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2025 Changes

Single: $15,750 (up from $14,600)
Married Filing Jointly: $31,500 (up from $29,200)
Head of Household: $23,625 (up from $21,900)

"No Tax on Tips": Tipped workers can now deduct up to $25,000 of qualified tip income. (Note: This phases out for single filers earning over $150k and joint filers over $300k).
"No Tax on Overtime": Hourly workers can deduct the "extra half" of their time-and-a-half pay, up to $12,500 ($25,000 for joint filers).
New "Senior" Deduction: Taxpayers age 65 and older receive an additional $6,000 deduction (on top of the standard deduction). This starts phasing out if income exceeds $75,000 for singles or $150,000 for joint filers.
Auto Loan Interest Deduction: You can now deduct up to $10,000 in interest paid on loans for new, American-assembled personal vehicles (VIN is required on the return).
Child Tax Credit (CTC) Increase: The credit has been raised to $2,200 per child (up from $2,000).

1099-K Threshold Reset: The IRS has pushed back the lower threshold; for 2025, you generally won't receive a 1099-K unless you have over $20,000 in payments and at least 200 transactions.health.

401(k) Contribution Limits: Increased to $23,500.
"Super Catch-up" Contributions: Workers aged 60–63 can now contribute a higher catch-up amount of $11,250 to their 401(k)s.
100% Bonus Depreciation: This has been restored for business property and equipment placed in service after January 19, 2025.
New "Trump Accounts": A new type of individual retirement account for children where the government may provide a $1,000 opening deposit for eligible children born between 2025 and 2028.

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