By Thomson Reuters Tax & Accounting What’s changing? Rise in standard deductions For married couples filing jointly, the standard deduction increases to $30,000, up $800 from tax year 2024. For heads of households, it is $22,500 for tax year 2025, up $600 from tax year 2024. For single taxpayers and married individuals filing separately for…
By Michael Cohn The Internal Revenue Service extended its transition relief for the new Form 1099-K information reporting threshold, setting it at $5,000 for 2024 and $2,500 in 2025 before reaching the statutory level of $600 in 2026 and thereafter. The threshold applies to payment apps and online marketplaces such as Venmo, PayPal, eBay, Etsy,…
If you invest in renewable energy for your home such as solar, wind, geothermal, fuel cells or battery storage technology, you may qualify for an annual residential clean energy tax credit. How it works The Residential Clean Energy Credit equals 30% of the costs of new, qualified clean energy property for your home installed anytime…
Taxpayers should watch out for gift card scams especially during the holiday season. The IRS never asks for or accepts gift cards as payment for a tax bill. Common holiday scams Scammers may try to trick taxpayers into falling for the gift card scam. With this scam, criminals may impersonate government or collections officials and…
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. To claim the credit, an employer must first get certification an individual is eligible. This credit is extended through the end of 2025. It encourages employers to hire workers…
Members of the U.S. Armed Forces, veterans and their families may qualify for special tax benefits. Whether they have a simple or complex tax situation, the IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country. Benefits for military members Some of the tax benefits for service…
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for…
By Michael Cohen/Accountingtoday.com The Internal Revenue Service said Friday that the amount individuals can contribute to their 401(k) plans in 2025 has increased by $500 to $23,500, up from $23,000 for 2024, as part of its annual cost-of-living adjustments, although the limit for individual retirement accounts remains $7,000. The IRS issued technical guidance Friday on…
By Nick Green for Unbiased 1. Keep records of every payment Use your books to track every payment and make it clear when they were made or received so you can easily find them if you need to refer to them later. 2. Choose an accounting method Your bookkeeping will underpin your accounting, so decide…
Just because you have to save money on a holiday party, doesn’t mean you can’t still create one that’s memorable and gives the impression that you pulled out all the stops. Several corporate event planners offered up these suggestions for creating a holiday party without dropping too much coin. Think outside the standard venue Getting…
