In 2025, taxpayers will receive larger standard deductions, although they will receive smaller increases than in previous years.

In 2025, standard deductions for U.S. taxpayers will increase once more, enabling them to deduct a larger portion of their income from taxes on subsequent returns.

On Tuesday, the Internal Revenue Service revealed the hikes in its yearly inflation adjustments. In 2025, the standard deduction for married individuals and single taxpayers filing separately will increase to $15,000, an increase of $400 from 2024. Additionally, all seven federal tax bracket levels’ income requirements were raised. For instance, in the tax year 2025, the top tax rate, which stays at 37%, will apply to incomes over $626,350 for single taxpayers, as opposed to $609,350 in 2024.

The hikes revealed Tuesday are fewer than those in previous years, even though taxpayers will once more experience bigger standard deductions until 2025. For instance, the IRS increased the standard deduction for single filers by $750 between the 2023 and 2024 tax years, and for married couples and heads of households, it increased by $1,500 and $1,100, respectively, in tax revisions that were revealed last year.

The Social Security Administration said earlier this month that beginning in January, recipients of benefits would see a 2.5% cost-of-living rise. For millions of people, that means their monthly checks will increase by more than $50 on average. Following a very high 8.7% benefit rise in 2023, which was subsequently caused by record 40-year-high inflation, Social Security recipients saw a 3.2% increase in payments in 2024. 

Family offices are the newest popular career path at business colleges.

With an increasing number of programs and courses designed to prepare the next generation of family office leaders, top colleges are capitalizing on the family office boom.

The Booth Family Office Initiative, which consists of research programs, seminars, and summits targeted at present and future family office executives, was introduced last week by the University of Chicago Booth School of Business. The program will be guided by a council consisting of 50 Booth alumni and family office leaders.

 A growing number of prestigious colleges are implementing family office programs, like the Booth Initiative. Courses targeted at family offices or family-owned businesses are being offered by business schools at Harvard, Columbia, Northwestern, Pepperdine, and other colleges.

In addition to providing premier institutions with knowledge in one of the fastest-growing areas of finance, family offices also present a rich potential source of business school students and research funds. At a time when talent is limited and family offices are fighting for seasoned investors, accountants, attorneys, and estate planners, the programs can assist in preparing the next generation of family office executives.

According to Deloitte, there are now over 8,000 family offices, up from over 6,000 in 2019. By 2030, their assets are predicted to have increased from $3.1 trillion to over $5.4 trillion. Rich graduates are increasingly serving as a source of money and donations as more of them start or work for family offices. 

With only 60 or 70 invitations per year, Wharton’s annual Family Office Roundtable Forum—a partnership between Wharton and prominent families—has grown to be one of the most sought-after family office events of the year. Tokyo hosted the roundtable last year, while Zurich hosted the 2022 gathering. In May of next year, Booth is organizing its own Family Office Summit. Members of its family office council are among the 200 or so families and multifamily offices that are invited.

According to authorities, the former Abercrombie CEO trafficked vulnerable males by using his wealth, position, and authority.

Two people have been arrested and accused of operating a prostitution and international sex trafficking business: the former CEO of Abercrombie & Fitch (A&F) and his partner.

Last year, Mike Jeffries and his partner sexually exploited and mistreated individuals at events they hosted in their hotels across the world and their homes in New York, the FBI launched an investigation. 

Breon Peace, the United States attorney for the Eastern District of New York, claimed on Tuesday that Mr. Jeffries used his riches, influence, and position as CEO of A&F “to traffic men for his sexual pleasure” and his partner Mr. Smith’s pleasure.

According to the brand, it would not comment on legal issues. A&F, however, stated in its court-filed defense that it “abhors sexual abuse and condemns the alleged conduct” by Mr. Jeffries and others and that its current leadership team was “previously unaware of” the allegations

According to corporate documents at the time, Mr. Jeffries resigned as CEO in 2014 due to dwindling revenues and took a retirement package for about $25 million (£20.5 million).

Once among the highest-paid CEOs in America, he was a contentious figure who was accused of discriminating against employees, his extravagant spending was questioned, and his life partner Matthew Smith’s unofficial influence within A&F was criticized.