Tax Season 2025 Snapshot

File with confidence in 2025 by familiarizing yourself with IRS tax changes. We partnered with TurboTax to help you save up to 10% when you file with TurboTax® Online™ through GECU's website. You can get your tax return faster by setting up direct deposit to your GECU checking account. With Early Pay,¹ you'll enjoy your refund up to two days early!

Now that you have the information you need to file, you may be wondering: How can I save money on taxes? Consider embracing the strategies below in the tax years to follow.   

3 money-saving tax strategies  

1. Defer income to next year 

Consider opportunities to defer income to the following year, particularly if you think doing so would land you in a lower tax bracket. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services in order to postpone payment of tax on the income until next year. 

2. Make deductible charitable contributions 

If you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited based on your adjusted gross income (AGI), depending on the type of property that you give and the type of organization to which you contribute.  

3. Maximize retirement savings 

Deductible contributions to a traditional IRA and pre-tax contributions to an employer-sponsored retirement plan such as a 401(k) can reduce your taxable income. If you haven't already contributed up to the maximum amount allowed, consider doing so. The window to make contributions to an employer plan generally closes at the end of the year, while you have until the tax season deadline to make IRA contributions.  

Tax season doesn’t have to be overwhelming—these strategies can help you save money and make the most of your financial opportunities. At GECU, we’re here to help you navigate tax season with confidence. Don’t forget to take advantage of our 10% discount when you file with TurboTax® Online™.¹