My favorite signs of Autumn

There are so many wonderful things about the fall season, especially here in Maine. From pumpkin spice everything, to the changing of the leaves, going apple picking, and the IRS relasing the next years tax brackets.

I know, I know... I am probably the only one excited about the last one. But, I look at it as a chance to educate my clients (and friends and family!) about important changes they need to know in order to plan for in the upcoming year and maximize their finances.

The Tax Foundation has a great quick reference chart on the bracket changes for 2025. Some key items to note: the standard deduction and the Earned Income Tax Credit (EITC) has gone up, along with the Annual Exclusion for Gifts amount. 2025 will be the last year to take advantage of the Tax Cuts and Jobs Act of 2017 (TCJA), it will be sunsetting this year.

Confused by all the changes? You can always reach out for a free consultation to discuss your tax or business needs. In addition, The Tax Foundation has some great resources to help you increase your knowledge about your personal taxes in their TaxEDU program.

Jaymie Lavan, Principal Lavan Accounting. Photo credits: Jonathan Lavan Underpressure Nature Photography.