Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately.

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

The Corporate Transparency Act (CTA) has set the stage for significant changes in business reporting requirements in the U.S., introducing strict guidelines on Beneficial Ownership Information (BOI) as part of its implementation. This article explores what the CTA and BOI reporting mean for businesses, focusing on who must comply, what information is needed, and the consequences of non-compliance.