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Tax News

Office Address:
Refunds:

  • By law, IRS can’t issue refunds claiming EITC and/or ACTC until after mid-February. IRS cautions that these refunds likely won’t arrive in the bank account until end of the first week in March, 2025.

  • Any other returns will be processed after mid-February, 2025 and will receive refunds, direct deposit, in approximately 8 – 21 days.

News for 2025: 

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  • 2024 Tax Brackets: Single, Married Filing Jointly, Head of Household, Capital Gains Rates

  • 2025 Tax Brackets: Single, Married Filing Jointly, Head of Household, Capital Gains Rates

  • 2024 Standard Deduction: $14,600 for Single, $29,200 for Married Filing Jointly, and $21,800 for H.O.H.

  • Child Tax Credit (2023):​

    • $2,000 for children 16 and younger

    • $500 for any children 17 and older

  • Family Credit: $500 per dependent (this one helps to offset the loss of Dependent Exemptions deductions)

  • Solar Credit for your Main Home: 30% of the cost.

  • EV Vehicle Tax Rebate (please contact your dealer to see if your vehicle qualify for credit or contact us for more details)

  • Insurance Coverage Mandate for State of California:

    • Federal has eliminated healthcare mandate starting 2019; however, California residents will be required to have health insurance starting 2020.

    • Beginning in 2020, California will impose an individual health care mandate. Residents must obtain health care coverage, unless they qualify for an exemption. Those who fail to obtain coverage may owe a penalty on their California income tax returns.

    • California residents who do not have coverage for themselves and their dependents for each month in 2022, and who do not meet an exemption, will pay a penalty of $900/adult or more and $450/minor, or 2.5% of their or gross income over the filing threshold for their filing status, whichever is higher. The penalty for a married couple without coverage can be $1,6700 or more, and the penalty for a family of four with two dependent children could be $2,550 or more.

  • Earned Income Credit income threshold

  • Qualified Business Income: businesses will enjoy 20% deductions. Subject to limitations.

  • Limit the State and Local (Property) Tax Deductions to $10,000 per return.

  • Limit Mortgage Deductions to $750,000 Loan.

  • NO Personal and Dependents Exemptions Deductions (was $4,000 in 2017)

  • NO Child Tax Credit ($2000) for children with ITIN numbers.

  • NO Deduction for Home Equity Loan of Credit

  • NO Deductions for: Unions Dues, Uniforms, Tools, Travel, Work-Related Car expenses, Home Office Expenses.

  • NO Moving Expenses for work-related (unreimbursed) except for military personnel.

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