The IRS announces the typical November 14, 2025 shutdown of the efiling tax system to prepare their computers for the upcoming 2026 tax season that is to file 2025 US tax returns! It now means paper filing until some point in January 2026 when the IRS announces a re-opening. MeF Production Shutdown To prepare for […]
IRS reminds us that for taxpayers that did not file by April 15, 2025 and extended their 2025 filings to October 15, 2025 filing Form 4868 filing, this deadline is quickly approaching. That this was an extension of time to file not to pay, as the payment penalty will not be postposed. However with the […]
The IRS announces with IR-2025-51 for the 2025 tax season for those that missed the April 15, 2025 deadline to file their 2024 tax returns to file as soon as possible to avoid additional penalties and interest standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service encourages taxpayers who missed […]
A fantastic chart providing the major differences in maximums and phase-outs between the 2024 and 2025 tax season, concerning Social Security and Medicare, IRA’s, Qualified Plan Limits, Mileage rates, Business meals, Standard Deductions, Kiddie Tax and much, much more! The following chart provides some important federal tax information for 2025, as compared with 2024. Social […]
An excellent article regarding IRA Traditional and ROTH Options for the 2025 tax year, including information regarding SEP IRA’s, Profit Sharing Plans, Defined Benefit Plans. Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while simultaneously […]
An excellent article regarding the ins and outs of saving for college and qualified higher education- including the College 529 CSP, Gifting implications, Coverdell Education Savings accounts (ESA’s), and the Education Tax Credits namely the American Opportunity Credit (AOTC) and Lifetime Learning Credit (LLC). Have you ever invested in a company only to see its […]
Hear Ye Hear Ye read all about it—in IRS- IR2025-08-With the tweaking on the IRS platform form the upcoming 2025 tax season for the 2024 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 27, 2025! Anchors away. With tax day on April […]
The IRS announces with IR-2024-312 the 2025 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain […]
The IRS reminds us in IR—2024-289 individual retirement arrangement (IRA) owners age 70½ and older can make up to $108,000 in 2025 from $105,000 in 2024 in tax-free charitable donations during 2025/ 2024 through qualified charitable distributions (QCD’s). Also that for those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s […]
As is usual this time of the year the IRS under Notice 2024-80 through IR-2024-285 advises the tax practitioner community and taxpayers of the upcoming 2025 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service announced today […]
