ICJ Tax and Bookkeeping Firm LLC.

The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months

For 2025, the CTC is worth up to $2,200 for each qualifying child. A child must be under age 17 at the end of 2025 to be a qualifying child and meet other eligibility rules.
For 2025, the EITC eligible taxpayers with no qualifying children may receive up to $649.
If your dependent is age 17 or older at the end of 2025, they may qualify for the ODC.
What is ODC, ODC is of a dependent meaning you could get a non refundable credit up to $500 if you meet the criteria .

Extension deadline to file taxes is less than two weeks away. Most taxpayers who requested an extension to file their 2024 tax return must file by Wednesday, Oct. 15, to avoid a penalty for filing late. The IRS encourages taxpayers to opt for the fastest and safest option which is to e-file and choose direct deposit for their tax refund.

Contribution limits for 401(k), IRA plans increase in 2024
The amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, from $22,500 in 2023. Also, the limit on annual contributions to an IRA increased to $7,000, from $6,500. The IRA catch up contribution limit for individuals aged 50 and older remains at $1,000 for 2024. Details on these and other retirement-related cost-of-living adjustments for 2024 are in Notice 2023-75.

. IRS launches first phase of the business tax account.
The IRS has launched the first phase of the business tax account, enabling unincorporated sole proprietors who have an active Employer Identification Number to set up an account, view their business profile and manage authorized users. Over time, the business tax account will allow business taxpayers to check their tax payment history, make payments, view notices, authorize powers of attorney and conduct other business with the IRS.
Future improvements will allow taxpayers to use their business tax accounts to view letters or notices, request tax transcripts, add third parties for power of attorney or tax information authorizations, schedule or cancel tax payments and store bank account information. Revisit this news release for more about the business tax account and other initiatives underway to improve taxpayer service and modernize technology using Inflation Reduction Act funding.