How Game of Thrones can teach you about taxes in 2025

Winter is coming…

For many, these words evoke a sense of dread and foreboding. But fear not, fellow citizens of the realm! Just as a wise ruler prepares for the coming winter, so too must a wise taxpayer prepare for the coming tax season.

Now, you might be thinking, “What does a Certified Financial Planner know about Game of Thrones?” Well, let me tell you, I’m a HUGE fan. I’ve read the books, watched the series (even that last season…twice!), and can probably quote more lines than you can shake a Valyrian steel sword at. And that’s why I’m so excited to bring you this Game of Thrones-themed guide to navigating the 2025 tax landscape!

In this blog post, we’ll embark on a journey through the Seven Kingdoms of Federal Income Tax, armed with the knowledge and strategies you need to emerge victorious.

Know Your Tax Brackets like Uncle Sam or Samwell Tarley

For the 2025 tax year, the tax brackets are as follows:

Claim Your Deductions: A Feast for Your Finances

Like a bountiful harvest feast at Winterfell, deductions can replenish your coffers and reduce your tax burden. Remember to explore all available deductions, such as:

• Standard Deduction: The standard deduction is a fixed amount that reduces your taxable income. For 2025, the standard deduction is:
  • $13,850 for single filers and married filing separately
  • $27,700 for married filing jointly
  • $20,800 for head of household
• Itemized Deductions: If your eligible expenses exceed the standard deduction, you can itemize instead. This includes deductions for medical expenses, state and local taxes, mortgage interest, and charitable contributions.

“Chaos Isn’t a Pit. Chaos is a Ladder”: Navigating the 2025 Tax Landscape

Petyr “Littlefinger” Baelish, the cunning and opportunistic Master of Coin, understood that times of turmoil can present unique opportunities. As we approach 2025, the looming expiration of certain tax provisions creates an air of uncertainty, a potential “chaos” in the tax code. But just like Littlefinger, savvy taxpayers can view this not as a pit of despair, but as a ladder to climb towards financial advantage.

Many of the tax cuts enacted under the Tax Cuts & Jobs Act (TCJA) are set to expire at the end of 2025. This means potential changes to income tax brackets, deductions, and credits. While this may seem daunting, it also presents opportunities for proactive tax planning.

• Strategic Charitable Giving: If you anticipate being in a higher tax bracket in the future, consider “bunching” charitable donations in 2025 to maximize your itemized deductions while they remain favorable.
• Roth Conversions: If you foresee tax rates rising, converting traditional IRA funds to a Roth IRA in 2025 could allow you to pay taxes now at a lower rate, potentially saving you money in the long run.
• Business Investments: If you’re a business owner, consider accelerating depreciation deductions or making capital investments in 2025 to take advantage of current tax benefits.

Plan Your Attack: Strategies for Tax Season

Just as a skilled military strategist plans their battles, a savvy taxpayer plans their approach to tax season. Consider these strategies:

• Tax-Advantaged Accounts: Contribute to tax-advantaged accounts like 401(k)s and IRAs to reduce your taxable income and grow your wealth for the future.
• Tax Credits: Tax credits directly reduce your tax liability. Explore available credits, such as the Child Tax Credit or the Earned Income Tax Credit.
• Year-Round Tax Planning: Don’t wait until the last minute! Plan your taxes throughout the year to avoid surprises and make informed financial decisions.

Download Your Guide: Your Tax Season Companion

To help you navigate the treacherous terrain of tax season, I’ve prepared a comprehensive guide to 2025 federal income taxes. Download it below and equip yourself with the knowledge you need to conquer your taxes!

[Download your  2025 tax information guide]

Remember, fellow taxpayers, knowledge is power. By understanding the tax laws and employing strategic planning, you can emerge from tax season victorious, with your finances intact and your spirits high.

Now go forth and conquer your taxes!