US Tax Day Approaches Deadline for IRA Contributions

Tax Day in the United States is a crucial deadline for filing federal income tax returns and making annual IRA contributions that can optimize retirement savings and tax benefits. The federal estate tax exemption has significantly increased to $13.99 million per person in 2025, reducing the number of estates subject to federal estate tax, but outdated estate plans may create unintended tax burdens for heirs, especially regarding the step-up in basis benefits. India is undergoing tax reforms with a new income tax bill that consolidates and simplifies salary-related provisions and deductions, making tax calculations easier for salaried individuals, freelancers, and small business owners. Non-resident Indians (NRIs) returning to India must understand their residential status under Indian tax law (Resident and Ordinarily Resident or Resident but Not Ordinarily Resident) as it affects taxation of global income, and proper planning is advised for a smooth financial transition. Salaried taxpayers should ensure all income sources are reported, claim eligible deductions, verify TDS and tax forms to avoid mismatches, and file returns on time with e-verification to avoid penalties and delays in refunds. These measures collectively underscore the importance of understanding tax deadlines, exemptions, and proper filing procedures for effective financial and retirement planning.