Dear Bernard,,

Do you know the importance of February 15? While you might think it has something to do with Valentine's Day (especially if you failed to acknowledge your someone special), it actually has to deal with receiving information to file your taxes.

February 15 is the normal reporting date at which financial companies should send out your 1099s for tax filing purposes. The reason I state should, is that with any rule, there are always exceptions.

Non-complicated holdings like bank accounts, single mutual fund holdings, and qualified account distributions (IRA, 401(K), SEP) will usually process by January 31. However, more complicated holdings will take longer. This will include combined holdings with multiple fund companies.

Concerning tax and investments, there are new rules and new limits that apply for tax year 2025. The contribution limits for most of us for IRAs has remained the same. Under age 50 you can contribute up to $7,000, and up to $8,000 if you are over age 50.

For those who contribute to SIMPLE IRA accounts there is now a new catch-up provision. If you are aged 60-63, the catch-up amount has increased to $5,250 in addition to the contribution limit of $16,500.

As in anything the government does, there are many changes across the board to other savings limits, tax brackets, and deductions. Your tax professional will have greater details and be able to let you know of any specifics that may apply to you.

A number of the vendors we work with provided us quick reference guides. If you would like your own copy I have included one version below for your own reference or for printing.

2025 Tax Reference Sheet

While we do not prepare your taxes for you, we are always willing to lend our expertise to help you with problems or opportunities. If you feel there is an area where our leadership will help, please feel free to give us a call.

As always, thanks for reading.