Jack's Tax and Accounting Services

2025 Tax Season: Key Updates

New ParagraphThe 2025 tax season is just around the corner, and staying informed can help you avoid surprises and maximize your return. This year brings some important changes, from adjustments to the standard deduction and tax brackets to expanded tax credits for families and energy-efficient upgrades. Additionally, the IRS continues to improve its online tools to make filing easier and faster. Here’s a quick guide to the key updates and tips to help you prepare for a stress-free tax season.

1. Filing Deadlines

• Tax season opens: Late January 2025

• Filing deadline: April 15, 2025

• Extension deadline: October 15, 2025

2. Standard Deduction Increases

• Single filers: Estimated $14,600

• Married filing jointly: Estimated $29,200

3. Tax Bracket Adjustments

• Brackets will shift slightly to account for inflation, potentially impacting tax rates.

4. Expiring Tax Provisions

• Temporary provisions under the Tax Cuts and Jobs Act may phase out, possibly leading to changes in future filings.

5. Expanded Tax Credits

• Child Tax Credit: Adjustments expected, helping families with children.

• Energy Efficiency Credits: Benefits for home upgrades and electric vehicle purchases remain available.

6. How to Prepare

• Gather documents like W-2s, 1099s, and receipts early.

• Look into deductions and credits for education, healthcare, and energy efficiency.

• File electronically for faster refunds and fewer errors.

• Consult a tax professional if you have questions or need help with changes.