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Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years

NEW YORK (AP) — U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns. The Internal Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard ...

FSA offers loans for underserved groups and beginning farmers

MILL HALL — Matthew J. Stackhouse for USDA’s Farm Service Agency in Clinton/Centre/Clearfield County reminded producers that FSA has funding reserved specifically for use by Targeted Underserved Groups and Beginning Farmers. These loan programs are designed to help farmers purchase and operate family farms. “With these loan programs, FSA hopes to help reverse the declining number of farmers and ranchers across the United States and especially here in Clinton/Centre/Clearfield County,” said Stackhouse. “These loans help to encourage and assist them in owning and operating ...

Wholesale inflation remained cool last month in latest sign that price pressures are slowing

WASHINGTON — Wholesale prices in the United States were unchanged last month in another sign that inflation is returning to something close to normal after years of pressuring America’s households in the wake of COVID-19. The Labor Department reported Friday that its producer price index — which tracks inflation before it hits consumers — didn’t move from August to September after rising 0.2% the month before. Measured from a year earlier, the index rose 1.8% in September, the smallest such rise since February and down from a 1.9% year-over-year increase in ...

Musk unveils Tesla’s ‘Cybercab,’ plans to bring autonomous driving tech to other models

LOS ANGELES (AP) — Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before they are available. CEO Elon Musk pulled up to a stage at the Warner Bros. studio lot in one of the company’s “Cybercabs,” telling the crowd that the sleek, AI-powered vehicles don’t have steering wheels or pedals. He also expressed confidence in the progress the company has made on autonomous driving technology that makes it possible for vehicles to drive without human intervention. Tesla ...

CBICC to announce Economic Development Strategic Plan; Voice of Business Luncheon Event Oct. 9

STATE COLLEGE — The Chamber of Business & Industry of Centre County (CBICC), in collaboration with community partners and stakeholders, has announced the official launch of Centre County’s Economic Development Strategic Plan. Community and state leaders will officially unveil the plan at CBICC’s Voice of Business Luncheon on Wednesday, Oct. 9, from 11:30 a.m. to 1:15 p.m. at the Penn Stater Hotel & Conference Center. Ticketed event registration is available at www.cbicc.org. Since June 2023, CBICC has worked diligently with leaders and businesses throughout Centre County to ...