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Learn How to Avoid These 6 Common Tax Errors

Knowing how you need to file your taxes depends on your income and filing status, as well as which deductions and credits you can claim. In this free ebook, we share some common errors to avoid.
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Heads Up! The IRS has Unveiled the 2025 Tax Brackets and More!

Heads Up! The IRS has Unveiled the 2025 Tax Brackets and More!

November 07, 2024

The IRS has released the official tax brackets, standard deductions, and retirement contribution limits (we will cover contribution limits in another blog) for the 2025 tax year. While filing for 2025 won't happen for a while, it's never too early to start thinking ahead, especially with the expiration of the Tax Cuts and Jobs Act at the end of 2025.

Here's a quick rundown of some fundamental changes:

  • Tax Brackets Adjusted for Inflation: Good news! Tax brackets have been adjusted upwards to account for inflation. This means you might pay less in taxes, depending on your income level.
  • Increased Standard Deduction: The standard deduction has gone up! Married couples filing jointly can now deduct up to $30,000, while single filers can deduct up to $15,000. This could significantly reduce your taxable income.
  • Higher Marginal Rates: The income thresholds for each tax bracket have also increased. This means the tax rate you pay may change depending on your income. *See the graphic at the top of this post for complete details.

More helpful information:

  • The annual gift tax exclusion has increased to $19,000.
  • The estate tax credit has also increased, allowing a higher inheritance amount to be excluded from taxation.

Important Disclaimer:

This information is for general knowledge only. Before making any tax-related decisions, it's crucial to consult with a qualified tax professional. They can provide personalized advice based on your specific circumstances, giving you the reassurance you need when dealing with taxes.

Are you looking for more information?

Dixon Financial Group is here to help! If you need more details about the pending tax changes or have any questions, we're ready to help. Contact our advisors today!

Note: Check for updates regarding tax changes in your state of residence. States that don't have income taxes include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

*If you found this blog helpful, please SHARE with family, friends and co-workers.

Source: IRS.gov