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. This course examines the significant tax updates for 2024–2025, including those introduced by the SECURE Act 2.0 and key inflation-adjusted limits. Context is provided where appropriate to help tax professionals understand the practical implications of these changes in their work.
By the end of this course, you will be able to:
- Identify key 2024–2025 updates relevant to income tax preparation, including standard deductions, mileage rates, AMT exemptions, and education-related limits.
- Recognize changes to major tax credits, such as the Saver’s Credit, Child Tax Credit, Earned Income Credit, and Adoption Credit.
- Understand how updated contribution and eligibility limits affect HSAs, Roth IRAs, and Traditional IRAs.
- Summarize updates impacting the small employer premium tax credit and employer mandate requirements.
- Explain the tax-related implications of the SECURE Act 2.0 for retirement plans.
