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Money In, Taxes Out
Plus: Tax bracket changes + Taxes Simplifi
🎙️ Did You Know? On this day in 1793, Louis XVI of France was executed by guillotine during the French Revolution. A grim turning point fueled by widespread discontent over inequality, economic hardship, and heavy taxation.
Talk about losing your head over taxes… While we’ve come a long way from revolutionary tribunals, tax season can still feel like its own kind of trial. Remember, staying informed about deductions and brackets can save you from any unnecessary "revolts" in your finances.
Taxes are one of those "adulting" milestones that we wish we could just skip. But with the right tools and mindset, managing your taxes will become just another part of your routine. The key is to start small, stay organized, and don't wait until the last minute.
The following are our honest suggestions, no affiliate links or kickbacks apply.
Your Tax RoadMap
➡️ Understand Your Obligations
Federal, State, and Local Taxes: Know what applies to you. Some states (like Texas or Florida) don’t have state income tax, while others (like California or New York) do.
Know Your Forms: Your employer will send you a W-2 if you’re a regular employee, or 1099s if you’ve done freelance or gig work.
➡️ Get That Money Back
Deductions vs. Credits: Deductions, like the Standard Deduction, reduce how much of your income is taxable.
Credits, like the Earned Income Tax Credit (EITC) or education credits, reduce your actual tax bill.
Retirement Contributions: Contributions to a 401(k) or IRA not only help your future self but can lower your taxable income today.
➡️ Stay Organized
Keep track of your income, expenses, and receipts throughout the year. This makes filing easier and helps you spot potential deductions.
Apps and tools like TurboTax or H&R Block can simplify the process and help you file accurately.
➡️ Beat the Deadline
Tax Day is April 15th, mark your calendar. Filing early gives you time to fix errors and potentially get your refund sooner.
You’ve worked hard for your money, so it’s important to understand where it goes and how to make the system work for you. If you’re unsure about something, consider working with a tax professional. It’s worth the peace of mind.
Kate Dore
The IRS has adjusted federal income tax brackets for 2025, raising thresholds by approximately 2.8% compared to 2024's 5.4% increase. This change, reflecting cooling inflation, may slightly boost take-home pay for many workers, depending on their withholdings. Inflation adjustments also increase the standard deduction to $30,000 for married couples filing jointly (up from $29,200) and $15,000 for single filers (up from $14,600).
These shifts mean some taxpayers could owe less in 2025 even with higher incomes. However, elevated costs for essentials like groceries and gas might offset any pay gains, according to financial experts. Workers are advised to monitor their withholdings throughout the year, particularly during life changes, to avoid unexpected tax bills or excessive refunds.
With Quicken Simplifi, you can take control of your finances and make tax season a little more manageable. This personal finance tool doesn’t just help you manage spending and savings, it’s also an excellent ally for tracking your income, expenses, and deductions, so you’re ready when it’s time to file.
Why It Matters
Staying on top of your taxes starts with knowing where your money is going. Simplifi’s automatic spending categorization and customizable reports allow you to identify tax-deductible expenses, track income streams, and ensure nothing slips through the cracks. You can even share your account with a partner or accountant, making tax preparation a collaborative and efficient process.
With real-time alerts and detailed financial insights, Simplifi helps you avoid surprises during tax season.
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