Must-Read Tax Trends: 2024 Highlights and What’s Coming in 2025!
As we bid farewell to 2024, it’s the perfect moment to hit pause and reflect on the standout tax stories that shaped the year. Grab your coffee, sit back, and let’s dive into the swirling world of taxes that you may have missed!
In a year buzzing with political drama, the presidential election was the engine driving the tax news cycle. A high-profile case was the tax charges against Hunter Biden, President Biden’s son. Meanwhile, now-President-elect Trump made waves with his ambitious promises of tax cuts on everything from Social Security benefits to tipping taxes and overtime payments.
But it wasn’t just political intrigue that caught our readers’ eye; timeless tax topics also made a splash.
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So, let’s recap the most sought-after tax stories on our site and share some staff favorites. Plus, we’ll take a sneak peek at the hot-button issues expected to shape the tax landscape in 2025. Ready? Let’s go!
Wrapping Up: Top Tax Stories of 2024
This year was packed with “evergreen” tax content—from uncovering untaxed income to discovering hidden tax breaks and navigating Social Security taxes. Here’s what caught the attention of our readers:
#1. Types of Income the IRS Doesn’t Tax
Curious about which types of income fly under the IRS radar? We’ve compiled a handy list of nontaxable income categories that many found enlightening.
#2. The Extra Standard Deduction
For those aged 65 and older, an additional standard deduction can significantly reduce taxable income—resulting in more money in your pocket during retirement. It’s no wonder this topic resonated so well!
#3. Retirement Taxes in All 50 States
Did you know retirement taxes vary dramatically across the U.S.? While most states exempt Social Security benefits, some still impose taxes on that income. Our comprehensive review of 50-state retirement taxes has been a go-to resource for many this year.
When it comes to Social Security, tax calculations can be a minefield. The IRS might tax up to 85% of your benefits based on your “combined income.” Understanding this can save you from surprises at tax time, making it a hot topic in our community!
ICYMI: Highlights from Our 2024 Tax Coverage
This year, our talented tax team crafted a variety of fascinating articles that may have flown under your radar.
From our tax writer:
“Minimalism has always fascinated me—from YouTube organization tips to Marie Kondo’s compelling book, The Life-Changing Magic of Tidying Up. While I’m not a minimalist yet, I’ve realized you don’t have to be perfect to reap its benefits. Experiment with what vibes with you!”
A standout piece was Three Creative Ways to Lower Retirement Taxes.
(Image credit: Getty Images)
In 2024, we also tackled a pressing concern for many: finding fulfillment after retirement. “It can be tough to navigate the days,” we noted. “The good news? There are countless ways to find purpose; you just need a little inspiration.”
Our article, “Fun Things to Do in Retirement With Tax Benefits,” sparked vibrant conversations with retirees looking to enrich their lives.
A note from our tax writer:
“Giving back to the community doesn’t have to wait until the holidays! I love thrifting, and I’ve even taken thrifting tours in different cities. While writing, I discovered amazing charitable organizations making a difference.”
From toy drives to pet sponsorships, our exploration into Tax Savvy Ways to Donate This Holiday Season was enlightening.
With NYC rolling out congestion pricing starting January, Gabriella encourages everyone to rethink their commuting strategies. “It’ll be interesting to see if other cities follow suit,” she remarked. Dive into her insights on NYC Congestion Pricing: Ghost Tax or Necessary Fee?
(Image credit: Getty Images)
From our senior tax editor: One of my top reads this year was our exploration of whether 401(k) plans should be scrapped to bolster Social Security. “I love examining bold ideas that challenge the status quo,” she remarked.
Another fascinating topic revolved around the online chatter about then-candidate Vice President Kamala Harris and her rumored tax policies. Our piece, Kamala Harris Golf Tax and Unrealized Gains: What You Really Need to Know, provided clarity amidst the noise, making it a standout this year.
2025 Tax Changes: What Lies Ahead
(Image credit: Getty Images)
As we usher in 2025, the buzz in tax news is palpable. Significant aspects of the Tax Cuts and Jobs Act (TCJA, colloquially known as the Trump Tax Cuts) are set to expire at the end of 2025. Discussions about extending or making certain provisions permanent are heating up.
Here are some pressing federal issues on the horizon:
Trump’s Second Term: With Donald Trump back in the driver’s seat and Republicans controlling Congress, expect major shifts as the new administration aims to revamp the tax code.
TCJA 2.0?: As we approach the TCJA expiration, pressing questions loom. Will tax rates rise? Will the standard deduction shrink? Could the SALT deduction cap be lifted? What about Trump’s pledges to eliminate taxes on Social Security and other income types?
These inquiries, along with the challenge of preserving tax cuts while managing the national debt, will dominate tax policy discussions in Congress.
IRS Overhaul: The IRS is set to be in the spotlight as well. Reports suggest President Trump plans to nominate former Rep. Billy Long to lead the agency, possibly pushing out current Commissioner Danny Werfel. This change in IRS leadership could signal a transformative chapter for the agency and add a layer of uncertainty to the 2025 tax narrative.
And let’s not forget: the IRS is poised to distribute ‘stimulus’ checks to a million taxpayers in the year ahead. For all the details, check our piece on IRS Sending Up to $1,400 to One Million People.
The Bottom Line: Year-End Tax Insights
As 2025 unfolds, these key narratives will undoubtedly stir curiosity about their impact on your finances.
With tax season on the horizon, staying informed about these changes is your ticket to making savvy financial decisions. Keep an eye on our updates, and don’t hesitate to consult a tax professional to navigate this evolving landscape.
Here’s to a successful and prosperous new year!
