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Stay informed about the latest tax law changes that may affect your filing. Our experts are ready to help you navigate these updates.
The standard deduction has increased for 2025: $15,750 for single filers, $ 23,625 for Head of Household and $31,500 for married couples filing jointly. This means more tax-free income for most taxpayers.
This is a new , temporary deduction for seniors available for tax years 2025-2028. This is in addition to the standard deduction and can be taken by both itemizers and non itemizers. $ 6,000 per qualified individual. Taxpayers must be 65 or older by the end of the year, if married, taxpayers must file MFJ. Subject to phaseout for higher MAGI.
State and Local Income Tax raised to $ 40,000. Now if you file Married Filing jointly with income under $ 500,000 or income under $ 250,000 for other filers, you could deduct up to $ 40,000 in State and Local taxes on Schedule A.
The maximum Child Tax Credit available has been increade at $2,200 per qualifying child, with phase-out thresholds adjusted for inflation. Income limits have increased slightly from previous years.
Brand new savings account for children under 18 years of age. Selection to participate in have to be made when filing the 2025 Income Tax Return. For children born in 2025-2028 the Federal Government will deposit $ 1,000 of free seed money into the account. Parents, grandparents of other may contribute up to $ 5,000 per year. To participate children must have social security number when you make the election. Contributions are not deductible but funds inside the account grow tax-deferred
New reporting requirements for gig economy workers: Report all income even if you don't get a 1099 form, you must report all gig income (cash, digital, etc.) on your tax return. if you earn $ 400 or more net. Proper record-keeping is essential.
The credit percentage chart now has ranges starting at 50% for taxpayers with AGI of $ 15,000 or less with the lowest credit percentage of 20% for AGI over $ 103,000 ($206,000 MFJ). The expense limit of $ 3,000 ($ 6,000 for two or more qualifying people) has not changed.
Taxpayers who have qualified overtime compensation as defined by the Labor Standards Act can deduct up to: $ 12,500 (single/HOH) - $ 25,000 (MFJ) Both itemizers and non-itemizers can take the deduction for qualified overtime. It is subject to phaseout for taxpayers with MAG over $ 150,000 (single/HOH) and $ 300,00 (MFJ)
Both itemizers and non-itemizers can take the deduction for qualified tips, if eligible. The maximum deduction is $ 25,000 subject to phaseout with MAGI over $ 150,000 (single/HOH), $ 300,000 (MFJ)
Covers qualified passenger vehicles loan interest up to $ 10,000. The loan must have originated after December 31, 2024. The vehicle must be for personal use. Used vehicles are not eligible. The loan must be secured by a lien on the vehicle, final assembly in the United States.
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