Most people believe that once the ball dropped on New Year’s Eve, their opportunity to impact their 2025 tax bill vanished. While it is true that many big-ticket items require action before December 31, there are several powerful “retroactive” moves you can make right now. At Wealthnest, we view the weeks leading up to the April 15 filing deadline as a critical window for an “audible” that can keep more of your hard-earned money in your pocket.
As a CFP® with years of tax preparation experience, I have seen far too many people miss these opportunities because they rely solely on tax software or high-volume preparers. Effective wealth management means looking at your taxes through a wide-angle lens, even when the deadline is staring you in the face.
The Spousal IRA: A Hidden Gem
One of the most overlooked strategies involves the Spousal IRA. If you are working but your spouse is not, you can often contribute to an IRA on their behalf. For the 2025 tax year, the contribution limit is $7,000, or $8,000 if your spouse is age 50 or older. If you qualify, this could result in an immediate deduction on your 2025 return, even if the check is written in April 2026. It is a simple move that supports your long-term retirement goals while providing an instant tax win.
The HSA: Your Triple Tax Threat
If you were enrolled in a High Deductible Health Plan (HDHP) during 2025, you have until April 15 to max out your Health Savings Account (HSA). For 2025, the limits are $4,300 for self-only coverage and $8,550 for family coverage. Those age 55 and older can add another $1,000 catch-up contribution. The HSA is arguably the best tool in the tax code because it offers a “triple” benefit: contributions are tax-deductible, growth is tax-deferred, and withdrawals for qualified medical expenses are tax-free. If you have the cash on hand, topping off this account is a pragmatic no-brainer.
Clarifying the “Extension” Myth
Every year, I speak with someone who believes that filing an extension gives them more time to pay their taxes. This is a dangerous misconception. An extension gives you until October 15 to submit your paperwork, but the IRS still expects every dime of your 2025 tax liability by April 15. If you do not pay by then, the interest and penalties start ticking immediately. If you are feeling a crunch, it is better to estimate and pay now rather than face an expensive surprise later this year.
The wealthnest® Advantage
At Wealthnest Planners, we do not just “do taxes” or “manage portfolios” in isolation. We understand that every investment decision has a tax consequence and every tax move impacts your future wealth. Because we bring significant tax preparation experience to the table, we identify these last-minute audibles that others might miss.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.