US Tax & Banking Articles

As we get closer to year end, there are still some opportunities to reduce your 2025 taxable income as well as reduce your taxable estate.

1. For 2025, you can reduce your taxable income for this year by:
   1. maximizing your IRA and other retirement savings accounts up to the IRS limit.
   2. Gifting appreciated stocks to US 501(c )(3) charities
   3. If you are over 70.5 years old, you can gift your required minimum distribution (RMD) from your retirement account directly to a US 501(c )(3).
2. For reducing your taxable estate, you as an individual can gift up to $19,000 per year per person (you can do this to as many people as you want) without a gift tax. Couples can gift up to $38,000 per year to a single individual.