Current Info

Tax Season is here! 


Time to get all of your paperwork together. 

Standard Deduction Amounts for 2025

-Single: $15,750
-Married Filing Jointly: $31,500
-Married Filing Separately: $15,750
-Head of Household: $23,625

65 and older can claim an additional standard deduction
-Single or Head of Household: Add $2,000
-Married Filing Jointly: Add $1,600

Beginning 2025 the mileage rates will be as follows:

70 cents per mile driven

21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed Forces

14 cents per mile for charitable organizations 

For 2025, seniors aged 65 and older can claim an additional deduction on top of their standard deduction. 

- You must be 65 or older by the end of the tax year and file as an individual, head of household, surviving spouse, or married couple filing jointly.

-The maximum deduction is $6,000 for individuals and $12,000 for married couples filing jointly if both spouses are 65 or older.

For 2025, taxpayers can deduct up to $10,000 in interest paid on loans for NEW vehicles purchased for personal use AFTER December 31, 2024. 
The vehicle must be either manufactured in the US or finished in the US. 

See update from IRS under 'articles':
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-on-the-new-deduction-for-car-loan-interest-under-the-one-big-beautiful-bill

Please see the update from the IRS under 'articles':

https://www.irs.gov/newsroom/one-big-beautiful-bill-how-to-take-advantage-of-no-tax-on-tips-and-overtime

There is one large change for anyone that has an S Corp, Corporation, LLC, Partnership, Trust, and anyone that would be registered with the Secretary of State when opening their entity. This must be completed online, but it is not due until the 1st of January, 2025.

For most of you it is pretty straightforward, just a need to collect the information required. This requirement is mandatory, and you can be accessed a penalty if you do not comply.

More information can be found in the 'articles' section.

http://boiefiling.fincen.gov