The IRS has announced adjustments to tax brackets and standard deductions for 2025, reflecting inflation and other economic factors.
Changes to 401(k) and Roth retirement accounts are expected, potentially affecting contribution limits and tax implications.
Provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire or change, which may impact individual and corporate tax rates.
Proposed legislation aims to eliminate taxes on Social Security benefits, potentially increasing net income for retirees.
Staying aware of these changes is key to effective tax planning. Jarrar & Associates CPA can help you understand and prepare for 2025 tax updates with ease.