Since 2024 is coming to a close, it’s a good opportunity to reflect on some of the notable tax stories from the past year.
And as you would expect, the presidential election influenced the tax news cycle. One prominent example was the tax charges against President Biden's son, Hunter Biden. And, of course, there were campaign promises of tax cuts from now-President-elect Trump on everything from Social Security benefits to taxes on tips and overtime pay.
However, more “tried and true” tax topics also caught readers’ attention.
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So, we’ll recap the most popular tax stories on Kiplinger.com and share some favorites from our tax staff. We'll also look ahead to key issues expected to shape tax news in 2025, Let’s dive in.
Top tax stories 2024
There was so much “evergreen” tax content to unpack this year— from understanding untaxed income to extra tax breaks and taxes on Social Security. Here are the tax stories most popular with our readers.
#1. Income the IRS Doesn’t Tax
One aspect of the tax code that interested many of our readers is the types of income not taxed by the IRS. To help sort through it, here’s our list of common nontaxable income categories.
#2. The Extra Standard Deduction
For eligible older adult filers (age 65 and older), an additional standard deduction stacks on the regular standard deduction and can further reduce taxable income. That, in turn, can increase the amount of hard-earned money you keep in retirement. So, it’s not hard to see why this explainer resonated with readers.
#3. Retirement Taxes in All 50 States
Retirement taxes vary across the United States. For example, most states exempt Social Security benefits, but some still tax that income. This 50-state retirement taxes review (plus the District of Columbia) has been a popular resource of for Kiplinger readers this year.
And speaking of retirement income, calculating taxes on Social Security benefits can be tricky. The IRS can tax up to 85% of your benefits depending on your “combined income.” Knowing how this works can help avoid surprises during tax season, making it a top tax story this year on Kiplinger.com.
ICYMI: Some of our favorite 2024 tax stories
Every year, our tax team writes a variety of articles on a wide range of important topics. And of course, not all stories receive hundreds of thousands of page views.
Here are some staff favorites you may have missed.
From Kiplinger tax writer Kate Schubel:
“Minimalism has always intrigued me, from YouTube organization tips to Marie Kondo's book, The Life-Changing Magic of Tidying Up, While I don’t see myself as a minimalist yet, I learned you don't need to be perfect to benefit from its principles. Experiment with what works for you.”
So, one of Kate's favorite pieces was Three Creative Ways to Lower Retirement Taxes.
In 2024, Kate also addressed a common concern for many: finding purpose after retirement. She notes, “It can be a real struggle to make sense of your days. Fortunately, we can find purpose in many ways; we just need a little help.”
Kate says her piece, "Fun Things to Do in Retirement With Tax Benefits," reflects vibrant conversations with retirees rich in experience.
A message from Kiplinger tax writer Gabriella Cruz Martinez:
“You don’t have to wait for the holidays to give back to your community, and thrifting is a fun hobby of mine — I've even gone on thrifting tours in new cities. While writing this, I enjoyed learning about charitable organizations improving our communities.
From toy drives to sponsoring pets, Gabriella enjoyed writing: Tax Savvy Ways to Donate This Holiday Season.
Gabriella also notes that in NYC, traffic is a challenge for locals and visitors alike. Starting in January, congestion pricing will impose higher tolls and taxi surcharges, so she says, “You may want to rethink how you’ll commute next year.”
“It will also be interesting to see if other cities follow New York’s lead,” Gabriella adds. To learn more, check out her piece: NYC Congestion Pricing: Ghost Tax or Necessary Fee?
From Kiplinger's senior tax editor: One of my favorite tax stories this year was a discussion of whether 401(k) plans should be eliminated to help shore up Social Security.
“I enjoy reading studies that present bold suggestions and make me reflect and question established ideas.”
Another intriguing topic related to the 2024 presidential election and online speculation regarding then-candidate Vice President Kamala Harris. (There were many posts about whether, if elected, Harris would impose burdensome taxes on unrealized gains and, surprisingly, on people’s golf expenses.)
Kamala Harris Golf Tax and Unrealized Gains: What You Really Need to Know was one of my favorites from 2024 because I enjoy offering some tax clarity when interesting rumors circulate on social media.
2025 tax changes? A look ahead
As 2025 approaches, tax-related news is heating up. Key provisions of the Tax Cuts and Jobs Act (TCJA, also known as the Trump Tax Cuts) are set to expire at the end of 2025. Plans to extend or make some of those provisions permanent are reportedly underway.
Here are some key federal issues to watch.
Trump’s second term: With Donald Trump back in the Oval Office and Republicans controlling Congress, Washington is poised for a significant shakeup, particularly as the new administration aims to reform the tax code.
TCJA 2.0?: The upcoming expiration of the TCJA raises important questions. Will tax rates increase? Will the standard deduction decrease? Will the SALT deduction cap be lifted? What about Trump's promises to eliminate taxes on Social Security, tips, and overtime pay?
These and other questions surrounding maintaining tax cuts while not further ballooning the national debt (including the impact of tariffs) will be key in tax policy debates on Capitol Hill.
IRS Makeover: The IRS will also be in the spotlight in the coming months. As Kiplinger reported, President-elect Trump wants to nominate former Rep. Billy Long to head the agency, potentially ousting current Commissioner Danny Werfel early. An IRS leadership change could signal a new direction for the tax agency and add intrigue and chaos to the 2025 tax narrative.
And...IRS "stimulus checks" are going to one million taxpayers in the coming year. For more information, see our report: IRS Sending Up to $1,400 to One Million People.
Year-end tax: Bottom line
As 2025 unfolds, these and other storylines will have many wondering what it all means for their wallets.
So, as we move closer to a new tax filing season, being informed about these developments can help you make smarter financial decisions. Stay tuned to Kiplinger and consult a tax professional to navigate changes.
Here’s to a prosperous new year!
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