The IRS has updated the following information for the 2025 tax year:
Mileage rates (Source)
Business - 70 cents/mile
Medical - 21 cents/mile
Charity - 14 cents/mile
Standard Deduction (Source)
Single/Married filing separately - $15,000
Married filing jointly - $30,000
Head of household - $22,500
Additional for elderly (65+) or blind - $1,600 or $2,000
Gift Exclusion (Source)
$19,000
IRA Contribution Limit (Source)
$7,000
Catch up (50+) - $1,000
As always, please call us at the office at (712) 256-5642 with any questions!
