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Taxes

Tax Planning Strategies for Every Season

2025-10-01T00:00:00.000Z
3 min read
msq-tags:topics/taxes,msq-tags:product-and-services/personal-wealth-management/ira
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If you're expecting a refund this year, be sure to file as early as possible, submit your return electronically, and choose direct deposit into your bank account to expedite the process. And double-check your figures. If your numbers differ from what the IRS has on record, your return will be flagged and reviewed — delaying your refund.

Here are some tax tips you can use throughout the year:

Consider an IRA

Up until the tax deadline, you can lower your tax bill and boost retirement savings by contributing to a traditional or Roth IRA. You won't get a deduction if you contribute to a Roth IRA, but your withdrawals in retirement will be tax-free. Check to see this year’s contribution limits to determine how much you’re eligible to contribute. Note that there are income limits for contributing to a Roth IRA.

Boost Your Spouse’s Retirement

If your spouse doesn't have an income from work, you can contribute to a traditional or Roth IRA on their behalf. You can deduct some or all contributions to a traditional IRA for a spouse if your modified adjusted gross income on a joint return is less than $149,000.

Review Your Filing Status

Married couples may find advantages to filing separately. Carefully review your situation and consult with a tax professional to determine if filing separately might be right for you.

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