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Top 10 Income Tax Credits and Deductions Every Professional Must Know for 2025
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Subscribe06 FEB 2025 / ACCOUNTING & TAXES
CPAs, enrolled agents, and tax professionals are preparing for new tax adjustments released by the IRS for 2025, which sees changes in tax credits and deductions. Changes include increases in Earned Income Tax Credit, Child and Dependent Care Credit, American Opportunity Tax Credit, Lifetime Learning Credit, and Adoption Credit, changes in Child Tax Credit eligibility based on income, and an increase in standard deductions and 401(k) contributions. These adjustments could significantly affect clients' returns and professionals will need to stay updated to optimize refunds and minimize owed amount.
Tax season is rolling in hotter than a summer in Vegas, and for CPAs, enrolled agents, and tax professionals, it’s game time. The IRS has released new adjustments for 2025, and some tax breaks have seen serious shake-ups. Whether it’s tax credits slashing...
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