Takeaways:<br /><br /><ul><li>2025 Tax Updates: So far, there have been no major tax law changes for 2025.</li><li>Retirement Contribution Limits: IRA contribution limits remain the same, while 401(k) and SEP IRA contribution limits have increased.</li><li>Taxes on Social Security: Taxes on Social Security benefits will most likely remain. There is hope that the income brackets will eventually be adjusted for inflation, as they have not been updated since the 1980s.</li><li>Rental Property Tax Considerations: If you own rental properties, be sure to take advantage of depreciation deductions and understand depreciation recapture when the property is sold.</li><li>Tax Planning Strategies: Strategies such as tax-loss harvesting in non-IRA accounts and Roth conversions can help reduce taxes in the future.</li></ul>