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