The American Rescue Plan Act of 2021 temporarily increased the Child Tax Credit (CTC) for qualifying families, providing an additional $2,200 per child in many cases. This boost aimed to support millions of households navigating economic challenges brought on by the pandemic. As the enhanced credits expired at the end of 2021, discussions continue around...

Taxpayers across the United States could see significant relief on their 2025 tax bills due to a recent adjustment in the standard deduction. The IRS announced a $400 increase in the standard deduction for individual filers and married couples filing jointly, marking a notable shift designed to simplify tax filing and reduce taxable income for...

Taxpayers aged 65 and older will see a significant boost in their standard deduction starting this tax season, with the amount increasing from $4,000 to $6,000. This change, part of recent legislative updates, aims to provide seniors with additional financial relief amid rising living costs. The increased deduction applies to individual filers and married couples...

Many American taxpayers are seeing significant benefits when filing their annual returns, with recent data revealing an average tax savings of $3,752 for eligible filers. This figure represents a substantial reduction in tax liabilities for thousands of households, highlighting the ongoing impact of recent tax reforms, deductions, credits, and changes in income reporting. While some...

Families across the United States are experiencing changes in the Earned Income Tax Credit (EITC), a key benefit aimed at supporting low- to moderate-income workers. Recent updates to the program have increased the maximum EITC amounts for qualifying households, particularly benefiting those with three or more children. The maximum EITC for such families now reaches...

The recent federal adjustment to the SALT (State and Local Tax) deduction cap has provided notable relief for many American homeowners, especially in high-tax states. The cap, previously limited to $10,000, has been increased to $40,000 as part of broader tax legislation enacted earlier this year. This change allows homeowners to deduct significantly more of...

Clackamas County is set to benefit from a recently enacted legislative measure that will result in approximately $3,922 in tax cuts for local residents and businesses. The legislation, passed by the state legislature earlier this month, aims to provide targeted relief by reducing property and income taxes across various jurisdictions within Oregon. County officials and...

Starting in 2025, every child in the United States is set to receive a one-time $1,000 “Trump Account” credit as part of a new federal initiative aimed at supporting family financial stability and encouraging savings. The program, announced by government officials earlier this week, seeks to provide a direct benefit to millions of American families,...

A sweeping new piece of legislation unveiled this week has introduced a significant change in how overtime pay is calculated and deducted for millions of American workers. The law reveals an overtime deduction threshold exceeding $12,500 annually, a figure that could substantially impact employees across multiple sectors. Experts suggest this move aims to modernize wage...

The IRS has announced a new tax benefit targeting U.S.-assembled vehicles, allowing eligible taxpayers to claim a deduction of up to ten thousand dollars on auto loan interest payments. This initiative aims to incentivize domestic manufacturing and purchasing of vehicles built in the United States. Qualifying taxpayers can capitalize on this deduction when filing their...