Day: November 6, 2024

The Internal Revenue Service recently announced updates to several amounts that are updated annually for inflation. The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many, include the following dollar amounts: Standard deductions.
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The Internal Revenue Service recently announced that the annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500 in 2025, up from $23,000 in 2024. The limit on annual contributions to an IRA remains $7,000. The IRA catch‑up contribution limit for
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