Tax Guide
Capital Gains, Interest and Dividends
Education Credits, Scholarships
Social Security, Medicare, Self Employment Tax
Tax Deadlines, Extensions, Late Payments, Estimated Tax
Tax Resident, Nonresident, Dual Status
Information on this website is not intended to be written advice concerning tax matters, but is for general information purposes only and based on tax laws that are subject to change. Applicability of the information to specific situations should be determined through consultation.
IRS Tax Law Changes
Top 5 Tax Updates for 2025
1️⃣ Inflation-Adjusted Tax Brackets
Federal income tax brackets increased for 2025, which may reduce the effective tax rate for many taxpayers and impact withholding and estimated payments.
2️⃣ Higher Standard Deduction
The standard deduction increased again for 2025 due to inflation, benefiting most W-2 filers and retirees who do not itemize deductions.
3️⃣ Increased Retirement Contribution Limits
Contribution limits for retirement accounts (including 401(k)s and IRAs) increased, creating additional tax-saving opportunities for employees, self-employed individuals, and business owners.
4️⃣ Clean Vehicle Tax Credits Still Available
Federal credits remain available for qualifying electric and hybrid vehicles:
Up to $7,500 for new clean vehicles
Up to $4,000 for used clean vehicles
(Eligibility depends on income, vehicle qualifications, and purchase details.)
5️⃣ Energy & Home Improvement Credits Continue
Tax credits remain available for qualified energy-efficient improvements to primary residences, including:
30% credit for eligible upgrades
Up to $3,200 in combined annual credits
30% residential clean energy credit for solar and battery systems