US Taxation

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

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

2 weeks ago

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

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

2 weeks ago

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

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

2 weeks ago

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

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

2 weeks ago

Form 1040-SR in 2025: No Structural Revisions Beyond Larger Print and Updated Deduction/Table Values

Form 1040-SR, introduced by the IRS as a simplified version of Form 1040 for senior taxpayers, continues to be an…

2 weeks ago

The New $6,000 Additional Deduction for Seniors in 2025: What You Need to Know

In the 2025 tax year, a significant new tax benefit was introduced for senior taxpayers: an additional standard deduction of…

2 weeks ago

Navigating IRS Form 1040: Detailed Line-by-Line Changes for 2025 Filing Season

The 2025 tax filing season brings with it a range of IRS updates, including significant line-by-line changes to Form 1040.…

2 weeks ago

Maximizing Your Tax Benefits: Higher Standard Deduction for 2025 Explained

The IRS has announced an increase in the standard deduction for the 2025 tax year, and it’s a change that…

2 weeks ago

IRS Form 1040 Changes for Tax Year 2025: What Every Taxpayer Needs to Know

The IRS introduced several important updates to Form 1040 for the 2025 tax year filing season. Some changes are subtle…

2 weeks ago

Inflation-Indexed Adjustments for 2025: Standard Deduction, Tax Brackets, AMT, EITC and More

Every year, the Internal Revenue Service (IRS) makes inflation-indexed adjustments to various tax provisions. These changes affect a wide range…

2 weeks ago

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