Changes for 2025: What you need to know

The IRS is gearing up for significant changes in 2025 that could impact both individual taxpayers and businesses. Among the proposed adjustments, one of the most notable is the expansion of electronic filing requirements. The IRS aims to streamline tax filing and reduce errors, making e-filing mandatory for all taxpayers, regardless of income level. This move is expected to enhance efficiency and speed up processing times.

Additionally, the IRS is considering changes to income tax brackets to account for inflation more effectively, potentially resulting in lower tax rates for many. These adjustments could offer relief to middle-income households.

For businesses, the IRS has proposed simplifying certain tax codes, including deductions for small businesses and revisions to corporate tax rates. This includes potential reforms to the estate tax and retirement savings plans.

With these changes, taxpayers and businesses alike will need to stay informed to make the most of new opportunities and ensure compliance.