Category: US Taxation

The IRS continues to fine-tune its international tax reporting framework for pass-through entities through ongoing changes to Schedules K-2 and K-3, which accompany Forms 1065 (partnerships) and 1120-S (S corporations). These schedules are designed to provide greater transparency into international...

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As the tax landscape continues to evolve, the IRS has made it easier for senior citizens to file their taxes through Form 1040-SR, a version of the standard Form 1040 tailored for taxpayers aged 65 and older. For the 2025...

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As part of the annual inflation adjustments released by the IRS, the monthly limits for employer-provided transportation fringe benefits have been increased for the 2025 tax year. Employees can now exclude up to $325 per month for qualified transportation and...

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Each year, the Internal Revenue Service (IRS) reviews and updates its tax forms to reflect changes in tax law, inflation adjustments, and taxpayer needs. For the 2025 tax year, which taxpayers will file in 2026, one important clarification concerns the...

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Form 1040-SR, introduced by the IRS as a simplified version of Form 1040 for senior taxpayers, continues to be an accessible and visually friendly tax filing option for those aged 65 and older. As of the 2025 tax year, there...

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In the 2025 tax year, a significant new tax benefit was introduced for senior taxpayers: an additional standard deduction of $6,000 for individuals aged 65 and older. For married couples where both spouses are 65 or older, this deduction doubles...

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The 2025 tax filing season brings with it a range of IRS updates, including significant line-by-line changes to Form 1040. These modifications reflect adjustments for inflation, expanded reporting obligations, digital asset compliance, and refinements aimed at simplifying and clarifying taxpayer...

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The IRS has announced an increase in the standard deduction for the 2025 tax year, and it’s a change that could put more money back in your pocket. Understanding how this increase works, who benefits, and how it interacts with...

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The IRS introduced several important updates to Form 1040 for the 2025 tax year filing season. Some changes are subtle yet impactful—like inflation-adjusted brackets and deductions—while others are new features aimed at improving clarity, accessibility, and fairness. Whether you're an...

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Every year, the Internal Revenue Service (IRS) makes inflation-indexed adjustments to various tax provisions. These changes affect a wide range of taxpayers by altering how much of their income is taxed and what credits or deductions they are eligible to...

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