For the 2025 tax season, taxpayers can expect inflation-adjusted increases to standard deductions and tax brackets, new temporary deductions, and updates to tax credits and retirement account limits. These changes are largely due to the “One, Big, Beautiful Bill Act,” which was signed in July 2025 and made many provisions of the 2017 Tax Cuts…

The year 2025 brings a major turning point in U.S. tax law. The Tax Cuts and Jobs Act (TCJA), passed in 2017, was designed with many provisions that were set to expire at the end of 2025. Without new legislation, this would have meant higher tax rates, smaller deductions, and reduced credits for millions of…