HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
Standard Deduction & Tax Brackets for 2025: What You Need to Know
For the 2025 tax-filing season, the standard deduction and federal tax brackets have been updated — thanks to inflation adjustments and changes under the One Big Beautiful Bill Act (OBBB)
Tip & Overtime Deductions: What You Need to Know (2025–2028)
New federal law — under the One Big Beautiful Bill Act (OBBBA) — introduces important deductions for “qualified tips” and “qualified overtime” compensation from 2025 through 2028
Understanding Retirement Contribution Limits: What You Need to Know for 2025 & 2026
Planning for retirement means more than just saving — it means maximizing contributions to take advantage of tax benefits, long-term growth, and compounding returns.
What are the 2025 contribution limits for IRAs and 401(k)s?
Combined potential deferral for age 50+: up to $31,000 (or up to $34,750 if age 60–63 in 2025, subject to plan terms)
How do I know if I qualify for a Roth IRA or traditional IRA?
You need taxable compensation (wages, self-employment income, etc.) to contribute to any IRA. Total contributions across all your IRAs cannot exceed the annual IRA limit or your compensation, whichever is lower
What is the maximum 401(k) catch-up contribution at age 50+?
For 2025 only, if you turn age 60, 61, 62, or 63 in 2025 and your plan permits it, the 401(k)/403(b)/governmental 457(b) catch-up limit is $11,250 instead of $7,500.
How much earned income triggers Social Security tax in 2025?
Wages and net self-employment earnings are subject to the 6.2% employee Social Security tax (12.4% for SE tax) up to the annual wage base of $176,100 for 2025.
Are my stimulus payments or child tax credits taxable this year?
Not taxable. Economic Impact Payments (stimulus) are advance payments of a refundable credit and are not included in gross income.
What forms do I need to file for common deductions?
Below are the most commonly claimed deductions and the forms or schedules you typically use to claim them on an individual return.
How do I calculate my marginal vs. effective tax rate?
The marginal rate is the percentage you’d pay on the next dollar of taxable income. It’s determined by the tax bracket your last dollar falls into (and can be affected by phase-ins/phase-outs and other surtaxes).