Four Things I’m Thankful for as a CPA
Ryan Bourlier

As the season of gratitude and self-reflection rolls around, it's essential to remember the tools that empower us to assist our clients effectively. As a CPA, I find myself grateful for the instruments that help my clients save money, plan ahead, and approach tax season with confidence.

1. The Standard Deduction

The standard deduction is a simple yet powerful tool. This year, it stands at $15,750 for single filers, $31,500 for married couples filing jointly, and $23,625 for heads of household. If itemized deductions fall below these amounts, opting for the standard deduction is the easier and smarter choice. Imagine the sigh of relief for clients when they find out they can simplify their filing process!

2. Retirement Account Contributions

Retirement planning is crucial, and I'm thankful for the contribution limits that help secure our clients' futures. In 2025, an IRA allows up to $7,000, or $8,000 if you're over 50. For 401(k) plans, the limit is $23,500, increasing to $31,000 for those aged 50+. The enhanced catch-up contributions for ages 60-63 are particularly advantageous, though the limits revert at age 64. The difference between Traditional and Roth contributions means we can tailor strategies to each client's needs.

3. Health Savings Accounts (HSAs)

HSAs offer a triple tax advantage that can't be overstated: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified expenses. With contribution limits of $4,300 for individual coverage and $8,550 for family coverage, plus an additional $1,000 catch-up for those 55 and older, HSAs provide invaluable financial benefits. It's heartwarming to see clients secure their healthcare finances so effectively.

4. The Child Tax Credit (CTC)

The Child Tax Credit stands at up to $2,200 per qualifying child under 17, with up to $1,700 potentially refundable. For single filers, the phase-out starts at $200,000 and $400,000 for joint filers. This credit plays a significant role in many clients' lives, offering support where it's needed most.

As year-end approaches, reviewing these opportunities is vital to maximizing benefits. If you're looking to optimize your financial strategies before tax season, don't hesitate to reach out for professional guidance. We're here to help in a friendly and approachable manner.