Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2025 as a result of passage of the SECURE Act 2.0 and the inflation-changed limits effective for 2025 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
Learning Objectives
Upon successful completion of this course, participants will be able to:
List the 2025 changes in various amounts including the -
Standard mileage rates,
Standard deduction,
AMT exemption amount,
Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
Deductions for qualified long-term care insurance premiums;
Identify the 2025 tax credit changes affecting the -
Saver's credit,
Additional Child Tax Credit,
Earned income credit, and
Adoption credit;
Recognize the 2025 changes affecting -
Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
Roth IRA eligibility, and
Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
List the changes effective for 2025 with respect to the -
Small employer premium tax credit, and
Applicable large employer mandate; and
Determine the changes to retirement plans resulting from the Secure Act 2.0 that affect income tax preparation.
Major Topics
Changes in Various Tax Limits
Tax Credit Changes
PPACA-Related Tax Changes
Changes in Archer MSAs, HSAs, and IRAs
Secure Act 2.0
