2025/2024 - SELECTED TAX FACTS:                  

         (Please feel free to call to ask any other questions about taxes)      

2025 Social Security: 

Maximum Taxable Wage base:                             $176,100

 

Medicare: 

Maximum Taxable Salary:                                    Unlimited

 

 

Do I need to file this year?  (Click here for the filing requirements)

https://www.irs.gov/uac/do-i-need-to-file-a-tax-return

 

 

Want some help with determining the proper number of exemptions to claim on your W-4 for wage withholding? 

(click the link for the IRS’s withholding calculator or call our office for assistance)

https://www.irs.gov/individuals/irs-withholding-calculator

 

 

Prior-year Safe Harbor: estimated taxes:           110% of prior year tax for Adjusted Gross                                                                                  Income > $150kAGI married couples (100% of                                                                          PY tax for AGI less than $150k (half for singles)

                                            

 

Standard mileage rate for business driving           2025 = 70   -&-   2024 = 67 cents / mile

 

 

Unearned income maximum for children              $2,500 (threshold, then sliding scale tax rate)

(Kiddie Tax applies 19 years and younger)          

 

Maximum capital gains tax rate for taxpayers       0% 

in the 10% - 15% bracket

 

Maximum capital gains tax rate for taxpayers       15-20% 

above the 15% bracket                                      (high income taxpayers should note that                                                                                       additional medicare tax NIIT may also apply                                                                                at 3.8%)

 

Capital gains tax rate on collectibles                    28%

 

2025 Traditional / Roth IRA Contribution limit       $7,000  - or -

                                                                        $8,000 (age 50+)  (2025 is same as 2024)

 

2025 Maximum employee contribution to             SIMPLE IRA = $16,500

                                                                       ($20,000 age 50 & older)

 

Maximum employee contribution to SEP IRA        25% of compensation

                                                                        up to $70,000 =2025  &  $69,000 =2024

 

401(k) Maximum employee contribution limit       $23,000=2025 / $23,000=2024 (under age 50)

                                                                        $31,000=2025 / $30,500=2024 (age 50 to 59)

                                                                        + additional $11,250 = 2025 (age 60 to 63)

 

Self-employed health insurance deduction            100%

 

Federal Estate Tax                                              40% on Estate's FMV @ date of death in excess

                                                                        value of $13.61 million (twice that for married)

 

Annual Exclusion for Gifts for Donors                   $19,000 = 2025   /  $18,000 = 2024

                                                                          (per recipient / per year)

 

IRC Section 121 Capital Gains exclusion on          up to $500,000 for married couples

primary residence if house was lived in 24              ($250,000 for singles)

of the 60 months preceding sale date 

 

     Contact Us Today

Valentine Seevers & Associates, PC

Certified Public Accountants

3781 Evergreen Parkway

Evergreen, Colorado  80439

 

(Long gray building between BMO Bank (formerly Bank of the West) and Safeway Gas Station on the Evergreen Parkway frontage Road basically between the US Post office & Safeway)

 

Phone: 303-674-5561

E-mail: info@vsaacpa.com

Print | Sitemap
© Valentine Seevers & Associates, PC - IONOS MyWebsite