The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025.

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS).

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers. So, are there ways to avoid potential tax impacts to you or your loved ones? Read on to learn more.

The IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023.