2025 TAX SEASON:CHANGES & UPDATES TO THE TAX CODE

NASE News

2025 TAX SEASON:CHANGES & UPDATES TO THE TAX CODE

FOR IMMEDIATE RELEASE: January 30, 2025
CONTACT: Kristofer Eisenla, LUNA+EISENLA
[email protected] | 202-670-5747 (mobile)

As Washington Prepares for Tax Reform, NASE Outlines Key Tax Code Changes and Updates for Americans to File Beneficial Tax Returns This Year

While the Small Business Community Continues to Surge, Congress is Expected to Renew Trump Tax Cuts Amidst Expanding Tax Brackets  

DALLAS, TX – In anticipation of the Trump Administration and the U.S. Congress working together on tax reform this year, Keith Hall, the president and CEO of the National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses, today outlined key changes and updates to the tax code the American public, including small business owners, can take advantage of this year in filing beneficial tax returns.  The record-breaking speed of over 20 million small businesses entering the workforce since 2021 signals there are many new and existing small business owners who may not be aware of the tax regulations, changes and updates available to them right now – many of which will help them file beneficial returns this tax season.  

“The over 20 million new small businesses that have joined our community over the last few years is a powerful testament to the strength and perseverance of the entrepreneurs who want to be their own boss. It is my hope Washington works together in a bipartisan manner to support the small business community in this year’s anticipated tax reform negotiations. The new entrepreneurs of our community – as well as millions of existing small business owners – may not be aware of the tax code changes and updates to the tax code available right now in filing beneficial tax returns this season,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses. “The IRS expanded income earning tax brackets last year are even slightly bigger this year, resulting in more money in the pocketbooks of small business owners. This extra savings will benefit small businesses by helping them save, expand and grow their businesses, including freeing up capital to help pay for an additional piece of office equipment, a new employee salary or simply providing additional savings for other business-related expenses. An overwhelming majority of small businesses and self-employed entrepreneurs can expect to benefit from key changes and updates to the this year’s tax code which have long been advocated for by NASE and other small business organizations.  These changes will help save both time and money.”

Key 2024 Tax Return Filing Changes and Updates

  • The tax filing deadline is Tuesday, April 15th, 2025
  • Under the current tax system:
  • Reduction or elimination of specific deductions such as for moving expenses or the unlimited state and local tax deductions known as SALT deductions, which are now capped at $10,000.
  • A streamlined, standard home office deduction is available.
  • The standard mileage rate for business use of an automobile is 70 cents per mile for 2025, up 3 cents from last year, which was 67 cents in 2024.
  • Limits for retirement plan contributions such as SEPs, IRAs and 401(k) plans may have changed for your situation.

"Now is the time to get prepared, gather documents, and review the key changes and updates to the tax code to ensure you don’t leave anything on the table. Don’t overlook hidden deductions – and take the time to ensure you are filing the most beneficial return possible.  Whether it is itemizing your deductions, claiming the use of your car for work purposes, a streamlined home office deduction or the impact of retirement contributions, all of these options can result in financials savings to mitigate any costs associated with your 2024 tax returns. NASE has been a long-time advocate for passage of laws and regulations in our nation’s tax system which allows for many benefits for those in the small business community.  We encourage members of our community to educate themselves on these available benefits and maximize them to your advantage,” continued Hall.

Tax Filing Tips

  1. Gather Your Documents Early – don’t wait until the last minute; now is the time to start making sure you have all your important tax filing documents.
  2. You’re Not Alone – stay connected; there are resources out there to help you from NASE.org, IRS.gov and SBA.gov and tax professionals.
  3. Educate Yourself About Changes to the Tax Code – believe it or not, there are changes and adjustments to the tax code year-to-year; make sure you find out what they are so you are prepared and can take advantage of them.
  4. Don’t Forget About Hidden or Overlooked Deductions – don’t leave anything on the table; make sure you are not missing any deductions that apply to you that can make the difference, such as mileage reimbursement, retirement contributions and the home office deduction.

File as soon as possible to receive any expected refunds in a timely manner and to avoid delays. Remember, you are not alone and there are resources out there for help, including NASE.org, IRS.gov and SBA.gov, where information and assistance is readily available,” concluded Hall.

To Speak with Keith Hall, a Certified Public Accountant and Small Business Expert, about tax reform and/or this year’s tax season, please contact Kristofer Eisenla at [email protected]

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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE NextBizThing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support. To help new and existing business owners with the costs of business ownership, the NASE also offers a series of financial calculators for budgeting and financial analysis.

  • Newly expanded income earning tax brackets for 2025, and even wider for 2026 filings.
  • A lower individual rate, which is where most self-employed small businesses file.
  • An increase in the standard deduction, which is $15,000 for single filers and $30,000 for married couples filing jointly.
The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org

Courtesy of NASE.org
https://www.nase.org/about-us/nase_news/2025/01/30/2025-tax-season-changes---updates-to-the-tax-code