.
– At Boca Retirement Strategies, we help clients with a custom 1099 checklist and a summary of last year’s key tax information all in one easy-to-read sheet. If that sounds helpful, reach out to us.

February: Organize and Verify
– Double-check your 1099s and verify your withholding amounts from Social Security and pensions.
– Begin planning your tax strategies for 2025. The sooner you map out the year ahead, the better.

March: Ensure Accuracy
– Ensure all of your tax documents are submitted to your CPA or tax preparer. Remember, it’s better to file an extension and submit accurate information rather than to rush and file with errors.

April: Filing Season and Strategic Contributions
– Review your draft tax return for accuracy before submitting it.
– Submit your Q1 2025 estimated tax payment to the IRS.
– April is your last chance to contribute to an IRA or Roth IRA for 2024. Don’t miss that important deadline.

June: Mid-Year Checkpoint
– Submit your Q2 estimated payment by June 15.
– Evaluate whether your 2025 tax plan needs adjustments based on changes in income, deductions, or goals.

August: Fine-tune Your Finances
– Review your pay stub to ensure your withholding is accurate.
– Maximize your employer benefits like retirement contributions or HSAs.

September: Stay on Track
– Submit your Q3 estimated payment by September 15th.
– Revisit your financial goals and make sure your tax strategy aligns with them.

November: End of Year Planning
– Consider proactive tax strategies like Roth conversions, charitable giving, leveraging tax brackets, and monitoring Medicare IRMA brackets.
– At Boca Retirement Strategies, we review 37 key tax items for our clients. If you’d like a copy of our end-of-year tax checklist, send an email to contact at Boca Retirement with “end of year tax list please” in the subject line.

December: Final Opportunity
– This is your last chance to take action on tax and retirement strategies before the year ends.
– Avoid holiday distractions by getting everything squared away before it’s too late.

Your tax calendar isn’t just for compliance; it helps you stay in control and avoid unnecessary costs. Taking action throughout the year is key to minimizing your tax bill and maximizing your financial success.

I’m Hunter Brockway, founder of Boca Retirement Strategies. Enjoy your successful retirement and thank you for watching. Bye-bye.