Tax-Time Reminders to Maximize Your Savings
As you gather your W-2s, 1099s, receipts, and files for your tax return(s), take this time to set yourself up for next year–and keep more green in your accounts. These tips are great to do, not only when you start a new position, but at the start of each year to ensure those hard-earned dollars go where you want them to go.
Review Your Tax Withholding
Last year, the Internal Revenue Service (IRS) announced inflation adjustments for tax year 2025. When rates or brackets shift, your current withholding may no longer align with your new tax liability. Take the time to review your W-4 form and consider adjusting your withholding to avoid underpaying or overpaying taxes throughout the year. Need help? The IRS has a Tax Withholding Estimator or reach out to a tax professional for those complex tax situations.
Maximize Tax-Advantaged Accounts
Evaluate your contributions to tax-advantaged accounts, such as a 401(k) or 403(b), a Health Savings Account (HSA), or 529 Plans. PenAir recommends working with one of our financial coaches or Wealth Management Advisors to align your financial strategy with your goals and plans.
Use Tax Refunds Wisely
If you expect a larger tax refund this year, plan how you’ll use it. Paying off debt, boosting emergency savings, or investing in long-term goals can create lasting benefits for your family.
PenAir Credit Union is here to help you make the most of these changes by strengthening your savings and guiding you toward your financial goals. PenAir offers tools and resources to help you maximize your tax savings through High-Yield Checking, Certificates, Retirement, Education, or other savings accounts.
Ready to take the next step? Visit penair.org/Appointment to make a virtual or in-person appointment today to build a better financial future for your family. Let’s grow together!
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Next Steps
There are many resources available from PenAir to help you take steps to securing your financial future. Here are just a few: