Group 1 - The IRS announced an increase in the standard mileage rate for business driving by 2.5 cents per mile, effective January 1 [1][3] - The new standard mileage rates will be 72.5 cents per mile for business use, 20.5 cents per mile for medical purposes, and 20.5 cents per mile for moving purposes for certain active-duty members [3][5] - The mileage rate for charitable organizations remains unchanged at 14 cents per mile [3][5] Group 2 - The standard mileage rate is applicable to various types of vehicles, including fully-electric, hybrid, gasoline, and diesel-powered vehicles [5] - Taxpayers have the option to use the standard mileage rate or calculate actual vehicle costs for tax deductions [6]

The last thing anyone wants to think about at year-end is taxes, but it’s the first thing you should think about, advisers say. President Donald Trump’s signature tax and spending package introduced significant tax breaks, with many retroactive to Jan. 1. Americans should take advantage of those, in addition to regular strategies to defer income and increase deductions, advisers say. Moves now can help lower your 2025 tax bill and set you up for an even more prosperous 2026, they say. “Tax planning is al ...

Core Insights - The article emphasizes the importance of utilizing retirement accounts, particularly highlighting the tax advantages they provide for retirement savings [1] Retirement Accounts Overview - Retirement accounts such as 401(k) and traditional IRA offer upfront tax breaks, allowing individuals to lower their taxable income for the year [2] - Roth IRA contributions are made with after-tax money, enabling tax-free withdrawals during retirement [2] Common Myths about Roth IRA - Myth 1: Employment is necessary to open a Roth IRA; in reality, contributions can be made at any time from earned income, regardless of employment status [5][6] - Myth 2: Withdrawals from a Roth IRA must wait until retirement; contributions can be withdrawn at any time without penalties, although earnings cannot be accessed without penalties until certain conditions are met [7][8] Withdrawal Rules - Roth IRAs allow tax-free withdrawals in retirement, and contributions can be withdrawn at any time without penalties [9] - After reaching 59-1/2 years old and having made the first contribution at least five years prior, individuals can withdraw earnings tax-free and without penalties [10]

Tax Policy - Senate Republican tax bill may provide a more favorable update to the tax break favored by Silicon Valley venture capitalists and tech founders [1]