WHAT’S NEW FOR TAX YEAR 2025

THE FAST CASH ADVANCE IS BACK

The maximum amount has increased up to $7000 and is available beginning January 2, 2025.

If you can’t wait weeks for your tax refund, this is a great option for you!

*ask for details*

 

Notable changes for tax year 2025

The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts:

  • Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024. For heads of households, the standard deduction will be $22,500 for tax year 2025, an increase of $600 from the amount for tax year 2024.
     
  • Marginal rates. For tax year 2025, the top tax rate remains 37% for individual single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly). The other rates are:
    • 35% for incomes over $250,525 ($501,050 for married couples filing jointly).
    • 32% for incomes over $197,300 ($394,600 for married couples filing jointly).
    • 24% for incomes over $103,350 ($206,700 for married couples filing jointly).
    • 22% for incomes over $48,475 ($96,950 for married couples filing jointly).
    • 12% for incomes over $11,925 ($23,850 for married couples filing jointly).
    • 10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly).
  • Earned income tax credits.For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit amount is $8,046, an increase from $7,830 for tax year 2024. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.

Unchanged for tax year 2025

By statute, certain items that were indexed for inflation in the past are currently not adjusted.

  • Personal exemptions for tax year 2025 remain at 0, as in tax year 2024. The elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act of 2017.
  • Itemized deductions. There is no limitation on itemized deductions for tax year 2025, as in tax year 2024 and preceding, to tax year 2018. The limitation on itemized deductions was eliminated by the Tax Cuts and Jobs Act of 2017.

For Small Businesses:

  • Income and expenses are required and MUST be documented. NO EXCEPTIONS!

  • All documentation must be presented at the time of filing.

Payment for services are due the day of service. NO Exceptions!

Forms of payment accepted are:

  • Cash
  • Debit / Credit cards
  • Zelle
  • Cashapp
  • Pay By Refund *bank fees apply*