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Looking ahead to 2025 tax limits as you prepare to file your 2024 return
February 5, 2025
Categories: charitable giving, Itemized deductions, Tax rates, TCJA
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2025 due to inflation. Not all tax figures are adjusted annually for inflation, and some amounts only change when Congress passes new laws. In
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How inflation will affect your 2024 and 2025 tax bills
December 3, 2024
Categories: 401(k), 403(b), 457 plan, Flexible Spending Account, GiftTax, inflation, Retirement, Secure2.0, Standard Deduction, Tax Breaks
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A larger standard deduction will shelter more income from federal income tax next year. For 2025, the standard deduction will