Amazon's Emissions Climbed 6% in 2024 on Data Center Buildout
The world's largest online retailer emitted 68.25 million metric tons of carbon dioxide equivalent last year, up 6% from the prior year, Amazon said in its annual sustainability report, which was published on Wednesday. The company's emissions last year were up by a third since Amazon pledged in 2019 to eliminate them by 2040.
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Several provisions of the bill are poised to be retroactive to 2025 or take effect in 2026, and they may drastically shift how Americans approach tax planning. McKinney said the bill introduces 'several permanent tax changes effective in 2025, including permanent 100% bonus depreciation starting for property acquired after Jan. 19, 2025; a permanent 20% qualified business income (QBI) deduction for pass-through business owners; [and] permanent research and experimental (R&E) expensing.' Other key provisions include: A new $40,000 cap on state and local tax (SALT) deductions, with a phase-out for incomes over $500,000 A deduction of up to $25,000 in tip income and $12,500 in overtime pay for taxpayers under $150,000 AGI A new limit on itemized deduction values, capped at a 35% benefit for high earners, starting in 2026 Your tax strategy depends on understanding when these provisions take effect, however. 'Shifting income between tax years must be timed accordingly to ensure the applicable changes in tax policy provide the targeted benefit,' Tullio said. Learn More: When Accelerating Deductions Makes Sense If you're planning major charitable contributions or medical procedures, you might want to act before the end of the year, Tullio urged. 'Waiting until 2026 to do so will erode the overall tax benefit of your contributions by roughly 2/37ths.' He also noted that speeding along some itemized deductions in 2025 may help offset the coming deduction limits for 2026. 'The itemized deductions with the largest potential value are charitable contributions and any major medical procedures to the extent those medical expenses exceed 7.5% of AGI.' If you're not sure you have charitable donations or medical expenses, look to buy a U.S.-made car for a tax break, Tullio said. 'Financing a new car that has a final assembly in the U.S. may also help, as up to $10,000 of interest is deductible for 2025.' When Deferring Income May Save You More In some cases, delaying income to 2026 may result in a better tax outcome, Tullio said. This applies especially to tip or overtime workers who stand to benefit from the new income exemptions. 'Delaying tip income or overtime compensation until 2026 will allow you to take advantage of new applicable deductions.' He also cautioned high earners: 'Accelerating too much income may result in a higher AGI, thereby disallowing the use of new deductions or credits.' Small-Business Owners: Time Your Moves Wisely If you run a businesse or are a self-employed taxpayer, you also have a unique planning opportunity, McKinney said. 'Taxpayers who could benefit from accelerating income before the 2026 tax year include those with research and experimental (R&D) costs,' he said, noting that 'small businesses under $31 million in gross receipts can take advantage of retroactive deduction options.' He also advised businesses to line up capital purchases and projects strategically for tax benefits: 'For clients planning industrial facilities, now is the moment to align construction timelines to secure 100% bonus treatment.' Avoid These Mistakes Not every timing tactic pays off, however. Tullio warned that while delaying income can help you qualify for deductions like the full SALT cap, '[I]t's also possible to miss out if you don't plan correctly or if the phase-out thresholds change.' This is where it's a good idea to turn to a tax professional or financial advisor early. 'Failing to do so may result in losing those tax savings forever,' Tullio said. What To Do Now With the BBB now signed into law, look into doing the following: Consider accelerating deductions like charitable gifts, medical expenses or vehicle interest in 2025. If eligible, consider deferring tip or overtime income to 2026. Business owners should evaluate capital projects and R&D expenses for bonus depreciation benefits. Run multiyear projections with a tax advisor to avoid AGI cliffs or deduction phaseouts. 'Proactive tax planning and multiyear modeling are critically important after new tax legislation passes,' Tullio said. 'The time of 'I will see when I file my return' has passed. At that point, you just have to live with those consequences.' Don't let yourself be caught by surprise by any of these changes — get ahead of them with the support of a financial professional or your own education. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on Should You Accelerate Income or Deductions Before 2026? 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