Each year, various limits relevant to income tax preparation and planning are updated. Some changes result from routine inflation indexing, while others stem from new legislation or the expiration of existing laws. For 2025, updates arise from inflation adjustments as well as legislation such as the SECURE Act 2.0 and H.R.1, An Act to Provide for Reconciliation, also knows as the "One Big Beautiful Bill". This course highlights the most impactful changes for tax professionals, with context provided to support practical understanding and application.
By the end of this course, you should be able to:
- List the 2025 changes in various amounts for items such as mileage rates, standard deductions, other deductions, exemptions,
and expenses.
- Identify the 2025 tax credit changes affecting various credits such as the Child Tax Credit and the EITC.
- Recognize the 2025 changes affecting specialized accounts such as HSAs and IRAs.
- List the changes effective for 2025 with respect to employer tax credits and mandates.
- Determine the changes to retirement plans resulting from the Secure Act 2.0 that affect income tax preparation.
