Tax Day 2026 will be here shortly. While everyone's gathering together their W2s, Form 1098-Es, and business receipts, there is still time to make an impact on what you owe in 2025. And it’s a double whammy because it also means you’re saving for the future.

For 2025, you’re allowed to put away as much as $7,000 in a traditional IRA or Roth IRA. That number goes up to $8,000 for those 50 and older.

For those with a Roth 401(k) or traditional 401(k), the maximum pretax contribution is $23,500.

If you didn’t hit that mark last year, no worries; the deadline to do so is Tax Day, April 15, 2026.

Don’t have an IRA? You can actually set one up and invest up to the max before the deadline and still have it count toward 2025. You also have the option to put the investments toward 2026 if you so choose, but that won’t count toward your 2025 tax break.

Another way to save is to contribute to your Health Savings Account. An HSA offers a triple-tax advantage through tax-deductible contributions, tax-free growth, and tax-free withdrawals. It is a convenient and beneficial savings account for health expenses, whether anticipated or unexpected. For 2025, you can store up to $4,300 in your HSA if you have single coverage or $8,550 if you have a family plan. Throw in an extra $1,000 if you’re 55 and up.

Similar rules apply for the self-employed. Those with SEPs and Keoghs can invest 25% of their total compensation, up to $70,000 for 2025. 

There are plenty of other ways to save on your taxes, including home office tax deductions. Some other ways to save include student loan deductions, the child tax credit, credits for energy-efficient home improvements, and classroom expenses for educators. 

If you’re interested in saving for retirement, visit https://www.riverwind.bank/ContactUs to contact the RiverWind location nearest you!