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Also, Brookings reported that many key provisions of the 2017 Tax Cuts and Jobs Act will sunset at the end of 2025 without Congressional action. Although 2024 is in the books, now is the time to ...
We rate the best tax software solutions — from budget-friendly options for straightforward returns to feature-rich platforms for more complex situations — to help simplify the 2025 tax season.
Official beginning of tax filing when the IRS begins accepting and processing federal tax returns. Jan. 31, 2025. This deadline is for employers who must mail or furnish W-2 forms or 1099 forms to ...
The government implemented the new tax regime with the expectation that the changes in tax brackets would occur in a gradual rather than sudden manner. [3] Despite the simplified mechanism and reduced tax burden of the New Tax Regime, taxpayers were still choosing to opt for the old regime and took advantage of tax deductions.
Many cities, counties, transit authorities and special purpose districts impose an additional local sales or use tax. Sales and use tax is calculated as the purchase price times the appropriate tax rate. Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale.
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
If you pay your taxes quarterly, this is the due date for your estimated tax payments for the 2nd quarter. This includes income you earned from June 1 through Aug. 31, 2025. Oct. 15, 2025
Pennsylvania has a 6% sales tax rate. Allegheny County has local sales tax of 1% on top of the PA sales tax rate that totals 7%. Philadelphia County has a local sales tax of 2% on top of the PA sales tax rate that totals 8%, which became effective October 8, 2009. Food, most clothing, and footwear are among the items most frequently exempted. [180]