As we approach the 2025 tax filing year it is important for taxpayers to be aware of upcoming changes.

One change we look for each year is inflation-adjusted tax brackets. The IRS has released information on its new inflation-adjusted tax brackets for 2025.  Inflation-adjusted tax brackets occur as the IRS adjusts various tax provisions in an effort to prevent "bracket creep" (when inflation pushes taxpayers into higher income tax brackets despite their purchasing power not having increased).

A significant legal development unfolded recently when the U.S. District Court for the Eastern District of Texas issued a nationwide injunction halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) Reporting Rule. This ruling effectively postpones the requirement for businesses to submit initial BOI reports by the previously established deadline of January 1, 2025.

One of the most impactful tax incentives for businesses is Section 179 of the Internal Revenue Code, commonly referred to as the "Section 179 Deduction." This powerful tax tool can help businesses to immediately write off the cost of certain assets in the year bought, reducing taxable income and freeing up capital for growth.