Transportation Benefits Rise Again: Claiming Your Commuting Expenses in 2025

1 week ago

In 2025, employees who commute using public transit, vanpools, or maintain parking near work have even more reason to smile—IRS…

Tax Year 2025: How Inflation Adjustments on Form 1040 Could Affect Your Wallet

1 week ago

Every year, the Internal Revenue Service (IRS) adjusts various tax provisions for inflation, and these changes directly affect your federal…

IRS Standard Mileage Rate for 2025: Increased by 3¢ Per Mile for Business Use

1 week ago

The Internal Revenue Service (IRS) has announced an increase in the standard mileage rate for business use of a personal…

Senior Taxpayers: How to Maximize the New $6,000 Deduction on Form 1040

1 week ago

For the 2025 tax year, the IRS introduced a significant new benefit for senior taxpayers: an extra standard deduction of…

New Senior Deduction for 2025: Additional $6,000 (or $12,000 for Married Couples) for Taxpayers Aged 65 and Older

1 week ago

Important Notice: This is a Hypothetical Analysis This blog post discusses a proposed or hypothetical "New Senior Deduction" as described…

Senior Citizens Filing Taxes: How the Updated Form 1040-SR Benefits You in 2025

1 week ago

Tax season can be stressful for anyone, but for senior citizens, recent changes to IRS Form 1040-SR for the 2025…

Schedules K-2 and K-3 for Forms 1065 and 1120-S in 2025: New Small-Entity Exceptions and Eased Filing Rules

1 week ago

The IRS continues to fine-tune its international tax reporting framework for pass-through entities through ongoing changes to Schedules K-2 and…

Form 1040-SR in 2025: Same Tax Topics as Form 1040 with Focus on Bracket Adjustments, Standard Deduction Inflation, and Senior Benefits

1 week ago

As the tax landscape continues to evolve, the IRS has made it easier for senior citizens to file their taxes…

Qualified Transportation and Parking Benefits in 2025: Monthly Limit Increased to $325

1 week ago

As part of the annual inflation adjustments released by the IRS, the monthly limits for employer-provided transportation fringe benefits have…

Understanding the 2025 Updates: No Major Structural Changes Between Form 1040 and 1040-SR, Only Standard Deduction and Table Adjustments

1 week ago

Each year, the Internal Revenue Service (IRS) reviews and updates its tax forms to reflect changes in tax law, inflation…