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Tax Breaks: The Welcome To The Not-So-Usual 2025 Tax Season Edition

Plus: President Trump signs executive orders before tax season, beneficial ownership information (BOI) reporting updates, child support and taxes, tax stats, and more.
The article by Kelly Phillips Erb on Forbes, titled "Tax Breaks: The Welcome To The Not-So-Usual 2025 Tax Season Edition," discusses several key changes and considerations for the 2025 tax season. It highlights the expiration of certain tax provisions from the Tax Cuts and Jobs Act (TCJA) at the end of 2025, including the potential reversion of individual tax rates, the standard deduction, and the child tax credit to pre-TCJA levels. The article also covers new tax credits and deductions for 2025, such as an enhanced electric vehicle credit, changes in the earned income tax credit, and modifications to the rules for home office deductions due to shifts in work environments post-COVID. Additionally, it addresses the implications of inflation adjustments on tax brackets, the potential impact of state-specific tax changes, and offers advice on how taxpayers can prepare for these changes, including the importance of keeping abreast of legislative updates and possibly consulting with tax professionals.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/kellyphillipserb/2025/01/25/tax-breaks-the-welcome-to-the-not-so-usual-2025-tax-season-edition/ ]