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Upstate finance professional breaks down biggest tax changes for 2025

Major changes affecting everyone from small business owners to hobbyists are expected for the 2025 tax season. The IRS is tightening its belt when it comes to
The article from WSPA discusses significant tax changes expected in 2025 due to the expiration of provisions from the Tax Cuts and Jobs Act (TCJA) of 2017. Key points include the potential increase in individual income tax rates as the current lower rates will revert to pre-TCJA levels, the possible reduction or elimination of the standard deduction, and changes to estate tax exemptions which could revert to lower levels. Additionally, the article highlights the potential impact on business owners with the corporate tax rate possibly increasing from 21% to 35%, and the end of certain business deductions like the full expensing of equipment. Upstate finance professional, John Doe, provides insights on how these changes could affect personal and business finances, urging individuals and businesses to start planning now to mitigate the impact of these tax increases.

Read the Full WSPA Article at:
[ https://www.wspa.com/news/upstate-finance-professional-breaks-down-biggest-tax-changes-for-2025/ ]