News and Updates
IRS Tax Index Update for 2024
Standard Deduction
Filing Status 2025 Standard Deduction Single $15,750 Married Filing Jointly $31,500 Married Filing Separately $15,750
Gift Tax Exclusion
All gifts exclusion increased to $19,000 for the year 2025.
Estate Tax Exclusion
The fatality of Estate decedents during 2025 has a basic exclusion of $13.99 Million per individual.
Foreign Earned Income
The foreign earned income exclusion increased to $130,000.
Life Time Learning Credit (LLC) – No changes.
To determine the phase out balance for the credit the Adjusted Gross Income (AGI) is
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