The Grow Your Wealthy Mindset Podcast
Grow your wealth by working on your mindset and up leveling your game. Your thoughts about money have created your current financial net worth. Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive. Tune in each week to learn more on how to grow your wealthy mindset! Imagine your life when you have the financial knowledge to create wealth so you can practice medicine on your own terms. Please subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media. Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/elizabeth-chiang-0582a432
The Grow Your Wealthy Mindset Podcast
Episode 139: New IRS Updates for 2025
This episode discusses the adjustment in tax brackets and changes in contribution limits for tax advantaged accounts for 2025.
Marginal Tax Rates for 2025
37% for single taxpayers with incomes over $626,350 and $751,600 for married couples filing jointly
35% for incomes over $250,525 and $501,050 for married couples filing jointly
32% for incomes over $197,300 and $394,600 for married couples filing jointly
24% for incomes over $103,350 and $206,700 for married couples filing jointly
22% for incomes over $48,475 and $96,950 for married couples filing jointly
12% for incomes over $11,925 and $23,850 for married couples filing jointly
10% for incomes $11,925 or less and $23,850 or less for married couples filing jointly
The standard deduction for 2025 is $15,000 for single filers and $30,000 for married couples filing jointly.
Social security tax now applies to the first $176,100 of income, up from $168,600 in 2024. This means paying an extra $465 in 2025 to social security taxes for salaries above $176,100.
2025 Contribution limits
401(k) 403(b) and 457 employee contribution limits
Under age 50 $23,500
Age 50-59, age 64 and older $23,500 + $7,500 catch up for total $31,000
Age 60-63 - $23,500 + $11,250 catch-up for total $34,750
401(k) and 403(b) Employer contribution limits - $46,500 or 25% of employees salary, whichever is lower, contrubtions are salary capped at $350,000
IRA/Roth IRA
Age <50 $7,000
Age 50+ $7,000 + $1,000 catch-up = $8,000
Defined benefit plan contribution limit - $280,000
Define contribution plans contribution limit - $70,000
Health Savings accounts contribution limit - $4,300 for single and $8550 for families There is a 1,000 catch up for those 55 and older.
More details at https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
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If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook
Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .
You can learn more about Elisa at her website or follow her on social media.
Website: https://ww.GrowYourWealthyMindset.com
Instagram https://www.instagram.com/GrowYourWealthyMindset
Facebook https://www.facebook.com/ElisaChiang
https://www.facebook.com/GrowYourWealthyMindset
YouTube: https://www.youtube.com/c/WealthyMindsetMD
Linked In: www.linkedin.com/in/ElisaChiang
Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...
