What's New
Crypto Currency
As we step into 2025, the cryptocurrency landscape continues to evolve, impacting both investment portfolios and tax strategies. Understanding these changes is crucial for effectively managing your finances. Here are key insights and updates to navigate the cryptocurrency sphere for the coming year.
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Cryptocurrency Market Trends:
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Regulatory Developments: Regulatory changes are reshaping the crypto market. Increased government oversight, potential legislation, and regulatory clarity are impacting investment dynamics.
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Market Volatility: The volatile nature of cryptocurrencies persists, influencing portfolio valuations and risk assessments. Investors need agile strategies to mitigate volatility-related risks.
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Evolving Investment Instruments: New investment vehicles and financial products, like crypto ETFs (Exchange-Traded Funds) or tokenized assets, offer alternative ways to engage with digital currencies, altering investment strategies.
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Advisory Services:
Our accounting firm remains committed to helping clients navigate these intricate changes. Our services include:
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Tax Planning and Reporting: Tailored tax planning strategies to maximize tax efficiency and ensure compliance with the latest regulatory requirements.
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Educational Resources: Providing updated educational resources and guidance to empower clients with the knowledge needed to make informed decisions.
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Disclaimer: This information serves as general guidance and should not be construed as specific financial or tax advice. Individual circumstances may vary, and professional consultation is recommended for personalized advice.
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New in 2025
New Laws, Bigger Deductions: Changes For The Tax Season
As of January 27th, the IRS began accepting and processing tax returns for 2024. The agency expects more than 128 million returns to be filed before the official tax deadline on April 15, 2025.
Among them are higher standard deduction amounts, expanded income tax brackets and changes to business deductions.
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The standard deduction refers to the portion of your income that is not subject to taxes, which essentially reduces the amount of your taxable income.
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For heads of household in 2025, the standard deduction will be $22,500, up $600 from the amount for tax year 2024.
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