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Energy Credits - if you want to claim personal residence energy efficiency credits for 2025 (insulation, windows, heat pumps, solar panels, etc.), the improvement must be installed, placed in service and paid for by 12/31/2025
1099 Threshold - payments to contractors for filing Forms 1099-MISC remains at $600 and above for the 2025 tax year - confirm W-9 information early for accurate reporting
College Invest - contribute by 12/31/2025 for a tax credit to a 529 savings account, and be sure to enroll any child born or adopted in CO on or after 1/1/2020 in the First Step Program for a $118 gift and free matching contributions up to $2500!
Charitable Contributions - there is still time for 2025, although the OBBBA will be changing the rules in 2026. If you are over age 70 1/2 you can still transfer up to $108,000 from an IRA tax-free and help satisfy your RMD. Colorado Gives Foundation can simplify the process
Prepare for the 2026 Filing Season - go to this IRS link to see what's new and get organized!
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