Tax Season Begins: Key Changes and Tips to Keep in Mind This Year
As the country gears up for tax season, millions of Americans are expected to file their returns for the 2025 tax year over the next three months. With several key changes taking effect this year, taxpayers need to be aware of the updates that could impact their refunds.
One significant change is the increase in standard deductions. Single filers can now deduct up to $15,750 from their income, while heads of households can claim a deduction of $23,625 and married couples filing jointly can take advantage of a reduced rate of $31,500.
However, tax experts advise that some individuals who typically take the standard deduction may want to consider itemizing this year. This is because President Trump's "Big Beautiful Bill" legislation has temporarily raised the limit on how much state and local taxes can be deducted from federal taxable income, from $10,000 to $40,000.
Additionally, new tax deductions are coming into effect this year, including a senior deduction for Americans aged 65 and older, which allows them to claim up to $6,000. Taxpayers who purchased a car in the US can also deduct up to $10,000 of interest paid on loans taken out to buy the vehicle. However, the vehicle must have been assembled in the country.
The new "Trump account" program is another change that taxpayers should be aware of. This tax-advantaged savings account for children will permit contributions of up to $5,000 a year until the child turns 18. The IRS plans to deposit $1,000 in seed money into each child's account this summer.
When it comes to filing your return, it's essential to note that many taxpayers may not have all the necessary forms by Monday. Tax professionals recommend waiting for any additional forms before filing your returns. If you file early and receive an additional form later, you can still file an amended return. The deadline to file or request a six-month extension is April 15, but any taxes owed will still be due on this date.
Lastly, taxpayers should take advantage of free filing options, such as the Free File program, which allows those with an adjusted gross income of $89,000 or less to file their federal returns for free.
As the country gears up for tax season, millions of Americans are expected to file their returns for the 2025 tax year over the next three months. With several key changes taking effect this year, taxpayers need to be aware of the updates that could impact their refunds.
One significant change is the increase in standard deductions. Single filers can now deduct up to $15,750 from their income, while heads of households can claim a deduction of $23,625 and married couples filing jointly can take advantage of a reduced rate of $31,500.
However, tax experts advise that some individuals who typically take the standard deduction may want to consider itemizing this year. This is because President Trump's "Big Beautiful Bill" legislation has temporarily raised the limit on how much state and local taxes can be deducted from federal taxable income, from $10,000 to $40,000.
Additionally, new tax deductions are coming into effect this year, including a senior deduction for Americans aged 65 and older, which allows them to claim up to $6,000. Taxpayers who purchased a car in the US can also deduct up to $10,000 of interest paid on loans taken out to buy the vehicle. However, the vehicle must have been assembled in the country.
The new "Trump account" program is another change that taxpayers should be aware of. This tax-advantaged savings account for children will permit contributions of up to $5,000 a year until the child turns 18. The IRS plans to deposit $1,000 in seed money into each child's account this summer.
When it comes to filing your return, it's essential to note that many taxpayers may not have all the necessary forms by Monday. Tax professionals recommend waiting for any additional forms before filing your returns. If you file early and receive an additional form later, you can still file an amended return. The deadline to file or request a six-month extension is April 15, but any taxes owed will still be due on this date.
Lastly, taxpayers should take advantage of free filing options, such as the Free File program, which allows those with an adjusted gross income of $89,000 or less to file their federal returns for free.
... But seriously, I'm not sure how I feel about the increased standard deductions. On one hand, it's nice to have a bit more money in your pocket when you're filing your return. On the other hand, I've heard from friends who itemize their deductions that they might actually lose out on some deductions this year 
... And what's with all these new tax rules? It feels like the IRS is just throwing more and more stuff at us to keep track of. I mean, a "Trump account" program for kids? That sounds like something my aunt would come up with 
... Anyway, I guess that's just part of living in a country where our politicians can make changes to tax law without consulting everyone 
... Oh well, at least we've got free filing options now. That's a plus, right? 
... but these changes might make it more worth it for some folks. I mean, a bigger standard deduction can save someone a lot of cash 
. But at the same time, the "Big Beautiful Bill" thing could actually help some people out who have high state and local taxes 
. And those new deductions for seniors and car buyers are pretty cool too 
. The "Trump account" program sounds like a great idea - it's always awesome when we can save up for our kids' futures 
. But let's be real, filing taxes is still super annoying 
... maybe the free filing option will make that process less painful?
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. I'm not buying it until I see some concrete evidence.
! So many changes, I feel like I need a flowchart to keep up! But seriously, if you're single, heads of households, or married filing jointly, those new standard deductions are gonna save you some serious cash. Don't forget about itemizing tho, 'cause the "Big Beautiful Bill" thingy might be worth it for ya. And hey, seniors can get up to $6k back, that's awesome! If you bought a car in the US last year, you might be able to write off that interest too. Just don't forget to check your forms before filing, 'cause some people might not have everything they need by Monday 
. And omg, the new "Trump account" program is like, so cool! Contributions up to $5k a year for kids? That's a great idea. Oh, and if you're eligible, free filing options are out there too 
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. Like, who doesn't love trying to remember all the deductions and credits they're eligible for? And good luck getting all the forms in time - it's like waiting for Christmas morning, but without the joy 
. I'm not sure what's more exciting, the $5,000 limit on "Trump accounts" or the fact that you'll be lucky to get any interest on your savings account 
.
️ so many changes this year tho, gotta keep an eye on those standard deductions 
65+! i also heard about the trump account program for kids which is like, super cool for parents 
what's up with the car interest deduction though? seems like a lot of legwork just to get that $10k back 
and let's not forget those free filing options – gotta take advantage of that 
... I mean, it's not all bad, right? 
I'm actually kind of excited about the standard deduction increase - who doesn't love more money in their pocket at tax time? 
but I'm still not sure why we need all these changes. Like, can't they just make our lives simpler? 
. But what really got me is the new "Trump account" program 
. And can we talk about how confusing all these forms and deductions are?! 
.
gotta get my aunt set up for her kiddo ASAP 
. but seriously, folks, with all these changes, it's easy to get overwhelmed. my advice would be to take your time and don't rush into filing just yet. make sure you've got all your ducks in a row, including those forms you're not even sure where they are 