The American Rescue Plan Act, enacted in March 2021, significantly increased the Child Tax Credit (CTC) for eligible families, providing up to $3,600 per qualifying child under age 6 and $3,000 for children ages 6 to 17. As part of ongoing efforts to support families, recent updates have extended and expanded these benefits, including an...

The IRS has announced a significant update for the 2025 tax year, increasing the **standard deduction** by $400 for individual filers and married couples filing jointly. This adjustment, part of inflation-related increases, aims to reduce taxpayers’ taxable income and ultimately lower their tax bills. For many Americans, this means more income remains untaxed, providing some...

Senior taxpayers will see a significant boost in the amount they can deduct from their taxable income, with the standard deduction increasing from $4,000 to $6,000 for individual filers. This change, part of recent legislative adjustments, aims to alleviate financial pressures on older Americans by reducing their overall tax burden. The higher deduction applies to...

Taxpayers across the United States are seeing significant relief this year, with the average tax savings reaching approximately $3,752 per individual filer, according to recent IRS data. This figure reflects the combined impact of recent tax reforms, increased standard deductions, and targeted credits that have effectively lowered the tax burden for millions. While many Americans...

The Earned Income Tax Credit (EITC) has experienced a notable boost this tax season, with the maximum benefit for families with three or more children increasing by $216—from $7,830 to $8,046. This adjustment reflects ongoing efforts to provide greater financial support to low- and moderate-income households, particularly those raising larger families. The expanded credit aims...

The recent legislative change significantly increases the state and local tax (SALT) deduction cap from $10,000 to $40,000, offering substantial financial relief to many American homeowners. This move, part of broader tax reform measures, aims to alleviate pressure on taxpayers in high-cost regions who previously faced limited deductions, effectively reducing their overall tax burden. The...

Clackamas County is set to benefit from a recent legislative measure that results in approximately $3,922 in tax cuts for local residents and businesses. The new legislation, enacted by state lawmakers, aims to provide targeted financial relief amidst ongoing economic challenges and fluctuating tax policies. This adjustment reflects a broader effort to support economic stability...

In a move that could significantly reshape the landscape of childhood financial support, the federal government announced a new program promising a $1,000 credit for every child starting in 2025. Dubbed the “Child Credit Initiative,” the plan aims to provide direct financial assistance to families nationwide, regardless of income level, to help offset rising living...

A startling discrepancy has come to light amid the review of a recent legislative bill, revealing an overnight overtime deduction of $12,500. The deduction, which was initially overlooked during the bill’s drafting process, raises questions about financial transparency and oversight within the legislative framework. As analysts and affected stakeholders scrutinize the details, the revelation underscores...

The U.S. government has introduced a new provision allowing consumers to claim a $10,000 auto-loan interest deduction specifically for vehicles assembled within the United States. This policy aims to stimulate domestic manufacturing and provide financial relief to buyers of American-made vehicles. Under the updated tax guidelines, individuals financing the purchase of qualifying vehicles can deduct...