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Tax Updates and Reminders: Key Highlights for the 2025 Tax Season

Key Updates:

  1. IRS Tax News Hub Access timely updates, including return processing, refund status, and IRS notices, conveniently organized with the newest information at the top.

  2. Increased Standard Mileage Rate Starting Jan. 1, 2025, the standard mileage rate for business use will rise to 70 cents per mile, applicable to all vehicle types.

  3. Prepare to File Your 2024 Tax Return The IRS encourages early preparation with online tools for filing, paying taxes, tracking refunds, and accessing account details on IRS.gov.

  4. Reduced Refund Delays for Duplicate Dependent Claims New measures will reduce refund delays by accepting certain e-filed returns with previously claimed dependents.

  5. Business Tax Account Expansion Enhanced features now support C corporations and S corporations, allowing access to tax returns, accounts, and transcripts.

  6. Retirement Planning Reminders

    • Required Minimum Distributions (RMDs): Retirees aged 73+ must take RMDs before year-end.

    • Charitable Contributions: IRA owners aged 70½+ can donate up to $105,000 tax-free through Qualified Charitable Distributions (QCDs).

  7. Fraudulent Tax Scheme Warning Avoid schemes involving "Charitable LLCs" marketed to higher-income taxpayers. The IRS considers such transactions abusive.

  8. 1099-K Reporting Guidance Updated guidelines offer relief to third-party settlement organizations (TPSOs) for 2024 and 2025.

  9. Saver’s Credit Reminder Low- to moderate-income taxpayers can earn a tax credit for retirement contributions to IRAs or workplace plans.

  10. Tax Year 2025 Inflation Adjustments Over 60 tax provisions have been adjusted for inflation, as detailed in Revenue Procedure 2024-40.

  11. Volunteer Recruitment for Tax Assistance Programs The IRS seeks volunteers for VITA and TCE programs. Roles include tax preparers, greeters, interpreters, and IT specialists, with free training provided.

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Keep these updates in mind as you prepare for the 2025 tax season!


 
 
 

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