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Reference Material
IRS Releases Tax Inflation Adjustments for Tax Year 2025
The IRS has released its annual inflation adjustments for over 60 tax provisions for 2025, including increases to the standard deduction and tax brackets. Here are the highlights:
🔹 Standard Deduction:
- $30,000 for married couples filing jointly (+$800)
- $15,000 for single taxpayers (+$400)
- $22,500 for heads of household (+$600)
🔹 Income Tax Brackets:
- Top rate: 37% for incomes above $751,600 (married filing jointly) or $626,350 (single)
- Other rates range from 10% to 35%
🔹 Alternative Minimum Tax:
- Exemption increases to $137,000 for married couples filing jointly
🔹 Earned Income Tax Credit (EITC):
- Maximum credit for 3+ kids rises to $8,046
🔹 Other Notable Adjustments:
- Monthly limit for qualified transportation & parking: $325
- Flexible spending arrangement (FSA) contribution limit: $3,300
- Foreign earned income exclusion: $130,000
- Gift tax exclusion: $19,000
These changes will affect tax filings in 2026 for tax year 2025.
Follow the link below to see all the updated tax rates, changes, and more:
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
BOI E-Filing Update
Starting January 1, 2024, FinCEN will implement an electronic filing system for Beneficial Ownership Information Reports (BOIRs). Here's a breakdown:
Key Dates:
- Electronic Filing Start Date: January 1, 2024
- Initial BOIR Filing Deadlines:
- For Existing Companies (as of Jan 1, 2024): January 1, 2025
- For Companies Created or Registered (2024-2025): Within 90 days after notice of creation/registration
- For Companies Created or Registered After Jan 1, 2025: Within 30 days after notice of creation/registration
Updates To BOIR:
- File an updated BOIR within 30 days of any changes to required information about your company or its beneficial owners.
How To File Electronically:
- Click the link below to file:
https://boiefiling.fincen.gov/
