NEWS & UPDATES IN THE ACCOUNTING WORLD
Peruse our News section below filled with helpful tips regarding your financing, company updates and industry resources. Doing our job well doesn’t end at handling accounts and managing finances - it extends past the office and into the trends, changes and news in the finance industry. We’re especially proud of staying up to date on new ways to help our clients manage their money, and we will always share thoughts and updates with visitor customers to ensure they’re in the loop too.
THE ONE, BIG, BEAUTIFUL BILL ACT
Individual tax rates –
Depending on income the lowest tax rate starts at 10%, moves to 12%, 22%, 24%, 32%, 35% and the highest maximum tax rate is 37%.
Standard Deduction increase made permanent:
$15,750 (single and MFS); and $31,500 (joint); $23,625 (head of household).
Bonus Depreciation and Section 179 Expenses
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Bonus depreciation was permanently set at 100% for qualifying assets acquired on or after January 20, 2025.
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Section 179 was doubled from $1.25 million to $2.5 million, effective for 2025.
State and Local Tax (SALT) Limitation Raised to $40,000
Cancellation of clean vehicle credits for vehicles acquired after September 30, 2025.
Residential Clean Energy Credit or Home Solar Credit Repealed with respect to any expenditures made after Dec 31,2025.
Standard mileage rate for business: use is 70 cents per mile for business miles driven in 2025.
The child tax credit: raised from $2000 to $2,200 (for a child under age 17), the refundable credit portion is $1,700.
$500 for qualifying dependents who don't qualify as children.
Earned Income Credit for 2025:
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No child $649.
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1 Child $4,328.
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2 Children $7,152.
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3 or more Children $8,046.
65 or older Senior citizens personal exemption deduction is $6,000.
No Tax on Tips up to $25,000 for qualified tips
The tips must be on Form W-2, 1099-K, 1099-MISC, or 1099-NEC,
No Tax on Overtime:
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Single up to $12,500
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Married up to $25,000
No tax on car loan interest:
Vehicle Identification Number (VIN) must be provided for each qualifying vehicle.
Maximum deduction is $10,000.
Must be new Vehicle for personal use only assembled in the USA.
The Trump account:
Special individual retirement account.
U.S. newborns between 1/1/25 and 12/31/28, the federal government will contribute $1,000 per child into an eligible account can be opened by the parents or guardians.
The child must have a Social Security number.
Child must be US citizen.
The account cannot be opened or funded until July 4,2026.