It may not be tax season yet, but it's time to get ahead. If you wait until January 1st to start your tax planning, there's really not *** lot you can do. You can't go back in time. Jackson Hewitt's Mark Steber says now is the best time for *** tax check-in. You see most of your year's income and still have time to make adjustments. Look at your refund or your balance due last year. If that wasn't like you liked, then go in and adjust your withholding. One quick move, check your health savings account or HSA if you have one. It's *** way to put aside money tax-free for medical expenses. For 2025, you can put in $4300 if you're single, $8550 for family plans, plus $1000 more if you're 55 or older. Another smart step, add *** little more to your retirement account. For 2025, you can save up to $23,500. in *** 401k with an extra $7500 if you're over 50. If you're in *** company that's got *** 401k or retirement plan, consider even though times are tough, putting *** few more dollars in your 401k, maybe meeting that company match that comes off your tax return and creates *** tax-free asset, you know, suitable for retirement. Big changes under the One Big Beautiful Bill Act will also affect nearly every taxpayer. The 2025 tax changes. Dwarf anything I've seen in 40 years. There's more changes, new changes and the volume of changes are larger than anything. The law raises the child tax credit to $2200 per child, adds *** $6000 deduction for seniors, and gives new breaks for overtime and tips. It also lifts the limit on state and local tax deductions to $40,000 but that only matters if you itemize most middle income. don't. With so many new rules, Steber says mistakes are easy to make and the IRS won't correct them for you. The number one mistake that I see people make is people just misunderstand how the rules work and either don't take something or they take something they don't qualify for and they just get it wrong. Bottom line, spend an hour this month checking your pay stubs and savings. *** little planning now can save you *** lot of headaches and maybe money next spring. Looking ahead, the IRS announced inflation adjustments for 2026. The standard deduction will rise to $32,200 for married couples, $16,100 for single filers, and $24,150 for heads of household. Those higher limits will take effect when you file your 2026 return in 2027. Reporting in Washington, I'm Amy Lowe.
Year-end tax tips: What to do now to save on next year’s filing
The clock is ticking on year-end tax planning. Here are some steps to take now to lower your tax bill before filing next spring.
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Updated: 11:33 AM CDT Oct 28, 2025
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Tax season may still be months away, but now is the time to get ahead.“If you wait until Jan. 1 to start your tax planning, there's really not a lot you can do. You can't go back in time,” said Mark Steber, chief tax officer for Jackson Hewitt, emphasizing the importance of early preparation.Steber advises that now is the perfect time for a “tax check-in.” Most workers have earned nearly all of their income for the year, but they still have a few paychecks left to make adjustments, which could lower next spring's tax bill. “Look at your refund or your balance due last year. If that wasn't like you liked, then go in and adjust your withholding,” he said.Check your health and retirement accountsOne key move is to maximize contributions to a health savings account. For 2025, the IRS says individuals can contribute up to $4,300, while families can save $8,550, with an additional $1,000 allowed for those 55 and older. HSA dollars go in tax-free, grow tax-free and can be spent tax-free on qualifying medical expenses. Unlike a flexible spending account, the money rolls over from year to year. Another smart step is increasing contributions to your 401(k). Limits for 2025 allow up to $23,500 in savings, with an additional $7,500 for those over age 50. “If you're in a company that's got a 401(k) or retirement plan, consider, even though times are tough, putting a few more dollars in your 401(k), maybe meeting that company match,” Steber said. “That comes off your tax return and creates a tax-free asset suitable for retirement.”Tax changes to know The new One Big Beautiful Bill Act introduces sweeping changes, including a $2,200 child tax credit, a $6,000 senior deduction, and new breaks for overtime and tips. Additionally, the state and local tax deduction cap has been raised to $40,000 for itemizers, though most middle-income filers use the standard deduction. These changes apply to the 2025 tax year — the returns you will file in 2026.“The 2025 tax changes dwarf anything I've seen in 40 years,” Steber said. He also warned that the volume of changes makes mistakes more likely, and the IRS will not correct errors for taxpayers. He recommends taking an hour to review pay stubs and savings to avoid costly mistakes and ensure you are taking full advantage of the new rules.Looking ahead to 2026The IRS has announced its 2026 inflation adjustments, which will matter when taxpayers file in 2027. For tax year 2026, the standard deduction will rise to $32,200 for married couples filing jointly, $16,100 for single filers and $24,150 for heads of household.
Tax season may still be months away, but now is the time to get ahead.
“If you wait until Jan. 1 to start your tax planning, there's really not a lot you can do. You can't go back in time,” said Mark Steber, chief tax officer for Jackson Hewitt, emphasizing the importance of early preparation.
Steber advises that now is the perfect time for a “tax check-in.” Most workers have earned nearly all of their income for the year, but they still have a few paychecks left to make adjustments, which could lower next spring's tax bill.
“Look at your refund or your balance due last year. If that wasn't like you liked, then go in and adjust your withholding,” he said.
Check your health and retirement accounts
One key move is to maximize contributions to a health savings account. For 2025, individuals can contribute up to $4,300, while families can save $8,550, with an additional $1,000 allowed for those 55 and older. HSA dollars go in tax-free, grow tax-free and can be spent tax-free on qualifying medical expenses. Unlike a flexible spending account, the money rolls over from year to year.
Another smart step is increasing contributions to your 401(k). allow up to $23,500 in savings, with an additional $7,500 for those over age 50. “If you're in a company that's got a 401(k) or retirement plan, consider, even though times are tough, putting a few more dollars in your 401(k), maybe meeting that company match,” Steber said. “That comes off your tax return and creates a tax-free asset suitable for retirement.”
Tax changes to know
The new introduces sweeping changes, including a $2,200 child tax credit, a $6,000 senior deduction, and new breaks for overtime and tips. Additionally, the state and local tax deduction cap has been raised to $40,000 for itemizers, though most middle-income filers use the standard deduction. These changes apply to the 2025 tax year — the returns you will file in 2026.
“The 2025 tax changes dwarf anything I've seen in 40 years,” Steber said. He also warned that the volume of changes makes mistakes more likely, and the IRS will not correct errors for taxpayers. He recommends taking an hour to review pay stubs and savings to avoid costly mistakes and ensure you are taking full advantage of the new rules.
Looking ahead to 2026
The IRS has announced its , which will matter when taxpayers file in 2027. For tax year 2026, the standard deduction will rise to $32,200 for married couples filing jointly, $16,100 for single filers and $24,150 for heads of household.
