The standard deduction is getting a nice bump in 2025, and that means more money in your pocket! For individual taxpayers, this change could be a game-changer when it comes to tax time. The good news is that this increase in the standard deduction 2025 will help reduce your taxable income, but how can you maximize this […]
Maximizing Benefits from the Increased Standard Deduction in 2025 Read More »
As the Internal Revenue Service (IRS) announces 2025 inflation adjustments, taxpayers across the country should take note of changes that may affect their finances. These annual updates adjust tax brackets, standard deductions, and other provisions to reflect inflation and maintain fairness in the tax code.
Understanding the IRS’s 2025 Inflation Adjustments: What Taxpayers Need to Know Read More »
Recent discussions in Congress propose reducing Medicaid funding to finance other initiatives, such as extending tax cuts. These proposed Medicaid cuts could have significant implications for taxpayers, particularly those with low incomes.
The Impact of Potential Medicaid Cuts on Taxpayers Read More »
Recent discussions about Medicaid funding cuts have raised concerns about their potential impact on businesses. These proposed reductions are aimed at financing other initiatives like tax cuts and increased border security. They could lead to significant changes in tax laws and employer-sponsored healthcare obligations.
Medicaid Funding Cuts: Potential Tax Implications for Businesses Read More »
As of January 1, 2026, the estate tax exemption is scheduled to decrease significantly. Currently, in 2025, the exemption stands at $13.99 million per individual. Without legislative changes, this amount will revert to approximately $7 million in 2026.
Estate Planning Alert: Upcoming Reduction in Gift and Estate Tax Exemptions Read More »
Business losses, while challenging, can offer tax-saving opportunities through carryforward and carryback for business losses. These provisions allow businesses to manage losses effectively, reducing tax burdens in profitable years or recovering taxes paid in prior years. Understanding these mechanisms can provide businesses with much-needed financial flexibility.
Understanding Carryforward and Carryback: Making the Most of Business Losses Read More »
