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Yearly Archives: 2025

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President Trump’s “Mega Tax Bill” Key Components of the Proposal

UncategorizedBy Meadville Tax ServiceMay 16, 2025

President Donald Trump’s 2025 tax proposal, often referred to as the “mega tax bill,”represents a comprehensive overhaul of the U.S. tax system. This ambitious plan,currently advancing through Congress, aims to reduce federal revenue by an estimated$5 to $11 trillion over the next decade, potentially increasing the national debt to nearly150% of GDP by 2035 if…

Updated Figures for 2024 Tax Year

UncategorizedBy Meadville Tax ServiceJanuary 14, 2025

Truck Driver Per diem: $69 per day in the US Standard mileage rate 2024: = .67 cents Standard Deductions for 2024: Single or MFS = $14,600 MJF or QSS = $29,200 HOH = $21,900 IRA contribution limit for 2024: = $7,000 – ** If age 50 or older allowed an extra $1,000 Child Tax Credit:…

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