Weekend Read - 6 Tax Strategies to Revisit Now That You’ve Filed
04/17/2025I take pride in personally crafting each of these emails. Unlike many others in the industry who rely on prewritten content, I write these myself from scratch. My goal is to boil down complex concepts and share relevant news in an easy-to-understand format. I hope you find them both informative and enjoyable.
Now that tax season is officially behind us, it’s the perfect time to pause, reflect, and plan ahead. I know taxes probably aren’t the most exciting thing to think about in late April, but ironically, this is when some of the best tax decisions can be made. Why? Because you’ve just seen your actual numbers, and there’s still plenty of time to adjust course for 2025.
If your return brought a surprise this year, maybe you owed a lot more than you expected, or got a refund that seemed unusually large, it could be a signal that something’s out of balance. It might be a good time to review your withholdings, income strategy, or how and when you’re taking distributions. A short planning session now could save you from another surprise next April.
And while we’re on the subject of tax planning, don’t forget that we’re approaching a major potential shift in the tax code. Unless Congress takes action, the 2017 Tax Cuts and Jobs Act (TCJA) will expire at the end of 20251. That’s why I expect the Republicans to introduce a new tax bill sometime this year. While it’s unclear what that legislation will include, at a minimum it’s likely to extend the current tax policy.
That said, given the way President Trump has approached policy in recent months, it wouldn’t be surprising if the new proposal ends up being significantly more dramatic and controversial. In fact, Treasury Secretary Scott Besick recently suggested that Trump would like to eliminate federal income tax altogether for individuals earning less than $150,000 per year2. If that idea gains traction, it would represent one of the largest tax policy overhauls in modern history.
With that in mind, I wanted to highlight a few past posts I’ve written that can help you build a smarter tax plan, not just for next April, but for the years ahead. If any of these topics apply to your situation, I’d be happy to walk through them with you.
Tax-Related Reads Worth Revisiting
1. Capital Gains Tax vs. Income Tax
Ever wonder why selling a stock feels so different (tax-wise) than earning a paycheck? This article breaks down the key differences between capital gains and income tax—and how to be strategic about managing both.
2. The Future of the TCJA and Why It Matters
Many of the tax cuts from 2017 are set to expire after 2025. This post explains what’s changing in detail.
3. Tax-Efficient Retirement Withdrawals: Which Accounts to Tap First
If you’re retired or approaching retirement, this one’s a must-read. It walks through the sequence of withdrawals, from IRAs to Roth accounts, and how to stretch your savings while minimizing taxes.
4. The Rules Around Gifting in 2024
Giving money to loved ones or charities? This post outlines the annual gifting limits, tax exemptions, and strategies to make your generosity go further.
5. Estate Planning and Taxes: What You Should Know
A solid estate plan isn’t just about passing down assets, it’s about doing it tax efficiently. This piece explains how to think about the legacy you’re leaving behind, and how taxes might affect it.
6. The Updated Rules for Inherited IRA RMDs
The IRS made some important changes to how inherited IRAs must be handled, especially under the 10-year rule. This article breaks down who’s affected and how to avoid costly mistakes.
If you’ve only recently joined my email list, you’ve missed out on many insights and updates that I've been sharing each week. Be sure to visit my blog to explore past content that you might find valuable.
If you have questions about anything you read here, or if you'd like to revisit your tax strategy while it's fresh on your mind, I’m just a call or email away.
Enjoy your weekend,
Jeremy Raffer, MBA
Director & Wealth Manager
Author “Financial Planning for Widows”
m. 201-747-2705
w. rafferwealthmanagement.com
e. [email protected]
Steward Partners
115 W. Century Rd, Suite 145
Paramus, NJ 07652.
1 https://www.congress.gov/crs-product/R47846
2 https://finance.yahoo.com/news/trump-latest-tax-proposal-no-064321282.html
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Steward Partners, its affiliates, and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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Now that tax season is officially behind us, it’s the perfect time to pause, reflect, and plan ahead. I know taxes probably aren’t the most exciting thing to think about in late April, but ironically, this is when some of the best tax decisions can be made. Why? Because you’ve just seen your actual numbers, and there’s still plenty of time to adjust course for 2025.
If your return brought a surprise this year, maybe you owed a lot more than you expected, or got a refund that seemed unusually large, it could be a signal that something’s out of balance. It might be a good time to review your withholdings, income strategy, or how and when you’re taking distributions. A short planning session now could save you from another surprise next April.
And while we’re on the subject of tax planning, don’t forget that we’re approaching a major potential shift in the tax code. Unless Congress takes action, the 2017 Tax Cuts and Jobs Act (TCJA) will expire at the end of 20251. That’s why I expect the Republicans to introduce a new tax bill sometime this year. While it’s unclear what that legislation will include, at a minimum it’s likely to extend the current tax policy.
That said, given the way President Trump has approached policy in recent months, it wouldn’t be surprising if the new proposal ends up being significantly more dramatic and controversial. In fact, Treasury Secretary Scott Besick recently suggested that Trump would like to eliminate federal income tax altogether for individuals earning less than $150,000 per year2. If that idea gains traction, it would represent one of the largest tax policy overhauls in modern history.
With that in mind, I wanted to highlight a few past posts I’ve written that can help you build a smarter tax plan, not just for next April, but for the years ahead. If any of these topics apply to your situation, I’d be happy to walk through them with you.
Tax-Related Reads Worth Revisiting
1. Capital Gains Tax vs. Income Tax
Ever wonder why selling a stock feels so different (tax-wise) than earning a paycheck? This article breaks down the key differences between capital gains and income tax—and how to be strategic about managing both.
2. The Future of the TCJA and Why It Matters
Many of the tax cuts from 2017 are set to expire after 2025. This post explains what’s changing in detail.
3. Tax-Efficient Retirement Withdrawals: Which Accounts to Tap First
If you’re retired or approaching retirement, this one’s a must-read. It walks through the sequence of withdrawals, from IRAs to Roth accounts, and how to stretch your savings while minimizing taxes.
4. The Rules Around Gifting in 2024
Giving money to loved ones or charities? This post outlines the annual gifting limits, tax exemptions, and strategies to make your generosity go further.
5. Estate Planning and Taxes: What You Should Know
A solid estate plan isn’t just about passing down assets, it’s about doing it tax efficiently. This piece explains how to think about the legacy you’re leaving behind, and how taxes might affect it.
6. The Updated Rules for Inherited IRA RMDs
The IRS made some important changes to how inherited IRAs must be handled, especially under the 10-year rule. This article breaks down who’s affected and how to avoid costly mistakes.
If you’ve only recently joined my email list, you’ve missed out on many insights and updates that I've been sharing each week. Be sure to visit my blog to explore past content that you might find valuable.
If you have questions about anything you read here, or if you'd like to revisit your tax strategy while it's fresh on your mind, I’m just a call or email away.
Enjoy your weekend,
Jeremy Raffer, MBA
Director & Wealth Manager
Author “Financial Planning for Widows”
m. 201-747-2705
w. rafferwealthmanagement.com
e. [email protected]
Steward Partners
115 W. Century Rd, Suite 145
Paramus, NJ 07652.
1 https://www.congress.gov/crs-product/R47846
2 https://finance.yahoo.com/news/trump-latest-tax-proposal-no-064321282.html
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Steward Partners, its affiliates, and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
AdTrax 7868893.1 Exp 4/26