Potential Expiring Tax Provisions in 2025 Individual Income Tax Rate Reductions The TCJA temporarily lowered income tax rates across various brackets. Without extension, these rates will revert to pre-2018 levels, increasing tax liabilities for many individuals in nearly all income brackets. Below, you’ll find the tax rates for single filers based on 2025 tax brackets:
Get ready. The upcoming presidential and congressional elections may significantly impact the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How We Got Here The Tax Cuts and
The Tax Cuts and Jobs Act (TCJA) was passed into law in 2017, but its effects are still being felt years later. A number of the law’s provisions have already expired or will do so soon. The present deduction for research and experimentation (R&E) costs was one provision that ended last year. R&E Expenses Numerous
True to their name, recently created qualified opportunity zones (QOZs) may raise attractive opportunities for contractors.
The CARES Act contains a beneficial change in the tax rules for many qualified improvement properties.
The “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax.
Business meal and travel expenses are still deductible if they qualify as legitimate business expenses, though the deduction for meal expenses continues to be limited to 50% in most cases.
TCJA has placed some limitations on deducting business losses. Here’s a look at the changes in the rules and how they might affect you.
The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses. but it placed limits on several tax breaks, including interest expense deductions.
Working from home has its perks. Not only can you skip the commute, but you also might be eligible for home office deductions on your tax return. Home office deductions for these expenses can save you a bundle, if you meet the tax law qualifications.