Reviewed by: Lacey Muenstermann
Expert tax advice, real estate updates + more Huntsville business news
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With 2025 now underway, employers are issuing W-2 s to employees as we prepare for tax season. While you may not see any surprises while filing this year’s returns, our expert with University of North Alabama Sanders College of Business & Technology said the 2024 presidential election might have an effect on your taxes moving forward.
Check out what our experts have to say, and read more business news from the Huntsville area.
Tax season is underway—how are you preparing?
We spoke with Dr. Gregory Carnes, CPA, Ph.D. — Professor of Accounting and Raburn Eminent Scholar of Accounting at UNA and — about tax preparation and what to expect in 2025, and found that the new presidential administration might actually have an effect on your taxes in the coming year.
Fortunately for taxpayers this year, no new tax laws are on the books and preparation should be the same as last year. However, Carnes said the most important recent change for individuals related to income taxation has to do with with presidential election.
“The Tax Cuts and Jobs Cut of 2017 provided many tax benefits for individuals that are scheduled to expire at the end of 2025. There is now a much higher likelihood that these benefits will be extended beyond 2025 because President Trump won the election and the Republicans control Congress.”
Dr. Gregory Carnes, CPA, Ph.D, Professor of Accounting and Raburn Eminent Scholar of Accounting at UNA
Carnes added that the standard deduction and the limit for retirement plan contributions are slightly higher in 2024 than in 2023 because these amounts are indexed for inflation each year. Otherwise, preparing your tax return should be no different than it was in 2023.
Knowing this, how do you plan to prepare your tax return this year? You need to make sure you have someone competent preparing your taxes, even if that someone is you.
Carnes said taxpayers should make sure that that the person preparing their tax return has appropriate knowledge and expertise to do so correctly and to take advantage of all available tax planning opportunities — preferably a Certified Public Accountant.
“It is best to choose a CPA to prepare a return because a CPA has passed a rigorous exam to become a CPA, must adhere to ethical guidelines established by the American Institute of CPAs, and must meet continuing education requirements each year.
While there are qualified tax return professionals who are not CPAs, if one is considering hiring a non-CPA, they should consider getting references from friends or family who have a long-term relationship with a preparer.”
Dr. Gregory Carnes, CPA, Ph.D, Professor of Accounting and Raburn Eminent Scholar of Accounting at UNA
Northrop Grumman awarded $481 million contract
Making headlines this month in local business news, Northrup Grumman was awarded a $481 million contract to update the Integrated Air and Missile Defense Battle Command System’s software.
Most of the work on this project will take place at the company’s Huntsville facility.
Northrop Grumman’s Integrated Battle Command System connects sensors and effectors not originally designed to work together into one command and control system.
BCS gives warfighters an expanded view of the battlespace, allowing them to act quickly and decisively. IBCS is revolutionizing how U.S. and Allied Forces integrate across all domains, delivering advanced warfighter capabilities.
Army Contracting Command received 21 bids for the OTA through an internet solicitation. The service branch obligated $347.6 million in fiscal 2024 foreign military sales funds at the time of award.
The Department of Defense said Thursday the company will perform work in Alabama, Florida, Maryland and Virginia through Dec. 30, 2029.
A look at the real estate market in North Alabama
The median sale price of a home in Huntsville was $318K last month, up 0.3% since last year, while the median sale price per square foot in Huntsville is $160, down 1.8% since last year.
Here’s a look at the housing market in November 2024 in North Alabama communities:
| Huntsville | Median home price: $317,945 | Median days on the market: 49 |
| Madison | Median home price: $449,900 | Median days on the market: 54 |
| Athens | Median home price: $300,000 | Median days on the market: 86 |
| Decatur | Median home price: $250,000 | Median days on the market: 50 |
| Florence | Median home price: $265,000 | Median days on the market: 27 |
| Guntersville | Median home price: $489,000 | Median days on the market: 78 |
Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.
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