First up, an updated 2025 Financial Fact Sheet. This beauty includes gobs of super helpful info including tax brackets and contribution limits.
Something shiny and new this year is 401K super catch-up contributions, if you are aged 60—63 at any point in 2025 (except if you turn 64 during said year). This super catch-up limit is the greater of $10,000 or 150% of the regular limit, which for this year is $11,250. The limits pre and post this small window of opportunity are holding at $7500. This will be indexed for annual cost-of-living increases in 2026 and beyond. Confusing? Sure, but that’s why we’re here—just ask for help!
Are you a small business owner? If you hold a SEP IRA or Solo-K contribution limits have increased as well. In 2025, aggregate contributions can reach up to $70,000 if you are under 50 and $77,500 if you are age 50-59 or age 64 or older. Those between age 60 and 63 can have aggregate contributions up to $81,250. Let us know if you want to talk through your specific circumstances.
Tax time, too, is coming so a little reminder of your to-do list.
Join us for Tax Prep Basics:
Brio’s hosting a webinar aimed to help take the stress out of filing this year. We’ll walk you through the process including:
- Importance of tax prep (including common mistakes)
- Key documents and where to find them
- Relevant dates and deadlines
- What deductions and credits you might qualify for
- DIY or hire a professional
- Estimated taxes and withholdings
RSVP here for tips on how to make tax season smoother and plan on zooming in on Friday, February 21st at noon Pacific. Can’t join us, that’s okay. Here’s a little cheat-sheet.
Gather Your Documents:
Start by collecting your W-2 forms, 1099 forms if you have other income, and receipts for deductions you plan to claim.
Charles Schwab will be mailing out their documents and will be posted online throughout February. You can access using your Schwab user ID and password. You can always access your documents directly on BrioFG.com: After logging in, navigate to the Document Vault to view folders ‘1099 Tax Reports’ and ‘5498 Tax Reports’ (if applicable).
Sometimes the easiest way to gather documents is to connect us with your tax preparer directly! Feel free to introduce us via email and we can forward along the information they need.
FYI: 1099s may be updated throughout February, so it could be beneficial to have your tax preparer submit after March 1st.
You won’t get forms for everything as it may not be a taxable event.
- Did you make a contribution to a Donor Advised Fund last year? DAFs don’t send out tax forms at year end. Instead, they send confirmation of the donation at the time of the donation. Those confirmations should be what you provide your preparer or use to file taxes yourself. If you initiated a grant from your DAF that isn’t tax-deductible so there won't be any tax related documents for that. Logon tips are at the link here based on your provider.
- Retirement accounts only generate a 1099 if you took a distribution from it in that calendar year
- Taxable accounts only generate a tax form if there’s more than $10 of interest
- IRA contributions are shown on form 5498, but that typically isn’t generated until May
- You don’t need form 5498 to file your taxes. Just let your tax preparer know what type of contribution you made, or ask Brio to inform your accountant
- If you did a backdoor ROTH IRA contribution, mention it to your tax preparer and loop in your Brio associate so they can ensure they do it correctly
Working with a Tax Preparer
Do you have a tax preparer? If you aren’t going solo, are you planning to continue with the same tax preparer as last year? It might be wise to reach out to book an appointment to avoid the rush. Need a recommendation? Just ask! We’d be happy to send along some of our preferred professional peers. Speaking of, if you are thrilled with your current provider, let us know. Better yet, make a warm intro so we can see if they might be taking on new clients. Brio always wants to spread the love!
Timing and Extensions
Don't rush through your tax preparation. Dedicate a specific time to go through your documents, fill out your forms, and double-check everything. That also gives us time to help if you run into any problems. Do you have too much on your plate right now to give your taxes the time you require or are you waiting on documents that won’t arrive by the April deadline? If so, go ahead and file that extension now.