The Internal Revenue Service announced on Oct. 22, 2024 the annual inflation adjustments for tax year 2025. Under Revenue Procedure 2024-40, here are the key tax changes for the 2025 tax year (to be filed in 2026):

In July 2025, Congress passed the One Big Beautiful Bill Act (OB3A) — a sweeping piece of tax legislation aimed at extending many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions while introducing new deductions and adjustments for working Americans and retirees. Although much of OB3A focuses on business incentives, there are important changes for individual taxpayers that will impact the preparation of your 2025 tax return and planning decisions. The IRS has now released