IRS confirms tax relief for California wildfire victims: Here's what you need to know

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IRS confirms tax relief for California wildfire victims: Here's what you need to know

//business-finance.news-articles.net/content/202 .. ldfire-victims-here-s-what-you-need-to-know.html

Published in Business and Finance on Saturday, January 18th 2025 at 22:40 GMT by MARCA

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

The Internal Revenue Service (IRS) announced tax relief for individuals and businesses in Southern California affected by the wildfires and straight-line winds that began on Januar

The article from Marca discusses the financial implications of the upcoming tax season in the United States for 2025. It highlights that the IRS has announced changes to tax brackets due to inflation adjustments, which could affect taxpayers' refunds or liabilities. Key points include an increase in the standard deduction, adjustments to tax brackets to prevent "bracket creep," and modifications to several tax credits like the Child Tax Credit and the Earned Income Tax Credit. The article also advises taxpayers to prepare early, possibly consult with tax professionals, and be aware of new tax laws or changes that could impact their filings. Additionally, it mentions the importance of understanding new tax strategies and potential benefits from recent legislative changes aimed at providing relief to middle and lower-income families.

Read the Full MARCA Article at:
[ https://www.marca.com/en/lifestyle/us-news/personal-finance/2025/01/18/678bd83c22601d16178b4589.html ]