1. Use Your Tax Return as a Guide

Before you file it away, take a quick look at what actually happened last year:

• Where did your income really come from?
• How much did you pay in taxes?
• Did anything surprise you (a big refund or an unexpected bill)?

Ask yourself: Was this what I expected?

If not, that’s helpful. It usually means there’s something worth adjusting now—not next year.

2. Adjust Withholding or Estimated Payments

If you owed more than you expected or got a much bigger refund than you planned, it’s probably time to fine-tune things:

• Update your paycheck withholding
• Revisit estimated tax payments (especially if you’re retired or self-employed)

The goal here isn’t perfection. The goal is just to avoid big surprises and smooth out your cash flow.

3. Revisit Your Tax Strategy for This Year

Now that you’ve seen how last year played out, you can be more intentional this year.

A few things to think about:

• Does a Roth conversion make sense this year?
• Should you shift income between years if you have flexibility?
• Are there opportunities to realize gains or losses more strategically?

4. Update your Contributions

This is one of the easiest things to review and update during your “spring cleaning.” Be sure to increase your contributions to your 401k and/or IRA’s to max out for the year.

For 2026, contribution limits have increased to:

• 401(k): $24,500 (+ $8,000 catch-up if 50+, or up to $11,250 if ages 60–63)
• IRA (Traditional or Roth): $7,500 (or $8,600 if 50+)
• HSA: $4,400 individual / $8,750 family (+ $1,000 catch-up if 55+)

If you can:

• Increase your automatic contributions
• Revisit your IRA or HSA funding plan
• Make sure your savings still match your current income

Even small changes now can make a noticeable difference by the end of the year.

5. Clean Things Up and Simplify

This is the “spring cleaning” part. Take a little time to:

• Consolidate old retirement accounts
• Double-check your beneficiaries
• Organize important documents
• Cancel or unsubscribe from things you don’t use anymore

6. Revisit Your Investment Mix

The market has moved around a lot over the last year and your portfolio can drift more than you realize. After tax season is a great time to:

• Review your allocation
• Rebalance if needed
• Make sure your investments still line up with your timeline (especially if retirement is getting closer)

Filing your taxes isn’t really the finish line—it’s more like the starting point for making smarter decisions this year. A few small, intentional adjustments now can go a long way toward reducing taxes over time, improving cash flow and feeling more confident about what’s ahead. If you have questions about any of this, feel free to reach out! We’re always happy to help you get things organized and on track for the year ahead.

The post Spring Cleaning for Your Finances: What to Do After You’ve Filed Your Taxes appeared first on MainStreet Financial Planning.

When:
November 18th 2025
3:00 pm Eastern; 12:00 pm Pacific
~45 minutes & Q/A included

How: Zoom Meeting
Recorded and able to retrieve for one week

Cost: Free to ongoing clients; $10 per session for guests

Email us for the recording!

When Health Meets Wealth:
Planning for a Longer, Stronger Life

(For anyone curious about the sweeping tax changes and how they may impact your family)

Hosted by: Anna Sergunina, CFP®

Guest commentator:  Dr. Pamela E Wilson

What if your health plan and financial plan worked together?

What if your financial plan and your health plan worked together?

Join Anna Sergunina, CFP®, and Dr. Pam Wilson, physician and founder of the F.I.R.S.T. Method™, for a special Chalk Talk on the intersection of longevity medicine and financial readiness.

You’ll learn how to reset your habits, energy, and mindset—so you can live longer, feel better, and enjoy your retirement years with confidence. Together, Anna and Dr. Pam will show how aligning your health and money decisions can help you build a longer, stronger, and more fulfilling life.

About Dr. Pam E. Wilson:

Dr. Pam Wilson is a physician with over 30 years of experience helping people restore energy, rebuild health, and move with strength and purpose. She created the F.I.R.S.T. Method™ and is the author of the upcoming book Think. Fuel. Move. — a proven framework for transforming mindset, metabolism, and movement for lasting health. 

Some of the topics we’ll discuss:

1. How Health Impacts Financial Independence
2. Longevity Planning: Living Well, Not Just Longer
3. Habits That Pay Dividends — in Health and Money
4. Creating a Holistic Health Plan for Your Future

The post Chalk Talk: When Health Meets Wealth: Planning for a Longer, Stronger Life appeared first on MainStreet Financial Planning.

When:
August 7, 2025
3:00 pm Eastern; 12:00 pm Pacific
~45 minutes & Q/A included

How: Zoom Meeting
Recorded and able to retrieve for one week

Cost: Free to ongoing clients; $10 per session for guests

Sign Up by Clicking Here

The One Big Beautiful Bill: What It Means for You

(For anyone curious about the sweeping tax changes and how they may impact your family)

Hosted by: Anna Sergunina, CFP®

Guest commentator: Rob Colon, CFP® an in-house tax expert

By now, you’ve likely seen headlines about the new legislation dubbed the “One Big Beautiful Bill” (OBBB) — a sweeping tax and policy package that’s stirring up plenty of questions.

At MainStreet, we know these changes can feel overwhelming. That’s why we’re dedicating this Chalk Talk: Real Money Questions. Expert Answers. session to breaking down what matters most — without the noise or the jargon.

Anna Sergunina, CFP®, will host this engaging conversation with Rob Colon, CFP®, who will walk through the key elements of the new law that could impact your financial life today and in the future. Whether you’re actively planning for retirement, raising a family, or just trying to understand what changed — this session is for you.

Rob will also share real-life examples and planning scenarios from recent client conversations, helping you understand how these changes might affect your own financial strategy.

Some of the topics we’ll discuss:

⁃ Changes to the State and Local Income Tax (SALT) deductions

⁃ Impacts on the child tax credit

⁃ Expiration of energy-efficient tax credits

⁃ Introduction of “Trump Accounts” for college savings

⁃ Updates to the standard deduction — and what it means for you

⁃ What’s permanent, what’s temporary, and what to watch

This Chalk Talk is open to clients and guests — and will be recorded and available for one month following the session.

Bring your questions. We’ll bring the clarity.

Save the date. Next Chalk Talk Session is scheduled for November 18^th, 2025

The post Chalk Talk: The One Big Beautiful Bill: What It Means for You appeared first on MainStreet Financial Planning.

The DIY Approach: When It Makes Sense

1. Your Financial Situation is Simple

If your income comes from just a few sources—like a regular paycheck, interest from savings, or basic investments—DIY tax software can likely handle your needs.

2. You’re Comfortable with Numbers and Technology

Modern tax software is designed to be user-friendly, but it still requires a basic understanding of tax concepts and digital tools. If you enjoy working with numbers and following step-by-step instructions, DIY may be a good fit.

3. You Have the Time and Patience

Filing your own taxes can be time-consuming, especially if you’re unfamiliar with tax rules. If you’re willing to invest the time in learning and double-checking your work, DIY tax prep can be a rewarding and cost-effective choice.

When to Consider Professional Help

1. Your Financial Situation is Complex

If you have multiple income sources, rental properties, freelance work, or a business, your tax situation becomes more complicated. A tax professional can help ensure you don’t miss deductions or credits that could save you money.

2. You’ve Experienced Major Life Changes

Buying or selling a home, getting married or divorced, having a child, or receiving an inheritance can all impact your taxes. A professional can guide you through these transitions.

3. You’re Concerned About an Audit

While audits are rare, they can be stressful. Many tax professionals offer audit support, giving you peace of mind that your return is accurate and well-documented.

4. You Want to Maximize Tax Savings

Tax professionals stay up to date on changing tax laws and strategies that could reduce your tax bill—helping you keep more of your hard-earned money.

The Middle Ground: DIY with Professional Review

If you’re confident in preparing your return but want an extra layer of security, consider a hybrid approach. Many tax professionals offer review services where they check your completed return for accuracy before you file. This can provide peace of mind while keeping costs lower than full-service tax prep.

Making Your Decision

When deciding whether to go DIY or hire a professional, consider these key factors:

✅ Cost: DIY is often cheaper, but missing deductions or making mistakes could cost you more in the long run.
✅ Complexity: The more assets, income sources, and tax credits you have, the more valuable professional help becomes.
✅ Confidence: If the idea of making a mistake worries you, hiring a pro might be worth it.
✅ Time: DIY tax prep can be time-intensive. Consider if it’s worth your effort or if outsourcing makes more sense.

There’s no one-size-fits-all answer. Your choice may change from year to year depending on your financial situation and comfort level with tax filing.

Need Professional Tax Help?

At MainStreet Financial Planning, we offer personalized tax preparation services to help you navigate tax season with confidence. Whether you need full-service tax prep or a professional review of your DIY return, our experts are here to assist you.

📌 Learn more about our tax services here:
🔗 MainStreet Financial Planning – Tax Services

Final Thoughts

No matter which route you take, staying informed about your taxes is key. Keep good records throughout the year, stay updated on tax law changes, and don’t hesitate to seek help if needed. By making an informed decision, you’re taking control of your financial future—one tax season at a time.

The post Navigating the Tax Maze: Should You DIY or Hire a Professional? appeared first on MainStreet Financial Planning.

1. Freeze Your Credit

If you temporarily unfreezed your credit for a loan or new credit card last year, be sure to re-freeze it now. Freezing your credit is an effective way to protect against identity theft and unauthorized access to your financial accounts.

2. Update Your Home Inventory

Take a few moments to review and update your home inventory, whether you keep it in an app, a spreadsheet, or through photos on your phone. Removing items you no longer own and adding new purchases will ensure your inventory is accurate and ready for insurance purposes if needed.

3. Scrutinize Your Credit Report

Visit annualcreditreport.com to get your free credit reports from the three bureaus: Experian, TransUnion, and Equifax. Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.

4. Verify Your Social Security Earnings

Your Social Security benefits are based on your earnings record, so it’s crucial to ensure your reported income is correct. Log into myssa.gov to view and confirm your earnings history. If you notice any errors, you can easily request a correction online. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Double-checking this annually ensures your record stays accurate for future benefit calculations.

5. Review Your Estate Planning Documents

Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. Whether they’re stored in physical files or securely stored digitally, it’s important to confirm they’re updated and easy to access should you need them.

6. Revise Your Annual Budget

Look over your budget from the previous year and make adjustments for 2024. Tools like Tiller, Monarch, or YNAB can help you track your spending and ensure you stay within your financial goals. While inflation can increase certain costs, staying aware of your spending is the key to preventing your expenses from creeping up.

7. Prepare for Tax Season

Organize your tax documents in one central location—whether it’s a folder, box, or basket—to avoid scrambling when it’s time to file. You’ll receive a mix of mailed forms, emailed notices, and online documents, so keeping everything in one place will save you time and hassle when tax season arrives.

By checking these key items annually, you’ll stay on top of your financial health and be ready for whatever the year brings. Starting the year with these updates will give you peace of mind, knowing your finances are secure and organized.

The post Start the Year Strong: Get Your Financials in Shape for 2025 appeared first on MainStreet Financial Planning.

• The SSA has announced that benefit checks will rise 2.5% in 2025. Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out your new benefit amount is to access your personal mySocial Security account to view the COLA notice online.
• The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $176,100 from $168,600.
• The individual tax brackets for ordinary income have been adjusted by inflation. On average, tax parameters that are adjusted for inflation will increase about 2.80%.

• The standard deduction (used instead of itemized deductions) will increase by $400 for single filers and $800 for joint filers. Seniors over age 65 may claim an additional standard deduction of 2,000 for single filers and $1,600 for joint filers.

• The personal exemption for 2025 remains at $0 (eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA))
• Long-term capital gains rates and brackets:

• The maximum child tax credit is still $2,000 per qualifying child and was not adjusted for inflation. The refundable portion of the child tax credit is adjusted for inflation and will remain $1,700 for 2025.
• The retirement plan contribution limit for employees who participate in a 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500 (an increase of $500 from 2024) $31,000 for those aged 50 and over (which includes an unchanged $7,500 catch up contribution limit)
• The limit on annual contributions to an IRA remains at $7,000 and the IRA catch-up limit remains at $1,000.
• The income phase-out range for taxpayers making contributions to a Roth IRA is increased to between $150,000 and $165,000 for singles and heads of households. For married couples filing jointly, the income phase-out range is between $236,000-$246,000.
• Eligible IRA owners age 70 ½ and older can make up to $105k in tax-free charitable donations during 2024 through qualified charitable donations (QCDs).  Qualified charitable distributions are made directly to the eligible charity from a traditional IRA, inherited IRA, inactive Simplified Employee Pension (SEP) plan and inactive Savings Incentive Match Plan for Employees (SIMPLE) IRAs. 2025 amounts should become available later this year.
• The annual maximum Health Savings Account (HSA) contribution limits for 2025 will be $4,300 for self-only coverage and $8,550 for family coverage. The catch-up contribution for savers age 55 and older remains unchanged at $1,000. A high deductible health plan (HDHP) must have a deductible of at least $1,650 for singles and $3,300 for family.
• In 2025, eligible employees may contribute up to $3,300 to a FSA (Flexible Spending Account).
• Estates of decedents who die during 2025 have a basic exclusion amount of $13,990,000.
• The annual exclusion for gifts increases to $19,000 for the calendar year 2025, up from $18,000 from 2024.
• The standard mileage rates for 2024 is $0.67 per mile. 2025 rates should become available later this year.

More Information

• If you would like to read more about the 2025 changes from the IRS here is the IRS Publication and summary at the Tax Foundation website.
• For help estimating your taxes or withholding:
• • IRS Tax Withholding Estimator

The post 2025 Tax Brackets, Social Security Benefits Increase, and Other Inflation Adjustments appeared first on MainStreet Financial Planning.

1. Maximize Your Retirement Contributions:

Enhancing your retirement savings not only secures your future but also offers immediate tax benefits. For 2024, the IRS has increased contribution limits:

– 401(k), 403(b), and most 457 plans: You can contribute up to $23,000. If you’re 50 or older, you can make an additional catch-up contribution of $7,500, bringing the total to $30,500.

– Traditional and Roth IRAs: The contribution limit is $7,000, with an extra $1,000 catch-up contribution for those 50 and above, totaling $8,000.

While IRA contributions for 2024 can be made until April 15, 2025, contributing before year-end allows you to benefit from tax-deferred growth sooner.

2. Harvest Tax Losses

If you have investments that have declined in value, consider selling them to offset capital gains from other investments—a strategy known as tax-loss harvesting. You can use up to $3,000 of net capital losses to offset ordinary income, with any excess carried forward to future years. Consult with a tax professional to navigate the complexities and avoid wash-sale rules.

3. Prepay Deductible Expenses

If your itemized deductions are close to the standard deduction thresholds—$14,600 for single filers, $29,200 for married filing jointly, and $21,900 for heads of household in 2024—prepaying certain expenses can help you exceed the standard deduction and maximize your tax benefits. Consider:

   – Mortgage Interest: Making an extra mortgage payment to increase deductible interest.

   – Medical Expenses: Scheduling and paying for medical procedures or expenses before year-end, especially if they exceed 7.5% of your adjusted gross income.

 – Property Taxes: Paying property taxes due in early 2025 before December 31, 2024, keeping in mind the $10,000 cap on state and local tax deductions.

– Tuition Payments: Prepaying college tuition for the upcoming semester may qualify you for education credits, such as the American Opportunity Tax Credit, worth up to $2,500 per eligible student. Be aware of income phase-out ranges for these credits.

4. Bundle Charitable Contributions

If your charitable donations don’t typically exceed the standard deduction, consider “bunching” multiple years’ worth of contributions into one year to maximize your itemized deductions. Establishing a donor-advised fund allows you to make a large charitable contribution in one year, receive the tax deduction, and distribute funds to charities over time. This strategy is particularly effective if you have appreciated securities, as donating them can help you avoid capital gains taxes.

5. Contribute to a 529 College Savings Plan

Contributions to a 529 plan grow tax-free, and withdrawals for qualified education expenses are also tax-free. While there’s no federal tax deduction for contributions, many states offer tax benefits. For example, California does not provide a state tax deduction for 529 contributions, but the tax-free growth and withdrawals still offer significant benefits. Check your state’s specific rules to understand the potential tax advantages.

By implementing these strategies before December 31, you can optimize your tax situation and set a strong financial foundation for the upcoming year. Always consult with a tax professional, (we happy to help you as well) to tailor these strategies to your personal circumstances and ensure compliance with current tax laws.

The post Save on Taxes with These 5 Year-End Financial Tips appeared first on MainStreet Financial Planning.

First thing to know, your Social Security benefits aren’t 100% taxable. These are based on income brackets where the benefits could be 50% taxable or if you have higher income, benefits are 85% taxable. That’s quite a difference in tax if your income happens to go over the threshold by even one dollar!

According to the Social Security Administration 2024 brackets listed below, if you:
File a federal tax return as an “individual” and your combined income is

• Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
• More than $34,000, up to 85% of your benefits may be taxable.

File a joint return, and you and your spouse have a combined income that is

• Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
• More than $44,000, up to 85% of your benefits may be taxable.

What is combined income, also called provisional income? It is a special formula Social Security uses to determine at which tax rate your benefits will be taxed. The calculation is:

• MAGI, modified adjusted gross income (this is AGI that does not include the taxable portion of Social Security benefits)
• plus nontaxable interest income
• plus 50% of your Social Security benefits for the year

Sum these amounts and see which tax rate for Social Security benefits applies to you. You may want to get your CPA involved to help with the calculations.

If your income sources already push you well into the 85% Social Security taxation rate, you’re already in a higher marginal tax bracket and not concerned about the tax torpedo. For others, there are strategies to reduce the taxable portion of Social Security benefits such as Roth IRA Conversions, delaying Social Security or drawing down more of your tax deferred accounts before filing for Social Security. Reach out to us at MainStreet to discuss how these strategies work.

For other articles on Social Security, see the following:

5 FACTS YOU SHOULD KNOW ABOUT SOCIAL SECURITY RETIREMENT BENEFITS Originally posted by Katherine Edwards on Jun 29, 2023

SHOULD I TAKE SOCIAL SECURITY WHILE STILL WORKING?

Originally posted by Cynthia Flannigan on Apr 8, 2021

The post What is the Social Security Tax Torpedo? appeared first on MainStreet Financial Planning.

Review Tax Withholding: Check your paystubs to assess if adjustments to your W-4 are needed to avoid overpaying or underpaying taxes in 2024. If you had a big tax bill, consider increasing your withholdings and if you received a large refund that may mean you are withholding too much from each paycheck and essentially giving the government a free loan until next April.  The IRS website has this helpful Tax Withholding Estimator you can use as a reference if you are unsure how much to withhold.

Quarterly Payments: If you had a large tax bill last, consider making quarterly payments.to avoid penalties for underpayment

Maximize Deductions and Credits: There are numerous tax deductions and credits that you may be eligible for, from deductions for charitable gifts, to an electric vehicle tax credit. There are some income limits/phaseouts to be aware of but it is always helpful to review what may be available to you this year that you may not have been eligible for last year.

Explore Tax-Advantaged Accounts: One way to lower your tax burden is to take advantage of your employer’s retirement plan if they have one by contributing pre-tax dollars into your 401(k) or 403(b). If you weren’t able to max out those accounts last year, can you increase your contributions this year? You may also be eligible to make deductible Traditional IRA contributions depending on whether you have access to an employer retirement plan and your income level.

Healthcare Expenses: If your employer offers HSAs or FSAs, these can be a great way to help manage expenses related to healthcare but also be a good way to reduce your taxable income. FSA’s are usually a “use it or lose it” type of account where you have to use the full amount in that calendar year (with some grace period exception) whereas an HSA can be invested and continue to grow until you reach retirement age.

If you still haven’t filed your taxes for 2024, now is the time to get organized, and here are a few other resources to help you plan for taxes for 2024.

Other Resources

Should I do my own taxes?

What can you learn from your latest tax return?

What is Tax Loss Harvesting and when should I do it?

*This article was originally posted on March 14, 2024*

The post Make your 2025 Taxes Less Taxing by giving yourself a Tax Checkup! appeared first on MainStreet Financial Planning.

• The SSA has announced that benefit checks will rise 3.2% in 2024. Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out your new benefit amount is to access your personal mySocial Security account to view the COLA notice online.
• The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $168,600 from $160,200.
• The individual tax brackets for ordinary income have been adjusted by inflation (Table 1):

• The standard deduction (used instead of itemized deductions) will increase by $750 for single filers and $1500 for joint filers (Table 2). Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.

• The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA))
• Long-term capital gains rates and brackets:

• The maximum child tax credit is still $2,000 per qualifying child and was not adjusted for inflation.
• The retirement plan contribution limit for employees who participate in a 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,000 (an increase of $500 from 2023) $30,500 for those aged 50 and over (which includes an unchanged $7,000 catch up contribution limit)
• The limit on annual contributions to an IRA will increase to $7,000, up from $6,500. The IRA catch-up limit remains at $1,000.
• The income phase-out range for taxpayers making contributions to a Roth IRA is increased to between $146,000 and $153,000 for singles and heads of households. For married couples filing jointly, the income phase-out range is between $230,000-$240,000. DETAILS HERE.
• The annual maximum Health Savings Account (HSA) contribution limits for 2024 will be $4,150 for self-only coverage and $8,300 for family coverage.
• In 2024, eligible employees may contribute up to $3,200 to a FSA (Flexible Spending Account).
• Estates of decedents who die during 2024 have a basic exclusion amount of $13,610,000 up from a total of $12,920,000 for estates of decedents who died in 2023.
• The annual exclusion for gifts increases to $18,000 for the calendar year 2024, up from $17,000 for the calendar year 2023.
• The standard mileage rates for 2024 is $0.67 per mile, up 1.5 cents from 2023.

More Information

• If you would like to read more about the 2024 changes from the IRS here is the IRS Publication and summary at the Tax Foundation website.
• For help estimating your taxes or withholding:
  • IRS Tax Withholding Estimator

The post 2024 Tax Brackets, Social Security Benefits Increase, and Other Inflation Adjustments appeared first on MainStreet Financial Planning.