Tax and financial planning news from around the web: February 10 – 14, 2025

State income tax rate changes for 2025 

This year, 39 states had notable tax changes, with some that began on Jan. 1, and others set to take effect on July 1. 

Tax court sides with IRS: Businesses need to prove their expense deductions 

If you’re a self-employed individual, you can deduct your “ordinary and necessary” business expenses, just like the corporate giants do. However, you’re also held to the same strict substantiation rules.