In 2025, the IRS will implement new tax changes that could impact your federal tax liabilities. From adjustments to the child tax credit and earned income tax credit to changes in adoption credit and gift tax exclusion, it's essential to stay informed about these updates.
Key Changes for 2025
The child tax credit will remain at $1,700, offering families continued financial support. Moreover, the maximum amounts for the earned income tax credit will see an increase, benefiting working individuals.
Adoption Credit and Gift Tax Exclusion
Additionally, adjustments to the adoption credit and gift tax exclusion are also anticipated. These changes aim to streamline the tax system and ensure fairness for all taxpayers. Stay tuned for more details on the upcoming IRS tax changes for 2025.