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This Valuable Tax Break for Businesses is Set to Expire Soon. Here’s What to Know.

This Valuable Tax Break for Businesses is Set to Expire Soon. Here’s What to Know.

A crucial tax benefit for businesses is on the verge of expiring. The Qualified Business Income (QBI) deduction, a significant component of the 2017 Tax Cuts and Jobs Act (TCJA), is set to end on December 31, 2025. Read on as we go over how this deduction works and how its impending expiration could affect small businesses.

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Amid Soaring Inflation, IRS Releases Higher Tax Brackets and Standard Deductions for 2023

Amid Soaring Inflation, IRS Releases Higher Tax Brackets and Standard Deductions for 2023

In response to soaring inflation, the IRS has released higher tax brackets and standard deductions for tax year 2023 and subsequent returns filed in 2024. This means that more taxpayers’ earnings will remain in lower tax brackets, which should reduce their income...

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Inflation Catches Up with Taxes: Here are the Tax Adjustments Released by the IRS for 2023

Inflation Catches Up with Taxes: Here are the Tax Adjustments Released by the IRS for 2023

The IRS makes tax adjustments every year but because of high inflation, the adjustments for the 2023 tax year are more significant, including changes to standard deduction amounts and tax brackets. Read on for an understanding of the most significant changes in order...

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Retirees Need to Know About These Major Updates to Medicare in 2025

Medicare is undergoing significant changes in 2025, impacting costs, prescription drug coverage, telehealth access, and caregiver support. Retirees should prepare for these updates to manage their healthcare expenses effectively. Below, we break down the key Medicare...