Standard Deduction Increase – The standard deduction for 2025 is set to rise, offering taxpayers more opportunities to reduce taxable income.
Expanded Child Tax Credit – The Child Tax Credit may see increases, making it more beneficial for families with young children.
New Tax Brackets – Adjustments to income tax brackets for inflation mean some taxpayers may see a lower effective tax rate.
Changes to Retirement Contributions – Higher contribution limits for retirement accounts like IRAs and 401(k)s will help boost savings potential.
E-file Deadline – The deadline to e-file taxes for 2025 is April 15, 2026, but extensions are available if needed.
Estimated Tax Payments – Quarterly estimated tax payments for self-employed individuals will remain crucial, with due dates on April 15, June 15, September 15, and January 15.