Big tax changes hit as IRS opens the 2025 filing season

Описание: The IRS has begun accepting 2025 federal income tax returns, launching a filing season filled with changes that could lead to larger refunds, especially for Californians. One major update raises the cap on deducting state and local taxes from $10,000 to $40,000, a boost for taxpayers in high-tax states. New provisions this year include no tax on tips, no tax on overtime, and no tax on auto loan interest, though each comes with documentation requirements. Some taxpayers may face delays because certain tax forms are still being finalized. The Treasury Department estimates refunds could rise by about $1,000 per household, partly due to the One Big Beautiful Bill, which also increases the standard deduction.


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#IRSUpdates
#CaliforniaTaxes
#TaxRefunds
#FederalTaxes

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