Significant Tax Reforms on the Horizon for 2025
January 15, 2025 - 13:10
GREENVILLE COUNTY, S.C. – Major changes affecting everyone from small business owners to hobbyists are expected for the 2025 tax season. The IRS is tightening its regulations, which will have widespread implications for taxpayers across the country.
One of the most notable shifts is the anticipated increase in tax rates for certain income brackets. This adjustment aims to address the growing federal deficit and ensure that high-income earners contribute a fair share. Additionally, deductions and credits that were previously available may be reduced or eliminated, impacting both individuals and businesses.
Small business owners should prepare for changes in how business expenses are categorized, potentially leading to increased tax liabilities. Hobbyists who earn income from their activities may also find themselves facing stricter reporting requirements, as the IRS seeks to capture revenue from previously underreported earnings.
Tax professionals are urging individuals and businesses to stay informed and begin planning ahead, as these changes could significantly alter tax strategies and financial planning for the upcoming year.
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