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Navigating Key Federal Tax Changes: Social Security, HSAs, and More

ARTICLE | November 26, 2024

Authored by Vasquez + Company


This article provides key updates for individuals on federal tax matters, including new changes affecting gambling winnings, Health Savings Accounts (HSAs), Social Security benefits, and more. It also outlines the process for recovering lost records and how to authorize a representative to handle IRS issues on your behalf.

Key Points:

  • Gambling Winnings: The importance of reporting taxable gambling income and recent findings on nonfilers.
  • Health Savings Accounts: Contribution limits for 2025 and how they benefit individuals and employers.
  • Social Security: Increases in the wage base and cost-of-living adjustments for 2025.
  • Record Recovery: How to recover lost tax records following natural disasters.
  • IRS Representation: How to grant permission for a third party to handle IRS matters on your behalf.

For more information, read the full article here.

 

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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