A pandemic-related, temporary rule change in effect until the end of tax year 2024 lets more people take the Premium Tax Credit (PTC) and receive a larger tax break when they do. The law expands eligibility to those with a household income above 400% of the federal poverty level. Taxpayer...
Atransaction threshold is still in effect in 25 states, but that will likely change in 2024. Minnesota and Utah are gearing up to introduce legislation to this effect, having missed the opportunity during their 2023 legislative sessions. Other states will almost certainly do the same. ...
To be sure, that change wouldn't impact most Americans, but those with significant assets may want to plan ahead, Campbell said. "If you do nothing, you have lost out on ability to transfer another $7 million" before the provision expires, he added. Another potential change is the expira...
Code Section 45X advanced manufacturing production credit:This legislation offers credits for U.S.-made renewable energy components with a phase-out beginning in 2030. Code Section 48D advanced manufacturing investment credit:This change introduces a 25% credit for investments in semiconducto...
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This TCJA change can hurt itemizers in high-tax states such as California, New York, and New Jersey.4 Eliminated Miscellaneous Deductions Taxpayers lost the ability to deduct the cost of tax preparation, investment fees, bike commuting, unreimbursed job expenses, andmoving expensesunder the TCJA....
What this means for you: Businesses must be prepared for the diverse approaches that countries, states, and jurisdictions may adopt and remain adaptable enough to implement new tax rates swiftly when laws change. For businesses selling in multiple locations, these changes could happen hundreds of ti...
In part, this is because of the already-mentioned limit on deducting state and local taxes. But Trump’s tax package also included changes – such as much bigger standard deductions – that made it more attractive to file a basic tax return.* Those provisions caused a major change in taxpa...
However, it's important to note that under current law, this expanded exemption is set to expire at the end of 2025. So, if Congress doesn't act, it could potentially revert to roughly half this amount in 2026. This looming change (discussed below) makes strategic gift planning ...
Assuming this taxpayer's income does not change in 2025, they will now pay 10% on earnings up to $11,925 and 12% on the rest. In other words, they will no longer pay 22% on any part of their income. This is because the upper end of the 12% tax bracket has been updated from ...