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"2025 Tax Limit Changes vs. 2024"

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2025 Tax Limit Changes vs. 2024
Many tax limits change annually based on inflation. For 2025, some limits have increased, but with inflation cooling, the increases aren’t as large as they have been in recent years.Here are some am...

Medical Expense Deductions Explained
Easy to Understand details of taking advantage of the Medical Expense Deduction....

IRS Releases 2026 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts (Rev. Proc. 2025-32; IR-2025-103)
The IRS has released the annual inflation adjustments for 2026 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year ...

2025-2026 Special Per Diem Rates Released (Notice 2025-54)
The IRS has released the 2025-2026 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates inclu...

IRS Provides Transitional Guidance on Reporting Passenger Vehicle Loan Interest Under the OBBBA (Notice 2025-57; IR-2025-105)
The IRS has issued transitional guidance for reporting certain interest payments received on specified passenger vehicle loans made in the course of a trade or business during calendar year 2025. The ...

IRS Revises and Updates Form 1099-K Frequently Asked Questions Under OBBBA Reporting Provisions (FS-2025-8; IR-2025-107)
The IRS issued updates to frequently asked questions (FAQs) about Form 1099-K, Payment Card and Third-Party Network Transactions (Code Sec. 6050W). The updates reflect changes made under the One, Big,...

Social Security Wage Cap and Benefit Amounts Increase for 2026 (SSA Press Release; SSA Fact Sheet)
For 2026, the Social Security wage cap will be $184,500, and Social Security and Supplemental Security Income (SSI) benefits will increase by 2.8 percent. These changes reflect cost-of-living adjustme...

IRS Lists FAQs on Employee Retention Credits Under ERC Compliance Provisions of the OBBBA (FS-2025-7; IR-2025-106)
The IRS issued frequently asked questions (FAQs) addressing the limitation on Employee Retention Credit (ERC) claims for the third and fourth quarters of 2021 under the One, Big, Beautiful Bill Act (O...

IRS Identifies Drought-Stricken Areas for Tax Relief After Involuntary Sale of Livestock (Notice 2025-52; IR-2025-93)
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the ...

Final Regulations Issued on Reporting Requirements of Average Income Test for Low-Income Housing Credit (T.D. 10036)
The IRS and Treasury have issued final regulations setting forth recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit. The regulations ado...

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