The IRS will adjust income tax brackets for inflation in 2025, which may impact how much of your income is taxed at each rate.
The standard deduction will increase, reducing taxable income for many Americans and potentially lowering overall tax bills.
Updates to credits like the Child Tax Credit and Earned Income Tax Credit may affect eligibility and amounts. Review changes to claim your maximum benefits.
Contribution limits for accounts and IRAs will rise, allowing you to save more while benefiting from tax advantages.
Certain temporary tax provisions, such as specific pandemic relief measures, are set to expire or change. Adjust your planning accordingly.