Four Things I'm Thankful for as a CPA

As the year draws to a close, it's a perfect time for gratitude and reflection. For CPAs, this often includes appreciating the professional tools that help clients save money and make confident financial decisions. Here are four things I'm especially thankful for:

1. The Standard Deduction

The standard deduction makes tax filing easier for many. As of 2025, single filers can deduct $15,750, married couples filing jointly $31,500, and heads of household $23,625. If your itemized deductions fall below these amounts, opting for the standard deduction can be both a simpler and more beneficial choice.

2. Retirement Account Contributions

Enabling clients to save for retirement is incredibly rewarding. IRAs allow contributions up to $7,000 (or $8,000 if you're 50 or older), while 401(k) contributions can reach $23,500 ($31,000 if you're 50+). Notably, from 2025, enhanced catch-up contributions are available for those aged 60–63, reverting at 64. Understanding the differences between Traditional and Roth contributions helps guide clients in long-term planning.

3. Health Savings Accounts (HSAs)

HSAs offer a triple tax advantage: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified expenses remain untaxed. Individuals with coverage can contribute $4,300, families $8,550, with an additional $1,000 catch-up for those 55 and older. This vehicle is essential for managing healthcare costs efficiently.

4. The Child Tax Credit (CTC)

Helping families is at the heart of what we do, and the CTC is a vital resource. Families can receive up to $2,200 per qualifying child under 17, with up to $1,700 being refundable. The credit starts phasing out at $200,000 for single filers and $400,000 for joint filers, making it crucial to maximize benefits where possible.

Review these opportunities before the year ends and reach out for professional guidance. A CPA can be an invaluable partner in navigating these benefits, ensuring you take full advantage. Here's to a prosperous year ahead!