As we head into tax season and begin to plan our finances for the coming year, it can be difficult to paint an accurate picture without memorizing all the key numbers that affect our taxes. These include items like healthcare, updated tax brackets, retirement contribution limits, Medicare premiums, and more. Navigating tax season with wisdom and integrity is challenging when tax codes are ever-changing.
Tax-Saving Tips to Maximize Stewardship and Minimize Taxes
Stewardship is not just about what we spend. What we save and being wise with tax preparation can help us to spend less on taxes so we can better steward our finances for God’s Kingdom. Below are tax-saving tips and Key Financial Data to maximize your stewardship as you prepare and plan your taxes for the upcoming year.
Tip #1: Organize Your Documents: Gather all necessary forms, including W-2s, 1099s, and charitable donation receipts.
Lack of organization can cost you. Having a checklist of necessary documents and keeping folders on your computer, filing as you go through the year can save you a headache and also possibly grant you a savings in taxes.
Tax-Saving Tip to Maximize Generosity and Itemization
Tip #2: Maximize Deductions & Credits.
Take advantage of deductions for charitable giving, mortgage interest, and education expenses. Being generous comes back to bless you when you are faithful to give throughout the year. Track all your giving and see how you can have unnecessary taxation bless on-profit organizations instead. Remember, Proverbs 3:9 encourages us to “Honor the Lord with your wealth.” Diligence in financial matters is an act of stewardship and faith.
Tax-Saving Tip to Maximize Retirement
Tip #3: Consider Retirement Contributions.
Retirement should be a time of peace. Where all your saving has finally paid off. Contributions to retirement accounts now can reduce taxable income while preparing for the future. Don’t miss out on opportunities to make taxes in the future less burdensome. Your future self will thank you.
Tax-Saving Tip to Maximize Time
Tip #4: File on Time & Accurately.
The dreaded tax preparation can burn all our time and maybe even cause us to incur fees if we are not careful. Avoid penalties by filing before the deadline and double-checking your returns. Save yourself time by being organized. Time is money.
Tax-Saving Tip to Maximize Your Sanity and Maybe Your Return
Tip #5 Seek Professional Guidance.
A tax professional can provide wisdom and ensure you maximize your return. They might also be able to uncover some tax laws to help you better steward your finances and decrease tax liabilities.
Tax-Saving Tips to Manage Key Financial Data
Enclosed is a very handy reference card to help with your finances for the rest of the year. This key financial data card will help you to have the current information at your fingertips. It gives you many of the numbers needed for Tax Rates, IRA and 401k contributions, Social Security, health savings, Medicare, retirement, college planning, and more, all in one place.
Tax-Saving Tips to Maximize Stewardship in Others
I hope you find the 2025 Key Financial Data card as useful as I do. If you have friends, family members, or other professional advisors you feel would appreciate having this information at their fingertips, please feel free to give or send them a copy. At Stewardship Advisory Group, we want you to discover true financial freedom and experience Clarity, Confidence, Contentment, and Control in every choice you make.
See the 2024 Key Financial Data card here.
May God bless you with peace and clarity this tax season!
