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2025 Tax Law Changes: The One Big Beautiful Bill Act: Tax Reforms Explained

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2025 Tax Law Changes & The OBBBA Tax Reforms Explained 2025 Tax Rates Table: Tax Rate For Single Filers For Married Individuals Filing Joint Returns For Heads of Households 10% $0 to $11,925 $0 to $23,850 $0 to $17,000 12% $11,925 to $48,475 $23,850 to $96,950 $17,000 to $64,850 22% $48,475 to $103,350 $96,950 to $206,700 $64,850 to $103,350 24% $103,350 to $197,300 $206,700 to $394,600 $103,350 to $197,300 32% $197,300 to $250,525 $394,600 to $501,050 $197,300 to $250,500 35% $250,525 to $626,350 $501,050 to $751,600 $250,500 to $626,350 37% $626,350 or more $751,600 or more $626,350 or more Source: Internal Revenue Service, "Revenue Procedure 2024-40." 2025 Standard Deduction: The Standard Deduction will increase by $400 for single filers & by $800 for joint filers (Table). Seniors over age 65 may claim an additional standard deduction of $2,000 for single filers & $1,600 for joint filers. The personal exemption for 2025 remains at $0 (eliminating the personal e...
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2024 Tax Changes

  At a glance: The standard deduction has increased, as have contribution limits for retirement accounts. Reporting thresholds for Form 1099-K have dropped, meaning more people should receive this form this year. Some tax credits also saw changes, including the EITC and Adoption Credit. Federal tax bracket changes for 2024 The Internal Revenue Service (IRS) tweaks the tax brackets with yearly inflation adjustments. This means you could find yourself in a lower tax bracket, even if your income hasn’t changed much. 2024 tax rate updates There are still seven individual income tax rates ranging from 10% to 37%, depending on the following income thresholds for each tax filing status: Tax rate Single filer Married filing jointly Married filing separately Head of household 10% $0 to $11,600 $0 to $23,200 $0 to $11,600 $0 to $16,550 12% $11,601 to $47,150 $23,201 to $94,300 $11,601 to $47,150 $16,551 to $63,100 22% $47,151 to $100,525 $94,301 to $201,050 $47,151 to $100,525 $63,101 to $10...
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Location: Paragould, AR 72450, USA
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