Tax credits are more favorable than deductions because a tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. The following are the main tax credits available for individuals in 2025: Residential Clean Energy [...]
Taking the Standard Deduction Versus Itemizing The Tax Cuts and Jobs Act (TCJA) substantially increased the standard deduction amounts, thus making itemized deductions less attractive for many individuals. The OBBBA makes this change permanent. For 2025, the standard deduction amounts are: $15,750 (single); $23,625 (head of household); and $31,500 (married filing jointly). If the total of [...]
It's that time of year again where we should consider meeting to discuss any year-end strategies that might reduce your 2025 taxes. For a short time this past summer, tax news became national news when the President signed the One Big Beautiful Bill Act (OBBBA). The OBBBA is a budget bill that makes the 2017 tax [...]
This article was published by the IRS. The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or [...]
This IRS video course discusses Section 501(c)(3) eligibility, the benefits of exemption, how to apply, and filing requirements while waiting for a determination letter. (Ensure that your organization is eligible for tax exemption before applying.) Learn about: the life cycle of a typical organization exempt under Section 501(c)(3) of the Internal Revenue Code. benefits and responsibilities [...]
