Category: US Taxation

As the 2025 tax season approaches, millions of Americans may notice something pleasantly surprising: a larger-than-expected tax refund. Thanks to several key adjustments made by the Internal Revenue Service (IRS), many taxpayers will benefit from increased thresholds, expanded credits, and...

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For U.S. citizens and resident aliens living abroad, filing taxes has always meant dealing with complex rules surrounding foreign income, exclusions, tax credits, and currency conversion. However, the IRS has introduced key updates to Form 1040 and its supporting schedules...

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The IRS continues to refine its guidance regarding international tax transparency and passthrough entity reporting. One of the most significant updates affecting partnerships in 2025 pertains to the “1-month rule” governing Schedule K-3 reporting. This rule determines whether a partnership...

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Every year the IRS adjusts tax brackets for inflation. These updates are essential to prevent “bracket creep,” where taxpayers move into higher tax brackets due to nominal increases in income rather than real earning growth. For the 2025 tax year,...

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In 2025, employees who commute using public transit, vanpools, or maintain parking near work have even more reason to smile—IRS has increased the pre-tax benefit limits for qualified transportation expenses. This update can significantly reduce taxable income and result in...

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Every year, the Internal Revenue Service (IRS) adjusts various tax provisions for inflation, and these changes directly affect your federal income tax return—especially if you file using Form 1040. For the 2025 tax year, the IRS has implemented numerous inflation-based...

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The Internal Revenue Service (IRS) has announced an increase in the standard mileage rate for business use of a personal vehicle for the 2025 tax year. The rate has been raised by 3 cents per mile, reflecting adjustments for inflation...

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For the 2025 tax year, the IRS introduced a significant new benefit for senior taxpayers: an extra standard deduction of $6,000 for individuals aged 65 and older, or $12,000 if both spouses meet the age threshold. This blog helps retirees...

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Important Notice: This is a Hypothetical Analysis This blog post discusses a proposed or hypothetical "New Senior Deduction" as described in the user's prompt. As of July 2025, this specific deduction of $6,000/$12,000 is not enacted law. The following content...

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Tax season can be stressful for anyone, but for senior citizens, recent changes to IRS Form 1040-SR for the 2025 tax year aim to simplify the process and maximize tax benefits. Specifically designed for Americans aged 65 and older, Form...

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