Current News
As of June 2025, several significant tax changes have occurred at both federal and state levels in the United States. Here's an overview of the most impactful updates:
June 2, 2025
🏛️ Major Federal Tax Legislation
1. "One Big Beautiful Bill Act"
President Donald Trump’s comprehensive tax and spending bill is currently under Senate consideration after passing the House in May. Key provisions include:The Washington Post+2Barron's+2Reuters+2
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Tax Cuts and Jobs Act (TCJA) Extensions: The bill proposes making the individual provisions of the 2017 TCJA permanent, which would decrease federal tax revenue by $4.5 trillion from 2025 through 2034. Tax Foundation
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New Deductions: Introduces deductions for overtime pay and auto loan interest. Reuters
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Medicaid Spending Cuts: Proposes significant reductions in Medicaid spending, raising concerns among moderate Republicans. New York Post+4The Washington Post+4Barron's+4
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SALT Deduction Cap Adjustment: Extends the $10,000 cap on state and local tax (SALT) deductions but introduces a new $40,000 cap for certain taxpayers, phasing down at a 30% rate for individuals making over $500,000. Bipartisan Policy Center
2. "No Tax on Tips Act"
In May 2025, the Senate unanimously passed the "No Tax on Tips Act," eliminating federal income tax on tips for workers earning under $160,000 annually. While intended to boost take-home pay for service workers, critics argue it may widen pay disparities between tipped and non-tipped employees. San Francisco Chronicle+1Wikipedia+1
3. Child Tax Credit Adjustments
The bill proposes increasing the child tax credit from $2,000 to $2,500 from January 2025 through the end of 2028, reverting to $2,200 in 2029 with inflation adjustments. BakerHostetler
📊 IRS Inflation Adjustments for 2025
The IRS has made several inflation-related adjustments for the 2025 tax year:
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Standard Deduction:
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Single filers: $15,000 (up from $14,600)
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Married filing jointly: $30,000 (up from $29,200)
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Head of household: $22,500 (up from $21,900) IRS+2City National Bank+2U.S. Bank+2
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Tax Brackets: The seven federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%, with income thresholds adjusted for inflation. NerdWallet+1Tax Foundation+1
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Earned Income Tax Credit (EITC): Maximum credit for taxpayers with three or more qualifying children increases to $8,046 (up from $7,830). IRS
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Foreign Earned Income Exclusion: Rises to $130,000 (up from $126,500). IRS
🌱 Energy Tax Credit Changes
The proposed budget bill aims to phase out federal tax credits for clean electricity, including wind and solar, starting in 2029. Projects must begin construction within 60 days of the bill becoming law and be operational by 2028 to qualify for existing subsidies. Critics argue that these subsidies have become permanent fixtures, distorting the energy market. New York Post
🏛️ State-Level Tax Changes
As of January 1, 2025, several states have implemented notable tax changes:Tax Foundation
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Income Tax Cuts: Nine states, including Iowa, Indiana, and Louisiana, have reduced individual income tax rates.Tax Foundation
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Flat Tax Adoption: Iowa and Louisiana are transitioning to single-rate income taxes.Tax Foundation
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Other Changes: New Hampshire has repealed its tax on interest and dividends income. Tax Foundation
Lisa Anne Buhr Recognized for Contributions to the Field of Financial Services
August 20, 2024
Congratulations to our Senior Accountant and Founder!
Marshalltown 2024 Best of Best
July 31, 2024
We’re overjoyed to announce that your votes have propelled us to the top in two categories of the Best of the Best! Best Accounting Firm and Best Tax Service! Your unwavering support and enthusiasm are truly what make us shine. I promise to only offer the Best of the Best!
A heartfelt thank you for making this milestone possible. We couldn’t have done it without you!
Lisa and Staff
Wanatee Accounting Services
Marquis Who's Who 2024
July 29, 2024
Our office is honored to receive this national recognition. 30 years in the making!
Lisa and Staff
Wanatee Accounting Services
Marshalltown Times Republican Spotlight
July 2024
Thank you Times Republican for the spotlight! I feel honored to serve this community and want to give my appreciation to my loyal clients!
Lisa
Wanatee Accounting Services
2024 Best of Marshalltown
July 16, 2024
Dear Valued Clients,
I am thrilled to share that we have won an award, and it’s all thanks to your unwavering support and trust in us. Your loyalty and partnership have made this achievement possible, and I am truly grateful.
Thank you for believing in us and for being an essential part of our journey. We look forward to continuing to serve you and striving for excellence together.
With sincere appreciation,
Lisa and Staff
Wanatee Accounting Services
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PROMOTION
February 2024
Genesis Wanatee has finished her degree in Financial Decision planning and Accounting and has been promoted to Junior Accountant. Lets take a moment to wish her well in her future endeavors! We are excited to have you and your expertise on board here at Wanatee Accounting Services. Welcome to the family business, Genesis!
New Staff Member and New Services Offered!
January 2024
Please join me in extending a warm welcome to Taylor Wanatee, who joins us today as the marketing director here at Wanatee Accounting Services. We are thrilled to have you on board and look forward to your contributions to our team.
Taylor brings with them social media marketing and management as well as website design, which will undoubtedly add tremendous value to our projects and goals. We are excited to see where your expertise brings us. Welcome to the family business, Taylor!